Industries create a language of their own. This jargon is used to communicate better and to set a code within the business. Before, this form of communication is relayed through verbal jargon. At present, these jargon is transformed into software to make corporate communication faster. These programs are used to process details that the company and their clients need.
In business reporting, XBRL or Extensible Business Reporting Language is utilized to communicate and transfer data among industries. This software is used not just by businesses in Singapore but also around the world. This computer program can be used for free and is given meaning by the XML computer language. This reporting software is often used by businesses who relay financial information like banking institutions and treasuries.
An XBRL file must consist of items or tuples. Items have one value while the Tuples is made up of multiple items. To complete an Item, certain values must have corresponding contexts. On the other hand, contexts carry the corporate profile and the information time line. Contexts can also have scenarios which signal if the information transmitted is accurate or estimated.
XBRL files also carry schemas and linkbases. Schemas are used to figure out Items and Tuples and convert what type of information is within these business facts. On the other hand, linkbases sew one concept to another using computations, definitions and references.
XBRL has developed as time went by. The first version of the software can differentiate instance and taxonomy files but cannot process validation. The second version featured validation methods on schema substitution that were not in the original version.
The latest XBRL version is 2.1 but there are computer applications that are patterned after it. Financial companies in Singapore, Australia and New Zealand use the Standard Business Reporting Programs and a condensed version of XBRL was launched in 2008.
In business reporting, XBRL or Extensible Business Reporting Language is utilized to communicate and transfer data among industries. This software is used not just by businesses in Singapore but also around the world. This computer program can be used for free and is given meaning by the XML computer language. This reporting software is often used by businesses who relay financial information like banking institutions and treasuries.
An XBRL file must consist of items or tuples. Items have one value while the Tuples is made up of multiple items. To complete an Item, certain values must have corresponding contexts. On the other hand, contexts carry the corporate profile and the information time line. Contexts can also have scenarios which signal if the information transmitted is accurate or estimated.
XBRL files also carry schemas and linkbases. Schemas are used to figure out Items and Tuples and convert what type of information is within these business facts. On the other hand, linkbases sew one concept to another using computations, definitions and references.
XBRL has developed as time went by. The first version of the software can differentiate instance and taxonomy files but cannot process validation. The second version featured validation methods on schema substitution that were not in the original version.
The latest XBRL version is 2.1 but there are computer applications that are patterned after it. Financial companies in Singapore, Australia and New Zealand use the Standard Business Reporting Programs and a condensed version of XBRL was launched in 2008.
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