XBRL stands for eXtensible Business Reporting Language, which is a freely available global standard for exchanging business information. It was developed to improve the efficiency and accuracy of financial reporting by standardizing the way financial data is exchanged between different systems and organizations.
XBRL is a type of XML (eXtensible Markup Language) that enables the tagging of financial information with standardized labels, called "tags" or "concepts". These tags provide a common language for financial data, allowing users to easily compare and analyze financial information from different sources.
The use of XBRL is increasingly becoming mandatory in many countries, as regulators and governments seek to improve the accuracy and transparency of financial reporting. It is used by a wide range of organizations, including publicly listed companies, financial institutions, and government agencies.
Overall, XBRL is an important tool for improving the quality of financial reporting and facilitating better decision-making by businesses, investors, and other stakeholders.