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...few years in the wake of increased government oversight. The need for compliance and the need to standardize reporting processes are driving the creation of new applications and standards. XBRL is one such standard that will provide an extensible vocabulary framework within which business reporting can be done. This standard is particularly important due to the broad industry participation in the standardization effort (over 170 members from the financial services, accounting, and technology sectors worldwide) and the increasing evidence of its adoption in practice. For example, in the U.S. the FDIC recommends that all financial institutions post their bank call reports in the XBRL format. The SEC is moving toward requiring that all corporate public financial statements, like 10K filings, be in XBRL format.
XBRL defines a data model for information to be included in business reports, and the basic vocabulary for representing that information in XML. This standard intends to serve a constituency that is spread across a number of industry verticals and across the globe. That brings on an interesting set of challenges. Multiple languages need to be supported for labeling and describing the same business concepts. The same business concepts can be defined and reported in several different ways in different locales. The vocabulary framework also needs to be flexible enough to allow-for extensibility with the provision for defining new business concepts and relating them to known standardized concepts. The XBRL specification makes ingenious...
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