XBRL and XBRL GL
XBRL, the Extensible Business Reporting Language, the standard for the electronic distribution of business and financial data developed and maintained by XBRL International is the main focus of our activity.
Most are aware of the increasing importance of XBRL in preparing financial statements for filing with the SEC and the FDIC in the United States and with other regulators around the world, or for placement on a corporate web site, or for wider distribution.
But few are familiar with the standardized work from XBRL that moves from end reporting to the details inside business systems, one that exists today — XBRL GL, the Global Ledger.
We believe that all business meta-data, financial and operational, can be captured, stored, reused and exchanged more effectively with XBRL GL, the standardized Global Ledger.
XBRL GL is an extensive — and growing – modular framework for representing business operational and accounting information from the point it enters a business system as transactions or triggers through the audit trail to eventual reporting. It provides a single, but extensible, set of XML tags for representing:
- Parties involved in business transactions (customers, vendors, employees, salespeople, contractors)
- Resources consumed, used, or exchanged (inventory, supplies, services, fixed assets) or anything measured for later reporting (benchmarking information, metrics, processes)
- Document information – like document number, document date, document maturity date
- Journal and entry information
- Job costing, depreciation, mortgage, and much more.