NASDAQ Stock Exchange announces use of XBRL for financial reports. (technology).In what may be the most significant adoption news to date for eXtensible Business Reporting Language (XBRL (EXtensible Business Reporting Language) A specification for publishing financial information in the XML format. It is designed to provide a standard set of XML tags for exchanging accounting information and financial statements between companies and analysts. ), the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Stock Exchange, along with Microsoft and PricewaterhouseCoopers, announced the launch of a pilot program to provide investors with remote access to financial data from five years of financial reports for 21 NASDAQ-listed companies. The data, which is formatted in XBRL and publicly available via a NASDAQ-hosted Web service, will showcase XBRL's ability to allow for easy comparisons of the financials of companies within a particular industry. XBRL does not require investors or analysts to manually retrieve the data from individual financial documents. XBRL is a free eXtensible Markup Language See XML. (language, text) Extensible Markup Language - (XML) An initiative from the W3C defining an "extremely simple" dialect of SGML suitable for use on the World-Wide Web. http://w3.org/XML/. specification that uses accepted financial reporting standards and practices to translate financial reports across all software and technologies. "XBRL will better serve all users of financial information through quicker access to meaningful financial data that enables better management decisions," said Al Anderson People named Al Anderson include:
See American Institute of Certified Public Accountants (AICPA). Member and Public Interests. "XBRL also can help companies and the accounting profession move toward real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. , online reporting by automating the manual process of re-keying financial information from one software format to another for analysis and/or distribution." More than 140 of the world's leading accounting, software, business and technology companies and organizations participate in an AICPA-founded global consortium, XBRL International (www.XBRL.org), to support the development and use of XBRL. |
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