News July 27-1, 2000

Juergen Daum’s News Service about New Economy Management Best Practice

©2000 Juergen Daum. All rights reserved.

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eXtensible Business Reporting Language (XBRL) will revolutionalize corporate reporting and investor relations – a new Internet (xml) standard for exchange of business data is emerging

News categories: digitizing the New Economy enterprise, investor and stakeholder relationship management

Imagine: as an investor your are able to access add hoc at your fingertips financial and business data (financial and non-financial) of companies you are interested in and to compare and benchmark them against each other. A dream ? No ! With XBRL, formerly code-named XFRML - a free, new XML-based specification that uses accepted financial reporting standards and practices for exchanging financial reports across all software and technologies, including the Internet – this has become reality ! Formerly financial data from different corporations often was hard to compare. Each company used it’s own standard of structuring and aggregating financial accounts into financial reports. XBRL is providing now common XML based definitions of financial statement items thus enabling business organizations to exchange performance information more easily with stakeholders such as investors, financial analysts, business partners, data aggregators, accounting professionals and public authorities. Members of the XBRL Project Committee represent financial, accounting, software and governmental communities from around the world. XBRL has definitely the potential to become the communication standard for the financial communities around the world. The first prototype

… an example for XBRL based financial statements

… more on the XBRL.org homepage

©2000 Juergen Daum. All rights reserved.
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