What is XBRL?
eXtensible Business Reporting Language (XBRL) is based on eXtensible Markup Language (“XML”). XBRL standardizes reporting of documents for business information such as financial statements.
U.S. SEC and European Securities Markets Require XBRL
In 2018, the U.S. Securities and Exchange Commission (“SEC”) required the phased adoption of XBRL for financial statements and fund risk/return summary information.
The European Securities and Markets Authority (“ESMA”) released the European Single Electronic Format (ESEF) XBRL taxonomy in 2022.
XML Markup Language is Designed to Publish Structured Database Information
Microsoft SQL Server supports XBRL, and Oracle’s SQL database products provide support for publishing data to XBRL As early as 2012, Oracle published information on extensions that enable storage and reporting of data using XBRL.
Over 600 entities are involved in adopting, implementing, and evolving the Standards for this language. Data providers, analysts, companies, and others are part of the ecosystem for this XML-based markup language. Filers, developers, governments, and regulators provide input for maintaining the Standard.
Business Reporting Language for Medical Data in Electronic Health Records
XBRL for Reporting of Electronic Health Record Data
Some patents address methods to report data from an Electronic Health Record (“E.H.R.”) for business transactions such as payment have been filed.
Re-engineering reporting processes requires:
- Research regarding technology and process remediation
- Data architecture changes, including mapping XBRL taxonomies to your company’s data
- Companies such as EDGAR offer reporting services for financial data