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XBRL is an abbreviation of eXtensible Business Reporting Language which is a general standard across the broad And it is used to interchange financial message and is necessary in business reporting such as financial statement Usually it works among business systems to transit business informationat the meantime information is transit by means of XBRL insurance Customers and users are able to use it in stock exchanges and securities financial reporting tax and statistics Specifically XBRL refines that communicating information between corporations and investors analysts regulators and stakeholders This standard is developed by XBRL International which is referred to as a global nonprofit organization It maybe contains about 450 corporations organizations and government agencies in the whole world XBRL is a public business language and standards which doesnt need to have licenseWith the development of society XBRL is a popular and common reporting language around the world Securities regulators from public trade corporations have adopted to regularize the financial statements Because they have the same purpose that using electronic reporting is to make data can be easily compared and analyzed There are some countries having simpler rules for companies and they just need to submit all reports Then government agencies are able to distribute them to different department which decreased load of corporationsXBRL is benefit to a vast range of people-Not only users but also prepares Shareholders investors regulators and auditors are beneficiaries of it It is achievement that stakeholders and investors could receive financial information as soon as soon as possible after period closing On this condition they are able to make an optimal decision or investment immediately When they operate with digital data they dont have to reenter the information gain Thus the cost of money and labor both reduced a lot Nevertheless XBRL also provides the automatically tendency and ratio analyses So that users could compare them immediately Moreover XBRL offers a service that it would record and exchange financial information automatically
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