Introduction to XBRL: A Guided Tour
XBRL, or eXtensible Business Reporting Language, is an open international standard for digital business reporting managed by the non-profit organization XBRL International. It has been used for over 20 years and comes with 214 implementations in more than 50 countries worldwide (as per August 2023).
XBRL gained importance in response to the financial crisis of 2007-2008, a period marked by a severe global economic downturn. The crisis was triggered by a decline in the subprime mortgage market in the United States, which led to the collapse of Lehman Brothers, downturns in stock markets, and housing market drops in the U.S. The crisis highlighted the need for a fast, more efficient, and reliable way to identify financial risk. Since then, XBRL has been used intensively and continues to be a significant reporting standard (e.g., ESG).
Is all of this confusing to you? It most certainly is!
How to get around this issue?
With a guided tour into the very basics of XBRL, you will find out how easy everything holds together. Check out AMANA´s webinar. It will give you your introduction to XBRL. It does not matter if you are a newcomer to XBRL or if you have been working with it for a while. You will be surprised by its simplicity.
AMANA is an expert in XBRL, and its products XBRL Tagger; Smartnotes, XBRL Portal, XBRL Auditor, and XBRL Cloud are certified by XBRL International.