“Nasdaq Puts XBRL to the Test “

“Now that the government wants to gain more understanding of corporate financials and try to do intelligence around different trends and seeing if any company is doing something out of the ordinary, XML is pretty much the only way to do it.” said Ron Schmelzer, senior analyst with ZapThink. “Without XML you would have to search through text formats, which would be a very labor-intensive process.”

Read more at: InternetNews.com

ZapNote: The Extensible Business Reporting Language (XBRL)

Sharing financial and business information within and external to a business is often a challenge. Preparing financial statements for filing, printing, or web display often means that this same information would need to be re-entered multiple times. Furthermore, once this information is published, searching and extracting components of the financial information can be a challenge. The Extensible Business Reporting Language (XBRL) is an open, freely licensed specification that uses XML to describe financial statements for both public and private companies. The format provides a standard format in which users can prepare business and financial reports that can be subsequently presented in a variety of ways.

ZapNote: FRx Software

Leveraging the Extensible Business Reporting Language (XBRL), and XML format for business financial reporting, FRx Forecaster (formerly ebudgets.com) has launched a product that uses XML to aggregate budgetary and financial information across many enterprise and legacy systems.