From a business reporting perspective, adopting a common data standard is what clear waters are to a sailor, carrying the promise of structuring, sharing and presenting data independently of any platforms. This can be done by using the XML standard, but it leaves out one crucial piece of the business puzzle: the multidimensional nature of data in business reporting.
And this is where XBRL comes into play. From a technical standpoint, XBRL implements XML but also other standards to reflect multiple relationships and hierarchies between the data. The shift to XBRL reporting is similar to the change from using a traditional compass to GPS- both can indicate a direction, but a GPS can provide information more accurately.
See the agenda and register for our webinar on the UK’s shift to XBRL here: 10:00 BST, the 27th of May.