"XBRL is a language for the electronic communication of business and financial data which is revolutionising business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information."
info from XBRL.org
As an XML taxonomy , the XBRL structure enables an efficient processing of business information permitting data collection, reporting, sonsumption, comparison, and anaylis in a structured and quicker way.
Very interesting links to articles about how XBRL will affect buisiness can be found in the corresponding Oasis -Cover Pages Technology report.
Interesting to note examples like the Dutch Government hopes to save up to 25% of the administrative cost in the handling of taxes and statistics related to companies.
The XBRL complete specification can be found in http://www.xbrl.org/SpecRecommendations/
just considered as a translation resource, the official taxonomies are an amazing database of financial terminology. The Spanish "Banco de España" offers a link to consult it.
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