Definition: XBRL is an abbreviation for eXtensible Business Reporting Language. XBRL is a standardized computer language that businesses use to send information back and forth. This language has an XML base and allows expressions of semantic meaning. This is particularly helpful in the business world.
What does XBRL mean?
XBRL can be used in a wide variety of business communications. Some common business transfers that use XBRL are stock exchanges, business registrars, and even reporting revenue to tax agencies.
Most large corporations are required by the SEC to transfer information using XBRL. The US Federal Deposit Insurance Company or FDIC also uses XBRL to transfer business information. Although XBRL is not fully adopted by all businesses, it is becoming extremely popular and will continue to grow in the next decade.
Summary Definition
Define XBRL: A computer coding language commonly used in business to transfer files, data, and communications from one company to another.
