Hello there and welcome to the first ever blog post for 123 XBRL, your outsourced tagging provider for iXBRL
Now, where do we start?
I guess for most people reading this blog, chances are you are an accountant, you’ve heard of iXBRL, have read some stuff about it, know you have to know something about it but might still have questions about the whole thing.
XBRL(eXtensible Business Markup Language) was invented by a US Certified Public Accountant named Charles Hoffman.
iXBRL (Inline eXtensible Business Reporting Language) is a derivative of XBRL, that allows documents to be viewed in HTML (Hyper Text Markup Language, the main programming language for web pages). The idea is that by using iXBRL, documents tagged up in XBRL become more readable for people, than they otherwise would be.
XBRL, iXBRL and HTML are all markup languages that form part of the XML(eXtensible Markup Language) family.
That’s all fine and well, but what does it all mean to you, what is the big deal about getting your accounts ‘tagged’ and to what end ?
Well, lets start with what ‘tagging’ is about. Tagging is where pieces of information from your Accounts, get surrounded or contained by a tag.
Here’s an example:
Say you have a Profit for the Current Financial Period of Euro 100,000.
The tag applied to this would look something like this;
<ix:nonFraction name=”uk-gaap:ProfitLossForPeriod” contextRef=”CurrP” unitRef=”EUR” decimals=”-3″ scale=”3″>100</ix:nonFraction>
In next week’s blog (Part 2), we will analyse this into its various parts and explain the significance of each.