XBRL is speeding right along - Tech Bytes - extensible business reporting language - Brief Article

California CPA, March, 2002

The XBRL 2.0 specification is final, and companies such as Creative Solutions and Bank of America are moving forward with implementation.

XBRL (extensible business reporting language) allows software vendors, programmers and end users who adopt it as a specification to enhance the creation, exchange and comparison of business reporting information such as financial statements, financial and non-financial information, general ledger transactions, and regulatory filings such as annual and quarterly financial statements.

XBRL standardizes the format of financial information, allowing users to exchange data electronically for use in other applications. It enables users to access financial reports in seconds and easily move the data to the user's analytical software.

Creative Solutions is deploying XBRL technology with the 2001 year-end release of their Write-Up Solution and Trial Balance Solution software. And Bank of America has announced plans to establish a program in which its commercial loan clients would submit their financial statements in XBRL format.