XBRL, which stands for eXtensible Business Reporting Language, is an XML-based language for tagging financial data, and enabling businesses to efficiently and accurately process and share their data. The XBRL initiative enables global financial reporting by numerous ERP software companies and international accounting organizations. The goal of the initiative is to provide a standard for the uniform reporting of financial information for banks, investors, and government authorities. Such business reporting can include:
• Financial statements
• Financial information
• Non-financial information
• Regulatory filings, such as annual and quarterly financial statements
Microsoft Dynamics NAV enables companies to implement data in XBRL, and take advantage of the flexibility and automation it provides for both collecting and sharing data.
The following table describes a sequence of tasks, with links to the topics that describe them. These tasks are listed in the order in which they are generally performed.
| To | See |
|---|---|
Learn about sharing financial data using XBRL. | |
Import the XBRL taxonomy, which consists of one or more schemas and some linkbases, into your company database. | |
Supply the lines of the schemas with all the information that is required, including basic company information, the actual financial statements, notes to the financial statements, and supplemental schedules to satisfy the particular financial reporting requirements. | |
Update the current taxonomy to stay current with changes. |