What is XBRL?

XBRL was originally conceived by a non-profit consortium of major companies, organizations and government agencies. Visit the official website for more information: www.xbrl.org

The mission of this consortium is to create an open-source standardized universal digital format for reporting of financial data, and indeed XBRL is increasingly becoming the preferred standard for business accounting and the transfer of financial data.

Unfortunately XBRL is still falling short of the consortium’s original intentions and there still exist a number of obstacles that are standing in the way of a truly universal standard.

Elbrus XBRL: To this end we have created our own Universal Standard that will be able to automatically “translate” and merge data produced in various XBRL standards. Our products are designed to meet the needs of institutional clients and can be used together with existing excel spreadsheets and database systems.

What is a taxonomy?

A taxonomy is an industry term for a dictionary of digital (or coded) tags. These tags mark data, charts, images or passages of text in format that a computer can deconstruct and digest any document.

This allows the computer to structure unstructured documents, and this in turn makes it easy for programmers, or even unskilled users, to manipulate, reformat and analyze large quantities of unstructured data.