XBRL is a language for the electronic communication of business and financial data which is set to revolutionize business reporting around the world.

It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data.

XBRL is being developed by an international non-profit consortium of approximately 450 major companies, organisations and government agencies. It is an open standard, free of licence fees. It is already being put to practical use in a number of countries and implementations of XBRL are growing rapidly around the world.

XBRL stands for eXtensible Business Reporting Language. It is one of a family of "XML" languages which is becoming a standard means of communicating information between businesses and on the internet.

The idea behind XBRL, eXtensible Business Reporting Language, is simple. Instead of treating financial information as a block of text - as in a standard internet page or a printed document - it provides an identifying tag for each individual item of data. This is computer readable. For example, company net profit has its own unique tag.

The introduction of XBRL tags enables automated processing of business information by computer software, cutting out laborious and costly processes of manual re-entry and comparison. Computers can treat XBRL data "intelligently": they can recognise the information in a XBRL document, select it, analyse it, store it, exchange it with other computers and present it automatically in a variety of ways for users.

XBRL can handle data in different languages and accounting standards. It can flexibly be adapted to meet different requirements and uses. Data can be transformed into XBRL by suitable mapping tools or it can be generated in XBRL by appropriate software.

MAIA Intelligence Product details for XBRL environment.

Application for taxonomy creation and generation. Taxonomies, as explained, are the dictionaries used by XBRL. They define the specific tags for individual items of data (such as "net profit"). Different taxonomies will be required for different financial reporting purposes. National jurisdictions may need their own financial reporting taxonomies to reflect their local accounting regulations. Many different organizations, including regulators, specific industries or even companies, may require taxonomies to cover their own business reporting needs.

The XBRL instance creator is a software application that can be used by anyone responsible for the production of business reports in XBRL format.

The XBRL Instance Reader is a dynamic interpretation and processing application with exceptionally rich functionality. It subsequently populates the data base and dynamically generates a report.

This product will allow to integrate above mentioned functionalities in products of leading technology and service providers in the area of business monitoring, digital reporting, regulator solutions and accounting