04 November 2013
With the launch of XBRL (eXtensible Business Reporting Language), the level of analyzing Iran's capital market will rise, said the head of Securities and Exchange Organization of Iran.
Ali Salehabadi added that it would affect prices and help globalization of the capital market, IRNA reported.
He explained that XBRL is a standard technology for exchanging data transparently.
"The country should train people and inculcate the culture of using XBRL to implement this international language, particularly in banking, insurance and services systems," he said.
"By using this language, collection, processing and exchange of data will be conducted easily."
Salehabadi noted that companies believe the cost of processing data will decline and integration of financial data would be conducted quickly and precisely.
"This will help companies concentrate on assessments and decision-making, instead of data collection," he said.
XBRL (eXtensible Business Reporting Language) is a freely available and global standard for exchanging business information. It allows the expression of semantic meaning commonly required in business reporting.
The language is XML-based and uses the XML syntax and related XML technologies such as XML Schema, XLink, XPath, and Namespaces. One use of XBRL is to define and exchange financial information, such as a financial statement.
XBRL is a standards-based way to communicate and exchange business information between business systems. These communications are defined by metadata set out in taxonomies, which capture the definition of individual reporting concepts as well as the relationships between concepts and other semantic meaning.
Common functions in many countries that make use of XBRL include regulators of stock exchanges and securities, banking regulators, business registrars, tax-filing agencies and national statistical agencies.
With the launch of XBRL (eXtensible Business Reporting Language), the level of analyzing Iran's capital market will rise, said the head of Securities and Exchange Organization of Iran.
Ali Salehabadi added that it would affect prices and help globalization of the capital market, IRNA reported.
He explained that XBRL is a standard technology for exchanging data transparently.
"The country should train people and inculcate the culture of using XBRL to implement this international language, particularly in banking, insurance and services systems," he said.
"By using this language, collection, processing and exchange of data will be conducted easily."
Salehabadi noted that companies believe the cost of processing data will decline and integration of financial data would be conducted quickly and precisely.
"This will help companies concentrate on assessments and decision-making, instead of data collection," he said.
XBRL (eXtensible Business Reporting Language) is a freely available and global standard for exchanging business information. It allows the expression of semantic meaning commonly required in business reporting.
The language is XML-based and uses the XML syntax and related XML technologies such as XML Schema, XLink, XPath, and Namespaces. One use of XBRL is to define and exchange financial information, such as a financial statement.
XBRL is a standards-based way to communicate and exchange business information between business systems. These communications are defined by metadata set out in taxonomies, which capture the definition of individual reporting concepts as well as the relationships between concepts and other semantic meaning.
Common functions in many countries that make use of XBRL include regulators of stock exchanges and securities, banking regulators, business registrars, tax-filing agencies and national statistical agencies.
© Iran Daily 2013
