XBRL enables preparers to utilize software to tag all financial items in their business reports to the elements within a taxonomy. This is accomplished with an Instance Document which can be electronically exchanged and validated between computers or viewed in a human readable format (this is called rendering).
Below is a list of frequently used terms and explanations of how XBRL works:
What is a taxonomy?
A taxonomy is a grouping of financial concepts (known as “elements”) in which