XBRL
SBR will be developed using XBRL, an XML-based open standard language specifically designed to improve electronic communication of financial data enabling users to prepare, communicate and analyse financial information with improved accuracy and reliability.
Instead of presenting information as a block of text, XBRL provides an identifying tag for each individual item of data. For example, company net profit has its own unique tag allowing computers to recognise, select, store and exchange information quickly and effectively.
One of the key strengths of XBRL is an ability to operate across geographic boundaries and differing accounting standards. Since the labels that XBRL uses to identify financial data can be scripted in any language, (with accounting references and other subsidiary information) XBRL can be used and understood in a wide variety of scenarios. The language can also be mapped to different taxonomies to suit the needs of differing jurisdictions, organisations, industries and companies.
The completion of an international standard taxonomy for financial reporting has made XBRL popular in the Netherlands, United Kingdom, the United States and Singapore where efficient data exchange across international boundaries is now possible. China, Japan, Korea, and New Zealand are expected to complete XBRL trials soon and begin using the language. As a result, demand for XBRL software products is growing exponentially.
Detailed information about XBRL is available from the XBRL Australia's website.
A technical explanation about XBRL financial reporting taxonomies is available here
