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In our last blog post, we linked to a video that explains XBRL in plain English. Still, interested students of accounting information systems might wonder whether it is worth their time to acquire XBRL skills. This article by Bill Sheridan and Jeff Drew from 2012 clarifies why XBRL might add an edge to accountants in the job market.
Our textbook dedicates an entire chapter to XBRL, the eXtensible Business Reporting Language. Its importance to the accountant becomes obvious when considering that it provides a standard for electronic business reporting. This video by XBRL Spain provides a great, quick overview what XBRL means, without the need for knowing code first.
From late 2013, most larger Irish companies have to file their financial statements in iXBRL format. As you learned in Chapter 7 of our textbook, iXBRL is an embedded form of XBRL. The Revenue Commissioners – Ireland’s tax authority – provide lots of useful information on iXBRL at this link. It is worth having a read through these pages as it brings Chapter 7 to life.