XBRL Meaning and Features: All You Need to Know About Microvista XBRL Software

Introduction

With the increasing use of digital technology, businesses are moving towards more efficient and cost-effective methods of financial reporting. XBRL is one such technology that has revolutionized financial reporting. In this article, we will discuss what XBRL is, its features, and Microvista XBRL software.

What is XBRL?

XBRL stands for eXtensible Business Reporting Language. It is a language used for electronic communication of business and financial data. XBRL provides a standard way of organizing, exchanging, and analyzing financial information. It uses tags to label financial data, making it easy to retrieve and analyze.

History of XBRL

XBRL was first developed in 1998 by a group of accountants and technologists. It was developed to simplify the exchange of financial information between businesses, regulators, and investors.

How does XBRL work?

XBRL works by tagging financial data with a standardized set of tags. These tags are predefined and can be customized to meet specific requirements. The tagged data is then stored in an XBRL document and can be easily analyzed by software tools.

Features of XBRL

XBRL has several features that make it a valuable tool for financial reporting. Here are some of its key features:

Standardization

XBRL provides a standardized way of organizing financial data. This makes it easier for businesses, regulators, and investors to exchange and analyze financial information.

Transparency

XBRL makes financial information more transparent. The standardized tags make it easier to understand and analyze financial data, making it easier to identify trends and potential issues.

Efficiency

XBRL makes financial reporting more efficient. It reduces the time and effort required to prepare financial reports, making it a cost-effective solution for businesses.

Flexibility

XBRL is a flexible technology. It can be customized to meet specific reporting requirements, making it suitable for a wide range of businesses.

Microvista XBRL Software

Microvista XBRL software is a tool used for creating, editing, and analyzing XBRL documents. It is a comprehensive tool that offers several features that make it easy to use and efficient.

Here are some of the key features of Microvista XBRL software:

User-Friendly Interface

Microvista XBRL software has a user-friendly interface that makes it easy to use. It has an intuitive design that makes it easy to navigate and use.

Validation

Microvista XBRL software has a built-in validation tool that checks the XBRL document for errors and inconsistencies. This ensures that the document is compliant with the XBRL standards.

Customization

Microvista XBRL software is customizable. It can be customized to meet specific reporting requirements, making it suitable for a wide range of businesses.

Collaboration

Microvista XBRL software supports collaboration. Multiple users can work on the same document simultaneously, making it easier to prepare financial reports.

Conclusion

XBRL is a valuable tool for financial reporting. It provides a standardized way of organizing, exchanging, and analyzing financial information. Microvista XBRL software is a comprehensive tool that offers several features that make it easy to use and efficient.

1. What is XBRL?
   XBRL stands for eXtensible Business Reporting Language. It is a language for the electronic communication of business and financial data.


2. What are the features of XBRL?
   The features of XBRL include standardization, transparency, efficiency, and flexibility.


3. What is Microvista XBRL software?
   Microvista XBRL software is a tool used for creating, editing, and analyzing XBRL documents. It has a user-friendly interface, validation tool, customization options, and collaboration support.


4. Can Microvista XBRL software be used by small businesses?
   Yes, Microvista XBRL software can be used by small businesses. It is a customizable tool that can be tailored to meet the specific reporting requirements of any business.


5. Is XBRL only used for financial reporting?
   No, XBRL is not only used for financial reporting. It can be used to exchange any type of business information, including non-financial information.