XML tool maker Altova has a new ‘MissionKit’ for 2009. Besides native DB support for SQL Server 2008, Oracle 11g and PostgreSQL 8, it adds support for XBRL, an XML-based markup language for electronic transmission of business information.
XBRL may come into a brighter spotlight soon, as the SEC has moved ahead in mandating its use in certain documentation.
The present SEC XBRL mandate covers large U.S. companies with a ”worldwide public float over $5 billion.” That translates roughly into the 500 biggest frims. But XBRL may find much broader use.
XBRL grows out of some of the earliest XML efforts to create a ‘semantic web’ in which machines can handle data intelligently. If the statistics in data in common GAAP documents can be handled more dynamically, this could save a lot of time and money for organizations bound to process such data.
For some resources on XBRL, check out XML-based Extensible Business Reporting Language (XBRL) for accounting reports- to make financial disclosures using XBRL as part of their Generally Accepted Accounting Principles (GAAP) filings.
There are already quite a few tools available in the XBRL field, but XML tool pioneer Altova’s offering should be welcome by many. In various tools, Altova software supports XBRL development using intelligent wizards, graphical drag-and-drop, and code generation capabilities, and linking to other tools in the company’s suite.