The Financial Accounting Standards Board has released a proposed 2015 GAAP Financial Reporting Taxonomy for public review and comment, containing computer-readable financial reporting labels coded in Extensible Business Reporting Language, or XBRL.
XBRL is an open-source computer language that allows companies to tag the thousands of pieces of financial data included in typical long-form financial statements and related footnote disclosures. The tags are supposed to allow users of financial statements to electronically search for, assemble and process data so the data can be accessed and analyzed by investors, analysts, journalists and regulators, although problems with the tagging have frequently hampered such efforts.
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