XBRL, or eXtensible Business Reporting Language, is a software standard that was created to facilitate the communication of financial data by making it easier to compile and distribute information. XML (extensible markup language) is a specification for organizing and describing data online, and eXtensible Business Reporting Language is an application of it.
XBRL employs tags to identify each piece of financial data, allowing an XBRL-compatible application to utilize it programmatically. Data may be easily exchanged between firms thanks to XBRL.