If accounting is the language of business, then the SEC's recent vote requiring public companies to electronically file financial documents using XML within 3 years means that XBRL is a leading candidate as the language of e-business.
What does it mean for the average agent (i.e. investor, creditor, regulator, etc) in the financial ecosystem? XML tags data, and XBRL defines financial taxonomies. Combined with gradual convergence of GAAP and IFRS, this ruling should catalyze financial information system integration.
http://www.sec.gov/news/press/2008/2008-85.htm
http://www.xbrl.org/
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