Financial Reporting System Using XBRL in Navision

Microsoft Dynamic Navision has several features in the product. One of the interesting features is XBRL on reporting side. XBRL (Extensible Business Reporting Language) is a freely available electronic language for business reporting. It is an XML-based framework that helps to provide services to business and the customer the financial community a standards-based method to prepare, publish, reliably extract, and automatically exchange financial statements. XBRL addresses the way financial data is communicated by using XML, a globally recognized standard for transmitting data. By putting financial data in an open, agreed upon standard format, XBRL is helping to revolutionize access to financial information over the Internet. XBRL is a global financial reporting initiative undertaken by numerous ERP software companies and international accounting organizations. The goal of the initiative is to provide a standard for uniform reporting of financial information for banks, investors and government authorities. Business reporting could include financial statements, financial information, non-financial information and regulatory filings such as annual and quarterly financial statements.