Is XBRL the Answer to Internal Business Reporting?

The benefits of having open standard reporting languages, such as XBRL, are well known.

For instance, XBRL data can be analyzed more effectively and is more accessible by virtue of the fact that it is machine readable. It also allows analysts and stakeholders to compare financial data from different businesses more easily, all while reducing the likelihood of certain errors in reporting, such as human error occurring during data ent