Understanding XML, XBRL, and Other Markup Languages

 

HTML, XML, XBRL what’s the difference? HTML and XML are both markup languages, but that’s where the similarities end. HTML (Hypertext Markup Language) is a way of “tagging” text to cause it display in a certain way. For example, HTML tags are used for putting a heading here, starting a paragraph there and making that text bold (if you’re a blogger, you probably know some of the tags and how they are used). By contrast, XML (eXtensible Markup Language) was designed for storing and transporting data. RSS (Really Simple Syndication) feeds are made possible by XML (if you don’t know what RSS feeds are and you like to follow certain Blogs or news sources, you should learn how to utilize RSS).

XML (eXtensible Markup Language) and XBRL (eXtensible Business Reporting Language) are both markup languages used for structuring and representing data. Although they are similar in some ways, they serve different purposes and have different applications. Here's an overview of XML, XBRL, and some other related markup languages:

 

XML (eXtensible Markup Language):

XML is a widely used markup language that defines a set of rules for encoding documents in a format that is both human-readable and machine-readable. It provides a way to structure and store data in a hierarchical format using custom tags defined by the user. XML is flexible, extensible, and platform-independent, making it suitable for a wide range of applications, including data storage, data exchange, configuration files, web services, and more.

 

XBRL (eXtensible Business Reporting Language):

XBRL is an XML-based markup language specifically designed for representing and exchanging financial and business information. It provides a standardized format for reporting and analyzing financial data, making it easier to compare and analyze financial statements across different organizations and jurisdictions. XBRL tags represent specific accounting concepts, such as assets, liabilities, revenues, and expenses, allowing software systems to automatically process and interpret the financial data.

 

HTML (Hypertext Markup Language):

HTML is a markup language used for creating and structuring content on the World Wide Web. It defines the structure and presentation of web pages, including elements for text, images, links, tables, forms, and more. Unlike XML and XBRL, HTML has predefined tags and follows a predefined structure, primarily focusing on the visual presentation of web content.

 

SGML (Standard Generalized Markup Language):

SGML is a meta-markup language that served as the basis for many other markup languages, including XML. It provides a framework for defining markup languages and was widely used in various industries for document management and publishing purposes.

 

JSON (JavaScript Object Notation):

JSON is a lightweight data interchange format that is often used for representing structured data. While it shares some similarities with XML, JSON uses a more concise syntax and is primarily used for web APIs and data storage. JSON is based on JavaScript object notation and provides a way to represent data objects as key-value pairs.

 

These are just a few examples of markup languages, each with its own specific purpose and application. XML and XBRL, in particular, are widely used in different domains, with XML being more general-purpose and XBRL specifically tailored for financial reporting and analysis.

Conclusion

In Conclusion, while XML and XBRL are similar in that they both use markup to structure data, they have different tag sets and focus on different domains. XML allows users to define their own custom tags, while XBRL has predefined tags that represent specific accounting concepts. XML is more general-purpose, while XBRL is tailored for financial reporting and analysis.

 

-Sujitha Reddy Thanigundala
Business Analyst Intern at Hunnarvi Technologies Pvt Ltd in collaboration with Nanobi Data Analytics

 

*VIEWS ARE PERSONAL*

Reference:

https://xbrlusa.wordpress.com/2009/03/02/html-xml-xbrl-whats-the-difference/

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