What is XBRL in SAP FIN-SEM-BCS - Business Consolidation?

SAP Term: XBRL

• Component: FIN-SEM-BCS

• Component Name: Business Consolidation

• Description: An acronym for eXtensible Business Reporting Language. XBRL is an information standard for businesss reporting based on XML. XBRL is a format used to exchange information about business enterprises with particular emphasis on financial statements. Enterprises can use XBRL to: Create information Publish information Analyze information Compare information

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• Key Concepts:
  XBRL (eXtensible Business Reporting Language) is a global standard for exchanging business information. It is a language for the electronic communication of business and financial data which is designed to be understandable by both humans and computers. XBRL is used to create financial reports that are more accurate, consistent, and easier to analyze.
  
  How to use it:
  The FIN-SEM-BCS Business Consolidation component of SAP allows users to create financial reports using XBRL. This component provides a comprehensive set of tools for creating, validating, and publishing XBRL documents. It also provides an easy-to-use interface for creating and managing XBRL taxonomies.
  
  Tips & Tricks:
  When creating XBRL documents with the FIN-SEM-BCS Business Consolidation component, it is important to ensure that all data is accurate and up-to-date. Additionally, it is important to ensure that the XBRL taxonomy being used is up-to-date and compliant with the latest standards.
  
  Related Information:
  For more information on XBRL and the FIN-SEM-BCS Business Consolidation component of SAP, please visit the official SAP website at https://www.sap.com/products/business-consolidation.html.