XBRL is used to define and facilitate the exchange of sensitive and confidential financial information such as financial statements. XBRL International develops and publishes free XBRL specifications.

XBRL is based on standards connecting business terminals and allowing for the exchange of business information. The XBRL structure metadata setout defines the business communication process in detail. Metadata interprets every business report definition and relationship. Every XBRL instance contains information exchanged between two or more terminals running business-related applications.

Pioneer XBRL developers dealt with many regulations mandated by the U.S. Federal Deposit Insurance Corporation (FDIC) and the Committee of European Banking Supervisors (CEBS).

Since then stock exchanges, securities, bank regulators, business registrars, revenue reporters, national statistical agencies and tax-filing firms have used XBRL. And business functions of these applications are common between many countries.