XBRL – the eXtensible Business Language – makes use of taxonomies as a standards-based way to define the specific tags that are used for individual items of data (such as “net profit”) in a financial report, as well as their attributes and how they relate to other data points. As such, different taxonomies are created for different business reporting scenarios.

Over time a staggering number of different XBRL Taxonomies have been developed to reflect the local accounting practices in various countries. In addition, many specific industries, such as construction and insurance, have created their own specialized taxonomies.

Developers and financial pros working with XBRL software tools need a way to download and manage the XBRL Taxonomies they need for their specific projects. Altova has long provided free installers for these taxonomies and their various versions on our web site, but we’ve now made the process even more streamlined with the XBRL Taxonomy Manager.

Let’s take a look at how it works.