When Microsoft filed its latest financials with the Securities and Exchange Commission, the software juggernaut did so using the newly approved Extensible Business Reporting Language, or XBRL. The company is reportedly the first in the U.S. to file using the new standard.
According to InformationWeek:
Microsoft said it's the first company to submit data using a new XBRL taxonomy released on Wednesday that allows the description of data according to U.S. Generally Accepted Accounting Principles (GAAP). The taxonomy defines, for example, what tags should be used to label data such as "net profit."
Microsoft is one of 30 to 40 companies currently participating in the SEC's one-year pilot program for XBRL implementation. Using XBRL makes the forms machine readable and makes the data more quickly available for financial analysis.