XBRL, which is acronym for the "eXtensible Business Reporting Language", is a highly elegant and globally preferred electronic format for production, analysis, and exchange of various financial and textual data related with businesses in various economic sectors. Offering many lavish benefits over the PDF format, XBRL is now the top choice for business reporting worldwide.
Developed ingeniously by world-famous XBRL International Inc. (XII), XBRL is a rather data-rich dialect of XML, and is therefore, utmost suitable for handling financial data and reports related with businesses in various economic sectors. Prestigious XBRL International Inc. (XII) is a non-profit consortium of over 600 companies, firms, and agencies of the world over. The working, applicability, and great usefulness of this xbrl format are described separately in the lower section, including the benefits of xbrl, to help all concerned people and companies of India and abroad.
How XBRL Works?
XBRL is universal, flexible and extensible enough to cover specific XBRL Tags and XBRL Taxonomies used for financial and business reporting in various economic sectors. Hence, computers with XBRL Software can readily and expertly identify, collect, store, process, analyze, and exchange business-related data, to meet various objectives.
Apart from being less time-consuming and highly efficient, this xbrl language is immensely suitable and convenient for making various computer-based processes/activities, reproduction of the desired types of reports, and comparison/analysis of the data related with different companies. Other lavish facilities and benefits offered by this xbrl system are listed in the last section on this webpage. These all facilities make this globally-popular e-communication language suitable for companies and firms active in various economic fields, and for meeting a wide-range of different business requirements and objectives.
XBRL Filing Applicability
XBRL filing applicability is vast and varied, and also ever-widening, in today’s world of fast and flawless business reporting. The financial data prepared and reported in XBRL, are very convenient for use and analysis by both the suppliers and users (such as investors, regulators, analysts, etc.). Hence, xbrl filings are in ever-growing demand by companies and regulators.
Considering the great ease and convenience in collection, analysis, and updating of business data using xbrl-enabled software, giant Indian bodies like MCA, SEBI, RBI, etc., and many other governmental business regulators/agencies, have made the XBRL financial report filings with those mandatory by certain categories of companies. Such companies include the listed public limited companies, companies with over INR 5 Crore paid-up capital, and companies with turnover more than INR 100 Crore. The Institute of Chartered Accountants of India (ICAI), XBRL India, etc., have been developing taxonomies for meeting the varying xbrl filing requirements of companies and industries active in various economic fields of India.
Benefits of XBRL
The most significant and exclusive benefits of xbrl, are the following: ---
- XBRL is cost-effective, very efficient, and highly reliable.
- XBRL is flexible and extensible enough to incorporate specific xbrl tags and taxonomies to suit different companies and environments.
- XBRL has improved business reporting, accuracy, and data handling.
- XBRL is highly analytical, and helps in intelligent analysis of business data, and in mature and wise decision making, by business owners, investors, business regulators, and industry experts and analysts.
- XBRL is excellent for international exchange of business data and reports.
- XBRL software supports quick reproduction of the stored data in different types of reports for meeting diverse requirements and objectives.
- XBRL can efficiently be used by all companies, firms, and organizations, for business management and business report filings.
To get advisory over XBRL business reporting, or avail our services for regulatory compliances using XBRL format, people or companies of India may readily contact us over: 8800-100-284; or send their queries or mails to: info@GlobaJurix.com .