Is XBRL Necessary

Krishna Mohan (Chartered Accountant) (515 Points)

19 May 2011  

I have attended a seminar on XBRL recently. After that seminar, i got a doubt whether insights into XBRL is necessary for practicing chartered accountants. XBRL is just a process of tagging each line item of financial statements which facilitates comparision of various companies performances. I think a software can be written by software people which coverts our existing traditional excel or word or some other human readable format into an xbrl format. It should be like generating xml for IT returns. This xml generation has been done by us with ease eventhough we don't know anything about xml. I don't understand why this type of hype or hulla bullah are being created. Anybody there to see my view point or logic? Please keep posted.