Xbrl

FAQs on XBLR......

XBRL:

XBRL (eXtensible Business Reporting Language) is a language for electronic communication of business and financial data which is revolutionising business reporting around the world. It offers major benefits to all those who have to create, transmit, use or analyse such information. XBRL has been developed by XBRL International, a not-for-profit consortium of over 600 companies and agencies which is promoting its worldwide use.  

XBRL India is the Indian Jurisdiction of XBRL International. Its main objective is to promote and encourage the adoption of XBRL in India as the standard for electronic business reporting in India. XBRL India is working closely with regulators, stock exchanges and software companies for promotion of XBRL as a Standard Business Reporting Language.

The Institute of Chartered Accountants of India (ICAI), the standards setting body has developed a taxonomy for Commercial and Industrial companies as per the provisions of Revised Schedule VI to the Companies Act, 1956. It has been developed as per the IFRS architecture 2011.

XBRL India is developing taxonomies for specific industries in consultation with the respective regulators viz. Insurance, Power and NBFCs.

An Introduction to XBRL

XBRL is a language for the electronic communication of business and financial data which is revolutionising business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data.

XBRL stands for eXtensible Business Reporting Language. It is one of a family of "XML" languages which is becoming a standard means of communicating information between businesses and on the internet.

XBRL is being developed by an international non-profit consortium of over 600 major companies, organisations and government agencies. It is an open standard, free of licence fees. It is already being put to practical use in a number of countries and implementations of XBRL are growing rapidly around the world.

A Simple Explanation The idea behind XBRL, eXtensible Business Reporting Language, is simple. Instead of treating financial information as a block of text - as in a standard internet page or a printed document - it provides an identifying tag for each individual item of data. This is computer readable. For example, company net profit has its own unique tag.

The introduction of XBRL tags enables automated processing of business information by computer software, cutting out laborious and costly processes of manual re-entry and comparison. Computers can treat XBRL data "intelligently": they can recognise the information in a XBRL document, select it, analyse it, store it, exchange it with other computers and present it automatically in a variety of ways for users. XBRL greatly increases the speed of handling of financial data, reduces the chance of error and permits automatic checking of information.

Companies can use XBRL to save costs and streamline their processes for collecting and reporting financial information. Consumers of financial data, including investors, analysts, financial institutions and regulators, can receive, find, compare and analyse data much more rapidly and efficiently if it is in XBRL format.

XBRL can handle data in different languages and accounting standards. It can flexibly be adapted to meet different requirements and uses. Data can be transformed into XBRL by suitable mapping tools or it can be generated in XBRL by appropriate software.

How does it work..???

Can somebody explain with examples???

Thanks in advance

XBRL MANUAL

In XBRL also Filling Procedure is same as before?

i.e. 23AC & 23ACA form same after transferring in XML?

Hi Pooja Agarwal,

Reach out to DataTracks to understand more on XBRL. DataTracks is a featured XBRL software services vendor recognized in MCA’s website. You can connect with DataTracks Sales at +91-44-22541810/enquiry @ datatracks.in

Also participate in the upcoming XBRL webinar for an informative session on “How to tag using XBRL Software” on 11^th Jan,  2013 between  02:00 to 04.00 PM to gather an understanding on XBRL Tagging.

You can go through the following animated video I made for basic understanding of XBRL. 

https://www.youtube.com/watch?v=-TzYQ9yGPm8