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XBRL IN INDIA
What is XBRL?
XBRL (Extensible Business Reporting Language) is an electronic format for Preparing, Analyzing and communicating, the financial data and other information, using XML technology. In simple terms ,XBRL uses latest technology to simplify business reporting and enhance its utility by defining as
Uses of XBRL:
XBRL is an application of XML to business information and uses tags or structure to describe the data, making it immediately reusable, interactive and intelligent. It is also “extensible” so it can be customized for unique situations and reporting concepts.For example:in an XBRL financial report, each piece of data (both numbers and text) is given a unique ID, based on standardized lists of accounting terms, or taxonomies. For example, a data point might be linked to the accounting terms "INR", "Net Profit", "2nd Quarter" "2010-11", means, Net Profile in Indian Rupees for the 2nd quarter of Assessment Year 2010-11. Thus the data entered by all companies in this particular tag will have the same meaning and will have the same denominator. XBRL tags both numbers and textual information, which means not only balance statements, but information such as statement of principals and even footprints, appendices, and updates, is accounted for, to aid in internal audits and external research and analysis.
Advantages of XBRL:
XBRL benefits comparability by helping to identify data which is genuinely alike and distinguishing information which is not comparable.
Improve effectiveness and efficiency of key business reporting process
Improve quality and accuracy of data obtained from companies
No Rekeying : Accelerate the analysis of financial data
Instant User Access
Myths of XBRL:
XBRL is NOT an accounting standard, nor does it alter the same, although it can be used to represent reporting concepts and provide an explicit link from a reported concept to the relevant accounting standard.
XBRL is NOT a software program although it can be used to enable the seamless exchange of information between disparate software applications.
Current notification and updates on XBRL.
Process of Efiling at MCA portal with XBRL Software.