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XBRL stands for eXtensible Business Reporting Language, which is a freely available global standard for exchanging business information. It was developed to improve the efficiency and accuracy of financial reporting by standardizing the way financial data is exchanged between different systems and organizations.
XBRL is a type of XML (eXtensible Markup Language) that enables the tagging of financial information with standardized labels, called "tags" or "concepts". These tags provide a common language for financial data, allowing users to easily compare and analyze financial information from different sources.
The use of XBRL is increasingly becoming mandatory in many countries, as regulators and governments seek to improve the accuracy and transparency of financial reporting. It is used by a wide range of organizations, including publicly listed companies, financial institutions, and government agencies.
The use of XBRL (eXtensible Business Reporting Language) provides several benefits to businesses, investors, regulators, and other stakeholders involved in financial reporting. Here are some of the key benefits of using XBRL
XBRL stands for eXtensible Business Reporting Language, which is a freely available global standard for exchanging business information. It was developed to improve the efficiency and accuracy of financial reporting by standardizing the way financial data is exchanged between different systems and organizations.
XBRL is a type of XML (eXtensible Markup Language) that enables the tagging of financial information with standardized labels, called "tags" or "concepts". These tags provide a common language for financial data, allowing users to easily compare and analyze financial information from different sources.
The use of XBRL is increasingly becoming mandatory in many countries, as regulators and governments seek to improve the accuracy and transparency of financial reporting. It is used by a wide range of organizations, including publicly listed companies, financial institutions, and government agencies.
Please feel free to ask your query to us regarding
No. XBRL is simply a language for information. It must accurately reflect data reported under different standards – it does not change them.
XBRL makes the data readable, with the help of two documents – Taxonomy and instance document. Taxonomy defines the elements and their relationships based on the regulatory requirements. Using the taxonomy prescribed by the regulators, companies need to map their reports, and generate a valid XBRL instance document. The process of mapping means matching the concepts as reported by the company to the corresponding element in the taxonomy. In addition to assigning XBRL tag from taxonomy, information like unit of measurement, period of data, scale of reporting etc., needs to be included in the instance document.
Non-banking financial companies, Housing finance companies and Companies engaged in the business of Banking and Insurance sector are exempted from filing of financial statements under these rules.
XBRL benefits comparability by helping to identify data which is genuinely alike and distinguishing information which is not comparable. Computers can process this information and populate both pre defined and customised reports.
