Request a free quote
What is XBRL?
XBRL stands for eXtensible Business Reporting Language. XBRL has emerged as the most widely accepted form of disseminating financial information thanks to sponsorship by a consortium of security regulators, stock exchanges, financial publishing houses, accounting organizations and corporations.
XBRL is a world-wide standard, developed by an international, non-profit-making consortium, XBRL International Inc. (XII). XII is made up of many hundred members, including government agencies, accounting firms, software companies, large and small corporations, academics and business reporting experts. XII has agreed the basic specifications which define how XBRL works.
XBRL (eXtensible Business Reporting Language) is a form of XML designed specifically for the financial industry to increase efficiency, productivity and transparency in financial reporting.
Tags (markup language) are like bar codes used to markup and define data. In XBRL these tags can identify, describe and provide contextual information for each piece of information. These tags can be understood by a range of software applications allowing data to interface with databases, financial reporting systems and spreadsheets.
Taxonomy is a system or dictionary which contains and organizes all of the tags used to markup a document. Currently XBRL International, the SEC and other organizations are funding the building of standardized taxonomies for the different financial industries in the United States. They are organized under the broad title of U.S.-GAAP/FRIS (U.S. Generally Accepted Accounting Principles/Financial Reporting Instance Standards).
Instance document is a document where financial data has been tagged using XBRL taxonomies.
Benefits of XBRL Reporting :
- They receive reliable/accurate data that they do not need to validate
- They receive the benefit of immediate analysis and insight without having to wait for filings
- Retail investors at home benefit from “analysis” that is currently available only to professional investors in mutual funds.
- Professional investors benefit from lower costs associated with gathering, aggregating and analyzing data and the higher reliability of data so they can cover more stocks.
- Corporate finance professionals like dissemination of financial statements in XBRL format because It,
Provides quick and accurate understanding of financial performance in the capital markets, eliminates "noise" and facilitates speedy discovery of share prices.
- Large corporations benefit from an increase in the number of analysts covering the stock.
- Smaller corporations (competing for analyst attention) benefit by jumping ahead in the queue and getting analyst coverage by providing interactive data.
XBRL with Computers:
The computes recognize the data in XBRL document, select it, analyze 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.
XBRL in Organizations :
All types of organizations can use XBRL. As XBRL is extensible and flexible, it can be adapted to fulfill different requirements. By using XBRL, company and other producers of financial data and business reports can automate the processes of data collection.
Companies can use XBRL to save costs and simplifies their processes for collecting and reporting financial information. 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.
Just provide some preliminary information and a our team will contact you as soon as possible.
One stop solution for XBRL enabled MCA Filing.
Personalized Services with Seamless Communication.
Quality Service with Complete Responsilitity to our Corporate Culture.