XBRL (extensible Business Reporting language) is a part of XML languages which is becoming a standard means of communicating information between business and on the internet.
The idea behind XBRL is simple i.e. 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.
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 regulations, can receive, find, compare and analyse data much more rapidly and efficiently if it is in XBRL format.
It has been decided by the Ministry of Corporate Affairs to mandate certain class of companies to file balance sheets and profit and loss account for the year 2010-11 onward by using XBRL taxonomy.
The following class of companies have to file the Financial Statements in XBRL form only from the year 2010-2011 : -
1) All companies listed in India and their subsidiaries, including overseas subsidiaries;
2) All companies having a paid up capital of Rs. 5 Crore and above or a turnover of Rs 100 crore or above.
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The idea behind XBRL is simple i.e. 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.
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 regulations, can receive, find, compare and analyse data much more rapidly and efficiently if it is in XBRL format.
It has been decided by the Ministry of Corporate Affairs to mandate certain class of companies to file balance sheets and profit and loss account for the year 2010-11 onward by using XBRL taxonomy.
The following class of companies have to file the Financial Statements in XBRL form only from the year 2010-2011 : -
1) All companies listed in India and their subsidiaries, including overseas subsidiaries;
2) All companies having a paid up capital of Rs. 5 Crore and above or a turnover of Rs 100 crore or above.
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