XBRL FILING– extensible reporting language is an electronic presentation of a business report. This XBRL document helps in communicate business facts and figures. The documents provide by XBRL are fully computerized based. XBRL is a full-fledge language of electronic way to presents financial data. XBRL is a small form of extensive business. It gives all important information regarding business like how to prepare, communicate, and analysis of data. It provides great efficiency, and the uses of this approach make the system very cost-effective. XBRL filing is an International non-profit association. The license is free of cost, and it is an open platform for the analysis of business data. Approximately 550 companies and agree to work together all around the world. It focuses on the needs of the business. It helps in identifies unique items for accountants for a business environment.

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The XBRL was first issued in 1998 by Charles Hoffman. XML was first invented by Washington, who was again used by Charlie for preparing financial statements and auditing by XML. On December 31, 1998, the prototype invented by Charlie, Hoffman, and Mark Jewett was completed on January 15, 1999, this prototype was presented to AICPA, and the language of XML for the business purpose was considered an important tool.


As we know, XBRL is a member of the XML language family for the exchanges of data on the information superhighway. It is strong and flexible, specifically designed for the necessity of business and financial information. It helps in access tags uses in the data. These are simple identifiers. XBRL tells about the ranging of items such as monetary items, fractions, and percentages. It has the capacity to tag items or to code the purpose of the business report with information like description, units, currency ext., so it easy to access by the users. It indicates the relation of items. All items are grouped together for business reports called “taxonomy”. It allows all tasks to handle and support handling business data. It can be selected, searched, exchange, or analyzed by computer software for ordinary viewing. Taxonomies are the dictionaries bunch of languages uses in the XBRL. Each national jurisdiction have their own taxonomy for financial review. All organizations, industries, companies require taxonomy to protect their own business description. For the production of products, all software companies need to talk account of XBRL. The taxonomy in the business report means the information in data is only computer accessible by the users. XBRL is a kind of bar code for financial statements. Example <sales>500</sales>. The word sales, together with brackets <and> is known as a tag. There is a value of the tag between the tags. XBRL authorizes each element to carry certain properties.


To make an easy and simple extensible business, the reports the languages so that one can avoid the financial information as a block of text. It connects tags for every single item of financial data. It recognizes the details of XBRL documents, then selects, analyze it, store it then exchange with other computer for the presenting it spontaneously in a various way for users. It manages how to handle the speed of data, brings down the possibilities of error allows automatic checks on the information. The reason why companies prefer XBRL as it saves costs. It is easy for investors, analysts, and regulators to find, compare and receive data if it is in XBRL format.


Introduction of XBRL is profitable for the growth of financial statement information. The requirement of re-input of business reports for analytical reviews is eliminated. The information provided by XBRL is helpful for the company to raise its profile. It fulfills all the requirements of investors, regulators, and other consumers of financial information. By approval of XBRL, the company would able to do automatic data collection. Once data is gathered from different companies, XBRL produces different reports at minimum efforts. Not only can data handling is done by electronic media, it reduces time-consuming processes, but the data can be checked by software for correctness. It is easy to transform XBRL reports into HTML and PDF.


Company issue an internal and external financial reports. Business review to all types of regulators and financial authorities, central banks, and governments. Filing of loan reports and applications; credit risk opinion. Exchange of information between government departments and other institutions, such as central banks. It provides a standard way of narrating accounting documents. XBRL, this format is used for the exchange of data. Each application stores data in the most productive manner for acknowledging the requirements and for the purposes of export and import.

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XBRL uses almost all around the world for collecting information. Many governing bodies started compulsory filing of documents and gathered data in XBRL. Few to name are Australian Tax Office, National Bank of Belgium, China Securities Regulatory Commission (CSRC), European System of Central Banks (ESCB), In Japan National Tax Agency (NTA), Financial Services Agency, Bank of Japan, Tokyo Stock Exchange, Banks (Bank of Lithuania), National Bank of Romania, Accounting and Corporate Regulatory Authority (Singapore), Spanish Bank Association (AEB), Bank of Spain, UK Revenue and Customs.


The condition of the XBRL in India jurisdiction is temporary. It has applied before an orthodox jurisdiction on December 10, 2010. The confirmed status would enable India to have a seat on the International mechanism committee of XXI. In India, it is promoted for the acceptance of the XBRL format. It facilitates the education and marketing of XBRL. It helps in representing Indian interest within XBRL International. An unconnected website is assigned to XBRL India to keep with other users in India by ICAI.


As we know, the execution of XBRL in India is concerned. The financial report is prepared on the basis of XBRL along with the lines of filing SEC is yet to come up into effect. The Reserve Bank of India (RBI), established on 1 April 1935 following the provisions of the RBI Act, 1934. Online filing of returns, the RBI realized the need for adoption of XBRL, which makes every effort of regulates business reports. The aim of making reports simpler for banks and at the same time to grasps the benefits of XBRL, it was decided by the RBI to develop a friendly software which would be supplied by RBI itself and used by the banks to file information. On October 6, 2008, RBI executed the XBRL reporting system for Capital Adequacy returns. On 1st April 2011, the Ministry of Corporate Affairs (“MCA”) in India circulates a report on its website to file balance sheets and profit and loss account for the year 2010-11 onwards by using XBRL.


The accountant requires to accept to rewrite the taxonomy, which doesn’t necessarily for XSD language of understanding. As one has performed the role of an accountant, he should able to link each element of the financial statement.


XBRL is a simple and easy way to recording, and preparing data. It uses by the worldwide, as per the countries language concerned, for a huge availability of business purposes. It helps all like companies, associations, and governments.

For more information, please contact us on or call us Mb. No. 85100 58386 or 9310 717274.