BUILD ON AMBITION - DELEVERING ON BELIEF
Overview
Extensible Business Reporting Language (XBRL) is an emerging technology standard, which promises to bring “better, faster, cheaper” data to organizational decision-making, and specifically to business and financial reporting.
XBRL provides a computer-readable tag to identify each individual item of data, whereby, a business reporting document becomes “intelligent” data, allowing the exchange of business reporting data by encoding the information in a meaningful way.
XBRL enables computer applications to recognize the information in an XBRL document – selecting, analyzing, storing, and exchanging it with other computers and present it in a variety of ways for users.
Required Documents
Financial statements
Notice of AGM, Company’s Directors’ report & Auditors’ report
Details of shareholding of the Company for filing e-form MGT-7
Frequently Asked Question
XBRL is a language for electronic communication of business and financial data, which has revolutionized business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. Moreover, it offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data. XBRL stands for extensible Business Reporting Language. XBRL is already being put to practical use in a number of countries and implementations of XBRL are growing rapidly around the world.
XBRL offers major benefits at all stages of business reporting and analysis. The benefits are seen in automation, cost saving, faster, more reliable and more accurate handling of data, improved analysis and in better quality of information and decision-making. XBRL enables producers and consumers of financial data to switch resources away from costly manual processes, typically involving time-consuming comparison, assembly and re-entry of data. They are able to concentrate effort on analysis, aided by software which can validate and manipulate XBRL information. XBRL is a flexible language, which is intended to support all the current aspects of reporting in different countries and industries. Its extensible nature means that it can be adjusted to meet particular business requirements, even at the individual organization level.
XBRL enhances the comparability of financial statements by identifying data, which is genuinely alike and distinguishing information, which is not comparable.
The following documents are needed. Documents Required for Filling Financial Information Through XBRL:
- Balance-Sheet
- Profit & Loss Account
- Notice of AGM, Company’s Directors’ report & Auditors’ report