Overview of XBRL
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XBRL (eXtensible Business Reporting Language) is an open standard for digital business reporting that allows for accurate, automated exchange of business and financial data. It provides a standardized language and taxonomy to define financial terms, allowing investors and stakeholders to easily access and understand financial reports. While XBRL is not universally adopted, it is spreading globally and facilitates more efficient reporting while reducing costs for companies and regulators. Some disadvantages remain around inconsistent implementation and potential errors in assigning tags, but overall XBRL aims to increase transparency and comparability of financial information.
Overview of XBRL
- 1. Under the guidance of Sundar B. N. Asst. Prof. & Course Co-ordinator GFGCW, PG Studies in Commerce Holenarasipura Sujatha M. M. 2nd M.Com
- 2. Introduction XBRL stands for extensible business reporting language. It is an open standard and being developed by XBRL international a profit organization. XBRL is a ‘revolutionary concept’ in the world of business and financial information and will have a for reaching impact across the entire financial reporting chain.
- 3. Meaning of XBRL XBRL is the open international standard for digital business reporting managed by a global not a profit consortium. XBRL international We are committed to improving reporting in the public interest.
- 4. Need for XBRL Accurate and quality data. Automation Reduce cost of ownership of data Reduce reporting burden Efficient business processing Consumer oriented reporting
- 5. Advantages of XBRL • Provides a standardized language for all companies reporting their financial data • Allows investors and stakeholder to easily download and understand financial reports • Provides a list of definitions for the financial terms • Saves time in entering and reporting financial data and increases efficiency .
- 6. Disadvantages of XBRL Its not used by all publicly traded companies as of now Tags may be wrongly assigned to financial terms There is still a lack of consistency in the use of standards
- 7. XBRL around the world XBRL is quickly spreading across the world by way of increasing participation from individual countries and international organizations. it is now preferred as a standard for business and financial reporting world wide.Many countries arround the world are slowly and steadily implementing XBRL in their reporting frameworks.
- 8. Conclusion XBRL will facilitate the transmission of data in electronic from between companies and different regulatory agencies in , and has the potential to increase comparability and transparency of financial information. The versatility of the XBRL framework provides significant opportunities in the area of regulatory filings