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

9. References
https://www.xbrl.org/the-standard
https://www.legalpillers,com/xbrl-filling/mca