Volume : 2, Issue : 12, December - 2013

XBRL– The New Financial Reporting Language: a Concept

Mr. Lokesha K

Abstract :

XBRL (eXtensible Business Reporting Language) is an Internet–based business reporting language that is rapidly becoming an international standard for financial reporting. XBRL tags data so that documents can be instantly created or retrieved in a variety of formats. XBRL holds the promise of improving the efficiency of producing, disseminating, and using a company’s financial (and non–financial) information. XBRL can yield cost savings, greater efficiency, improved accuracy and reliability to both suppliers and users of financial data. Against this background the present paper throws light on important issues of XBRL. This is a conceptual paper.