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XBRL stands for eXtensible Business Reporting Language, a language for the electronic communication of business and financial data that has revolutionized business reporting around the world. Its major benefits include ease in preparation, analysis and communication of business information by the corporates. It offers cost savings, greater efficiency, improved accuracy as well as reliability to all those involved in supplying or using financial data.. More information on XBRL can be found at http://www.xbrl.org. The Ministry of Corporate Affairs (MCA) implemented filing requirements for various classes of companies to file their financial statements for the year ended 2010-11 or thereafter, in XBRL format.
With increased coverage, it is hoped that the XBRL data thus collected would significantly enhance the Ministry's capabilities in policy formulation and regulatory functions for advantage of corporates as well as public and investors at large.XBRL makes the data readable, with the help of two documents – Taxonomy and instance document. Taxonomy defines the elements and their relationships based on the regulatory requirements. Using the taxonomy prescribed by the regulators, companies need to map their reports, and generate a valid XBRL instance document. The process of mapping means matching the concepts as reported by the company to the corresponding element in the taxonomy. In addition to assigning XBRL tag from taxonomy, information like unit of measurement, period of data, scale of reporting etc., needs to be included in the instance document.