The government is set to introduce a new financial reporting format-XBRL (Extensible Business Reporting Language), from July 2011 . At present, the Registrar of Companies manually checks the annual reports of companies to see how they are operating their structures. The process is daunting in the face of inadequate resources and the registrar’s authority is seldom put to effective use.Ministry of Corporate Affairs will get great benefit in monitoring the growth of subsidiaries of companies . XBLR facilitate all financial statements will be tagged under a single head.
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What is XBRL ?
Here is what its India Chapters writes on its website
XBRL (eXtensible Business Reporting Language) is a language for electronic communication of business and financial data which is revolutionising business reporting around the world. It offers major benefits to all those who have to create, transmit, use or analyse such information. XBRL has been developed by XBRL International, a not-for-profit consortium of over 450 companies and organisations which is promoting its worldwide use.
XBRL India is the Indian Jurisdiction of XBRL International. Its main objective is to promote and encourage the adoption of XBRL in India as the standard for electronic business reporting in India. Members of XBRL India include regulators, stock exchanges, software companies and others.
XBRL India has developed draft General Purpose Financial Reporting XBRL taxonomy for Commercial and Industrial Companies. It is currently developing XBRL Taxonomy for the banking sector.
Government hopes that XBRL format will enable better organisation of data in standardised formats, as well as help detecting fraudulent entries and calculations. It will be particularly useful in cases where companies have subsidiaries, which in turn have auxiliary units.
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