What is the use of XBRL?

What is the use of XBRL? XBRL enables preparers to utilize software to tag all financial items in their business reports to the elements within a taxonomy. This is accomplished with an Instance Document which can be electronically exchanged and validated between computers or viewed in a human readable format (this is called rendering).

What is the purpose of XBRL? XBRL, or eXtensible Business Reporting Language, is an XML standard for tagging business and financial reports to increase the transparency and accessibility of business information by using a uniform format.

What is XBRL and the benefits of using it? XBRL enables producers and consumers of financial data to switch resources away from costly manual processes, typically involving time-consuming comparison, assembly and re-entry of data. They are able to concentrate effort on analysis, aided by software which can validate and manipulate XBRL information.

What is XBRL and role of XBRL? XBRL is a standards-based way to communicate and exchange business information between business systems. These communications are defined by metadata set out in taxonomies, which capture the definition of individual reporting concepts as well as the relationships between concepts and other semantic meaning.

What do you understand by XBRL? XBRL is a data-rich dialect of XML (Extensible Markup Language), the universally preferred language for transmitting information via the Internet. It was developed specifically to communicate information between businesses and other users of financial information, such as analysts, investors and regulators.

What is the use of XBRL? – Additional Questions

Is XBRL mandatory?

The following companies are required to file AOC 4 XBRL (extensible business reporting language): All companies listed with any stock exchange in India and their Indian subsidiaries. All companies with a capital of 5 crores or above. All companies with a turnover of 100 crores or more.

What are the disadvantages of XBRL?

Inexperienced Users

Not all accountants possess prowess in the XBRL language; some have only heard about the taxonomy and language. XBRL’s complexity, combined with the inexperience, can create discrepancies in the financial data, which can lead to bad decision-making.

What is XBRL and how does it work?

XBRL enables preparers to utilize software to tag all financial items in their business reports to the elements within a taxonomy. This is accomplished with an Instance Document which can be electronically exchanged and validated between computers or viewed in a human readable format (this is called rendering).

Who invented XBRL?

The short history of XBRL is traced back to 1998. In April 1998, Charles Hoffman, a CPA with the firm Knight Vale and Gregory in Tacoma, Washington investigated XML for the electronic reporting of financial information. Charlie began developing prototypes of financial statements and audit schedules using XML.

Is XBRL an XML?

XBRL is XML. XBRL uses XML, XML Schema, XLink, XPath, and other W3C XML standards heavily. XBRL is very committed to XML. But, native XML (an XML instance validated by an XML Schema) is only a partial solution to what XBRL needs to achieve.

Is XBRL a language?

XBRL (eXtensible Business Reporting Language) is an XML-based computer software language that is developed specifically for the automation of business information requirements, such as the preparation, sharing and analysis of financial reports, statements, and audit schedules.

What is the difference between XML and XBRL?

XML, short for eXtensible Markup Language, is designed specifically for Web documents. XML is a rich language that facilitates the exchange of data between organizations via Web pages. XBRL, short for eXtensible Business Reporting Language, is an XML-based markup language developed for financial reporting.

When should I submit XBRL?

They should file the annual returns within 30 days after the annual general meeting. In case the companies are having a share capital and keeping a branch register outside Singapore, then the annual returns should be filed within 60 days after AGM.

How do I convert Excel to XBRL?

Figure2: Excel template with the menu screen. 3. Upload the XSRF file and download the XBRL instance document Logon to stacos.com and upload the XSRF file. The Website will convert to XBRL document.

Is XBRL a software?

XBRL or eXtensible Business Reporting Language is a software standard that was developed to improve the way in which financial data is communicated, making it easier to compile and share this data.

Is MGT 7 mandatory for all companies?

All the registered companies in India must file this e-form every year doesn’t matter if the company is private or public. The requirement of filing the Form MGT 7 by the company is for its annual return.

What is the difference between XBRL and iXBRL?

If the focus of XBRL is on automated machine readability of data, iXBRL focuses on rendering such data. Technically, iXBRL documents are generated from well-formed XML documents. While XBRL documents can be viewed only with specialized XBRL viewers, iXBRL documents can be viewed on standard browsers.

How do I open a XBRL file?

Open Excel, drag the . XBRL file into Excel, you will see two prompt dialog boxes. Click OK.

What is Linkbase?

What is Linkbase?

What is XML full form?

XML, in full extensible markup language, a document formatting language used for some World Wide Web pages. XML is a simplified form of SGML (standard generalized markup language) intended for documents that are published on the Web.

What is the difference between XBRL and HTML?

HTML and XML are both mark up languages, but that’s where the similarities end. HTML (Hypertext Markup Language) is a way of “tagging” text to cause it display in a certain way. XBRL (eXtensible Business Reporting Language) is an XML based technology. In other words, XBRL can be used to store or transport data.

What is the use of XML in preparing financial reports?

XML will allow companies, investors, and industry analysts a way to prepare, publish, exchange and analyze financial reports and the information they contain. It will also allow financial information to be reliably and automatically extracted or exchanged between computer applications.

When should annual return be filed?

The due date for filing annual return of a company is within sixty days from the date on which the annual general meeting of the Company is held. Annual General Meeting of a company must be held within 9 months of closing of accounts of a company, in case of first year of operations of a company.

Who signs annual return?

Text of Section 92 of Companies Act, 2013

Provided that in relation to One Person Company and a small company, the annual return shall be signed by the company secretary, or where there is no company secretary, by the director of the company.

What is the difference between MGT 7 and MGT 9?

ACC Ltd has provided link of MGT 7 in their Annual Report. Infosys Ltd and Ambuja Cements Ltd has given MGT 9 (Extract of Annual Return) in Annual Report. Or, companies are required to annex MGT 9 with Board’s Report and provide link of website where MGT 7 (complete Annual Return) is uploaded.

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