What is an XBRL concept?
eXtensible Business Reporting Language (XBRL) is a freely available global framework of accounting standards used for exchanging business information. XBRL is based on XML coding and is a standardized way of transmitting financial records around the world.
What are the fundamentals of XBRL?
XBRL Fundamentals provides a foundational level proficiency including an introduction to the XBRL standard, US GAAP Taxonomy, and the XBRL requirements in the United States for public companies that report to the SEC. You’ll learn the details on the SEC requirements for tagging US GAAP financial statements.
What is XBRL service?
XBRL stands for eXtensible Business Reporting Language and is an open, international standard for the exchange of financial and non-financial information in digital form. The computer-based language enables the electronic communication of structured business data by providing a machine-readable tag.
What is XBRL and IFRS?
IFRS represents a national accounting standard for many different international countries with the desire of creating a single reporting standard for financial information. XBRL is a fast-evolving digital exchange method where companies transfer data in order to build a large area of business intelligence.
What is XBRL and its features?
XBRL allows the expression of semantic meaning commonly required in business reporting. The language is XML-based and uses the XML syntax and related XML technologies such as XML Schema, XLink, XPath, and Namespaces. One use of XBRL is to define and exchange financial information, such as a financial statement.
Why do we need XBRL?
The use of XBRL enables users to receive financial statements and footnotes of all public companies directly from the companies, without changes by third-party data providers. In doing so, XBRL helps facilitate analysis by investors, credit rating agencies, and regulators, and can even help management run the business.
Why is XBRL used?
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 process XBRL information.
What is the XBRL taxonomy?
Taxonomies are the reporting-area specific hierarchical dictionaries used by the XBRL community. They define the specific tags that are used for individual items of data (such as “net profit”), their attributes and their interrelationships.
What are some of the most important features of XBRL?
Features of XBRL:
- Integration with MCA: Seamless integration with MCA Website.
- Excel Import-Export: Simple import-export functionality through excel templates.
- Prepare & File Unlimited Returns with XBRL Tool:
- Interlinking:
- Audit Trails:
- Auto Calculation:
- Simplified Work Flow:
- Support:
What is XBRL under companies Act 2013?
XBRL means eXtensible Business Reporting Language. The XBRL filing provides benefits in analysing, preparing, and communicating business information. The Ministry of Corporate Affairs (MCA) introduced XBRL filing of financial statements with the Registrar of Companies (ROC) through the MCA portal.
What is XBRL and its advantages?
XBRL offers major benefits at all stages of business reporting and analysis. The benefits are seen in automation, cost saving, faster, more reliable and more accurate handling of data, improved analysis and in better quality of information and decision-making.
https://www.youtube.com/watch?v=YIjWVAh42Vk