With XBRL reporting, data is machine-readable, can be searched, downloaded into spreadsheets, and reorganized for analysis rapidly, accurately, and digitally. These taxonomies capture the meaning of all reporting terms used within a business report, as well as how those terms interact with each other.
The said Taxonomy is being hosted on the website of the Ministry at www. Coverage in Phase I 2. Additional Fee Exemption 3. All companies falling in Phase -I are permitted to file upto without any additional filing fee. XBRL is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world.
It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data.
It is already being put to practical use in a number of countries and implementations of XBRL are growing rapidly around the world. XBRL is an open, royalty-free software specification developed through a process of collaboration between accountants and technologists from all over the world.
Together, they formed XBRL International which is now made up of over members, which includes global companies, accounting, technology, Government and financial services bodies. XBRL is and will remain an open specification based on XML that is being incorporated into many accounting and analytical software tools and applications.
What are the advantages of XBRL? 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.
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. XBRL is a flexible language, which is intended to support all current aspects of reporting in different countries and industries.
Its extensible nature means that it can be adjusted to meet particular business requirements, even at the individual organization level.
Who can benefit from using XBRL? All types of organizations can use XBRL to save costs and improve efficiency in handling business and financial information.
Because XBRL is extensible and flexible, it can be adapted to a wide variety of different requirements. All participants in the financial information supply chain can benefit, whether they are preparers, transmitters or users of business data.
What is the future of XBRL? XBRL is set to become the standard way of recording, storing and transmitting business financial information. It is capable of use throughout the world, whatever the language of the country concerned, for a wide variety of business purposes.
It will deliver major cost savings and gains in efficiency, improving processes in companies, Governments and other organisations. Does XBRL benefit the comparability of financial statements?
XBRL benefits comparability by helping to identify data which is genuinely alike and distinguishing information which is not comparable. Computers can process this information and populate both pre-defined and customised reports.
Does XBRL cause a change in accounting standards? XBRL is simply a language for information. It must accurately reflect data reported under different standards — it does not change them.
What are the benefits to a company from putting its financial statements into XBRL? XBRL increases the usability of financial statement information. The need to re-key financial data for analytical and other purposes can be eliminated. By presenting its statements in XBRL, a company can benefit investors and other stakeholders and enhance its profile.
It will also meet the requirements of regulators, lenders and others consumers of financial information, who are increasingly demanding reporting in XBRL. This will improve business relations and lead to a range of benefits.
With full adoption of XBRL, companies can automate data collection.Cleveland BioLabs, Inc. (“ CBLI ” or the “ Company ”) is an innovative biopharmaceutical company developing novel approaches to activate the immune system and address serious medical needs.
(Filing Of documents and forms in Business Reporting Language) Rules, Note - All fields marked in are to be mandatorily filled. Authorised capital of the company as on the date of filing (in FRS.) (Filing of documents and forms in eXtensible Business Reporting Language) Rules, Il Note - All fields marked in k are to be mandatorily.
AIS Final: XBRL.
Overview of yellow book for Steven Hornick's AIS Class PLAY. XBRL stands for. Extensible Business Reporting Language.
What do metatags do. Provide meaning, which make it considered to be information.
XML stands for. Extensible Markup Language. What is XML. a set of rules and a syntax for adding meaning to data and . XBRL is an Extensible Business Reporting Language for electronic communication of business information providing major benefits in the preparation, analysis, communication of Annual Financial Statements.
XBRL (Extensible Business Reporting Language) is an open standard which SOURCE: UBmatrix, Financial Reporting Using XBRL 2 What is XBRL, the Details data, business rules, structured versus unstructured information, and structuring for presentation as compared to structuring for information meaning.
Vide Notification dated 9th September, , Ministry of Corporate Affairs has notified “Companies (Filing of documents and forms in Extensible Business Reporting Language) Rules, ”.