The above video is made using fictional characters and script to help the user to understand the level of discussion between different department of government to understand and appreciate the benefits of XBRL in right perspective.
XBRL (eXtensible Business Reporting Language) is a freely available and global standard for exchanging business information. It allows for the expression of semantics meaning commonly required in business reporting. The language is XML-based and uses the XML syntax and related XML technologies.
The idea behind eXtensible Business Reporting Language, is simple. Instead of treating financial information as a block of text – as in a standard internet page or a printed document – it provides an identifying tag for each individual item of data. This is computer readable.
It can handle data in different languages and accounting standards. It can flexibly be adapted to meet different requirements and uses. Data can be transformed by suitable mapping tools or it can be generated in XBRL by appropriate software.
According to MCA India if a company fulfills the below mentioned criteria then that entity has to report in XBRL format to the government of India .
- All companies listed with any stock exchange(s) in India and their Indian subsidiaries; Or (Subsidiary of listed company are required to file in XBRL format, irrespective of its paid up capital)
- All companies having paid up capital of Rs. 5 Crore and above Or
A Turnover of Rs. 100 crores or above.
We at Taxorigin would help you to convert and digitalise your financial records. For further informations and enquires please log on to : http://www.taxorigin.com/xbrl-application-form.html.