Extensible Business Reporting Language (XBRL) is an
international standard business language developed by XBRL International Inc. XBRL
is a mode of electronic communication of business and financial data to provide
a common gateway for smooth management and control over the financial data,
information and various other benefits.
Benefits
1. It is easy to prepare in XBRL
2. It is easy to make analysis and
3. Very easy way of communication of business information by
corporate.
4. Efficient cost management
5. Accuracy and reliability of data
A large number of data collected through XBRL, it will
enhance the ministry or government’s capabilities in formulation of policies
and other regulatory functions which is an added advantage towards the
corporate.
