06 October 2012
XBRL is a XML based evolving standard (Income tax department is also using XML for filing IT returns) which allows the computers to read, analyse, and interpret the data. It also helps in validating and automating the information contained.
Validations and automation is not possible with the electronic submission like word, excel pdf or flat files. Hence the regulators are interested to implement XBRL because they can see the errors/ omissions or irregularities in fillings just by clicking on the relevant information in the report. This will allow the regulators to focus their attention on important filings where they can seek further clarification or send notices.
For further information you can visit: http://xbrl.org/ http://www.mca.gov.in/XBRL/ http://www2.xbrl.org/in/
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