XBRL Viewers help die users of a XBRL document to view it.
The users can drill down to the related taxonomies for detail information. Some
of the software has in-built provision to make further analysis from the
available data. Data viewed from XBRL Viewers can be transferred to Excel or
other databases. The XBRL file viewer tool is a simple standalone application
that allows you to review every minor detail in an XBRL instance document’
().

XBRL Viewers are generally available free of st. SEC has
announced that the source de for the Interactive Financial Report Viewer that
enables investors to analyze mpanies’ interactive data filings is now
available via its Web for free use by the market.

Advantages of XBRL Reporting

XBRL reporting system has revolutionized financial
reporting, and also use of those reports by the Stakeholders. Advantages of it
can be summarized as follows;

1. Interactive data will enable investors and other external
users to make more productive decisions. Instead of wading through
inmprehensible financial disclosure, investors can have aess to meaningful
information in a form which is more suitable for them.

2. From the acuntants’ point of view, it will enable them
to prepare error-free acunts. Since acunting data are mapped into some
regnized taxonomy, all errors arc to be sorted out at this stage.

3. Auditors can detect errors in tagging financial data with
the help of available application software. Adoption of XBRL will significantly
lower both internal and external audit sts.

4. Objectives of any taxation system are auracy and
traceability on the basis of calculation, and mpliance of rules and
regulations. The auracy will be provided by unambiguous data point definition
as well as well-defined sources of the information. Since most of the values
used to calculate and report taxes are, in turn, derived, capabilities of the
mpliance system to trace such values all the way to the original or atomic
information elements is essential. Finally, if the business rules and formulas
used to assess taxes are documented, ded and understood, it is relatively
straightforward to predict tax liability where and when a business transaction
is taking place (www.ezinearticles.m/?XBRI.-in-Tax-pliance).

5. Real time analysis will help internal management to
prepare reports for endless variety of internal management decisions.

Thus, it will bring paradigm shift in the world of financial
reporting.

XBRL Adoption by India

The Reserve Bank of India is going to launch the Basel II
reporting system using XBRL through the existing Online Returns Filing System
(ORFS). A mittee has been nstituted under the Chairmanship of Shri V
Leeladhar, Deputy ernor for the purpose ().

The Institute of Chartered Acuntants of India nstituted
a Group on XBRL in January 2007, under the chairmanship of the President, ICAI.
While building the taxonomy, three broad reporting categories have been nsidered,
taking into acunt the different reporting requirements. These are

1. mercial and industrial

2. Banking mpanies

3. Non-banking finance mpanies

Recently, the Group has finalized the draft general purpose
financial reporting XBRL taxonomy for mmercial and industrial mpanies and
also for banking mpanies. These drafts ver the financial statements, viz.,
Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement and the
related non-financial information. The draft taxonomy has been developed
nforming to Indian Acunting Standards and1 pany Law while adapting the
architectural features of the IFRS general purpose taxonomy 2006. The ICAI has
already issued Exposure Drafts for both types of mpanies. India has also
launched XBRL India in llaboration with XBRL International, its Web
address being /in/ ().

nclusion

It has already been proved that XBRL is versatile and very
much useful for financial and business analysis to the investors and other
stakeholders. Based on its suess story, all the untries are ming forward
to adopt this reporting language. Many untries have made its application mandatory,
and others are in the pipeline. In the next few years it is going to be adopted
by all the untries. Though India has made a late entry, still she is moving
at a faster rate to catch up with others. The acuntants in India will have to
make ourselves ready to take the challenges of introduction of XBRL in India.