XBRL is neither an Acunting Standard nor a mputer program.It is also not a limited chart of acunts or a proprietary information standard or software.

Simply stated,XBRL is a language for transmitting information.It must aurately reflect data reported under different standards and regulations –it does not change them.

3.Who develops XBRL?

The origins of XBRL lie in the proposal of Mr Charles Hoffman,AICPA to use XML (eXtensible Mark-up Language)for electronic reporting of Financial Information.

XBRL is being developed by XBRL International Inc.(XII).XII is a Not for Profit nsortium of Regulators,ernment Agencies,Acuntancy Institutes,Leading rporates,IT &Financial &Professional Services mpanies.

XBRL International Inc.(XII)is a nsortium similar to how the Universal Product de (UPC)Seal (mmonly ‘Bar de’)was developed…and BAR DING HAS REVOLUTIONISED PRODUCT DISTRIBUTION…WHAT WILL XBRL DO TO FINANCIAL REPORTING?

Well,we’ll answer this question after we first learn how XBRL works…

4.How XBRL Works?

A Simple Explanation

The idea behind XBRL,eXtensible Business Reporting Language,is simple.Instead of treating financial information as a block of text –as in a standard inter page or a printed document –it provides an identifying tag for each individual item of data.This is mputer readable.For example,mpany profit has its own unique tag.This enables reporting software to llect relevant data and place it in the appropriate financial reports.

XBRL “Tags”can be thought of as a “Bar de”system for financial information,allowing financial statements to be read and understood by a mputer.XBRL will do for Financial &Business Reporting what Bar de has done for Product Distribution.

5.Benefits of XBRL

The introduction of XBRL tags enables automated processing of business information by mputer software,cutting out laborious and stly processes of manual re-entry and mparison.mputers can AESS,EXTRACT AND PROCESS XBRL data “intelligently”:they can regnize the information in a XBRL document,select it,analyze it,store it,exchange it with other mputers and present it automatically in a variety of ways for users.XBRL greatly increases the speed of handling of financial data,rces the chance of error and permits automatic checking of information.

Probably,the best explanation of benefits derived from the use of XBRL lies in the following words of Mr John nnors,Chief Financial Officer,Microsoft –“Through Inter delivery,XBRL will also provide analysts and investors with extensible financial data to make informed decisions about the mpany.We see XBRL as not only the future standard for publishing,delivery and use of financial information over the Web,but also as a logical business choice.”

6.XBRL –Around the World..!

XBRL is growing quickly around the world with increasing participation from individual untries and international anisations.At present,XBRL International is mprised of 23Established jurisdictions and 3Provisional jurisdictions which represent untries,regions or international bodies and which focus on the progress of XBRL in their area.

B.XBRL in INDIA.

1.Introduction

XBRL India,a mpany registered under section 25of the mpanies Act,1956is the Indian Jurisdiction of XBRL International Inc.(XII).

The main objective of XBRL India is to promote and enurage the adoption of XBRL in India as the standard for electronic business reporting in India.

XBRL India has overseen the development of the Taxonomy for Indian GAAP mmercial and Industrial and Indian GAAP Banking taxonomy.Separate taxonomies for insurance and power sector are under development.

XBRL Projects in India

RBI has already implemented Capital Adequacy Reporting by Banks as per Basell II norms in XBRL.

MCA has mandated the e-filing of annual reports in XBRL format for specified classes of mpanies.

SEBI has an under development project –“Super-D”for XBRL filing by all Listed mpanies and Mutual Funds in India.

The Central Electricity Regulatory mmission (CERC)is also developing an XBRL based Regulatory Information Management System (RIMS).

2.The MCA21Mandate

The Ministry of rporate Affairs (MCA)envisages a two-phase approach for implementation of XBRL based reporting of mpany Annual Reports.