Are you new to this electronic form of Business Reporting?

What is the implication of XBRL in your business?

Are these some of the questions bothering you?

You are then, at the right place!!

XBRL stands for eXtensible Business Reporting Language.

It is one of a family of “XML” languages, which is becoming a standard means of communicating information between businesses across the globe via the internet.

It’s being developed by an international non-profit consortium of approximately 450 major companies, organizations and government agencies.

XBRL is an open standard, free of license fees, flexible and extensible. It can be thus, adapted to a wide variety of different requirements.

Its benefits can be reaped by all participants in the financial information supply chain, whether they are preparers, transmitters or users of business data.

Idea behind XBRL

Financial information is not treated as a block of text – as is generally the case on a standard internet page. Rather, XBRL provides an identifying tag for each individual item of data which is computer readable. E.g., Company net profit has its own unique tag.

Computers can thus, treat XBRL data “intelligently”,  recognize the information in an XBRL document, select it, analyze it, store it, exchange it with other computers and present it automatically in a variety of ways for users.

Benefits: -

• Preparation, analysis & communication of Business information
• Automation
• Cost Savings
• Faster, more reliable & accurate handling of data
• Better quality of information to enable decision making

Vibrant Tech (http://www.vibranttech.com/) brings to you a series of awareness seminars on XBRL (eXtensible Business Reporting Language) in the September.

8th September 2011 – Seminar on XBRL in association with KPMG in Chennai

Registration – http://www.vibranttech.com/XBRLEDM.htm

Keep watching this space for more!!