XBRL

XBRL is a business reporting language that allows financial information to be easily exchanged between organizations and on the Internet.

XBRL is growing quickly around the world with increasing participation form individual countries and international organizations. The reason of its popularity is the advantages it confers to its users. For example it can help in reducing cost, streamlining the processes for collecting and reporting financial information, and accelerating financial decision-making etc.

As we are the multinational company having subsidiaries in different countries so we can take lot of advantages by using XBRL.

It will enable us to quickly prepare, analyze and publish the financial statements for numerous subsidiaries in different countries, with different languages, on different computer systems.
It can provide instant reports to the internal management using intranet through which they can make timely decisions which will improve their efficiency and performance.
It will help us to obtain loans from banks on more quickly and timely basis e.g. if we apply for the loan and e-mail our financial information in XBRL. It will automatically be imported into the bank’s loan analysis software and will reduce the credit approval time.
It will enable us to transfer all required audit schedules to our auditors. This will reduce the length of audit time and will help to get audit reports in time.
Through XBRL we can provide robust platform to our shareholders through enhanced assessment, extraction, and query tools. It will improve our relations with them.

We can start using XBRL in our company by following these steps.

Contact the local XBRL organization or jurisdiction. These jurisdictions create and update their taxonomies to use for XBRL based financial statements to reflect their local accounting regulations. Taxonomies are the dictionaries which define the specific tags used for individual item of data.
Select a suitable software tool to create or use XBRL. A list of tools is available on http://www.xbrl.org/Tools/ website.
Setup the parameters required by the software tool.
Setup XBRL tags using the taxonomies and upload the tag document on our website.

Accountant can stay up to date on XBRL standards by visiting http://www.xbrl.org/RSS/ website. This website provides four separate RSS feeds on latest news. They can also copy the URL address of the feed(s) which they want and paste it into appropriate command box of their news reader to obtain automated feed.