XBRL's first part to be out by Sept this year
Apex accounting body ICAI said it will come out with the first part of a user-friendly online language called XBRL by September this year.
By PTI |
NEW DELHI: Apex accounting body ICAI on Sunday said it will come out with the first part of a user-friendly online language called XBRL (Extensible Business Reporting Language) by September this year.
XBRL taxonomy is a dictionary of data definitions that incorporates the mechanism for describing, naming and classifying items of business information, basically financial statement, in a document.
"We are working very fast on this. A lot of development has taken place...the first part XBRL should be completed by September this year," ICAI President Ved Jain said.
It will enable the user to utilise information in the right manner, he said, adding in this reporting language each entity has to work out issue-specific things and then it has to codified.
The institute has set a committee for it, which is looking at the various aspects and working on codification, he said.
Jain said, once the language is in place one can easily understand and harmonise the financial statements.
Simple financial analysis like debt equity ratio of a company can be done with a click of button, he added.
Currently, around 11 countries are using this language.
XBRL taxonomy is a dictionary of data definitions that incorporates the mechanism for describing, naming and classifying items of business information, basically financial statement, in a document.
"We are working very fast on this. A lot of development has taken place...the first part XBRL should be completed by September this year," ICAI President Ved Jain said.
It will enable the user to utilise information in the right manner, he said, adding in this reporting language each entity has to work out issue-specific things and then it has to codified.
The institute has set a committee for it, which is looking at the various aspects and working on codification, he said.
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Individual business concepts such as cash flow, depreciation and share capital can be represented in the taxonomy. Jain said, once the language is in place one can easily understand and harmonise the financial statements.
Simple financial analysis like debt equity ratio of a company can be done with a click of button, he added.
Currently, around 11 countries are using this language.
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