XBRL (eXtensible Business ReportingLanguage) is a language for electronic communication of business and financial data which is revolutionising business reporting around the world. It offers major benefits to all those who have to create, transmit, use or analyse such information. XBRL has been developed by XBRL International, a not-for-profit consortium of over 450 companies and organisations which is promoting its worldwide use.
XBRL India is the Indian Jurisdiction of XBRL International. Its main objective is to promote and encourage the adoption of XBRL in India as the standard for electronic business reporting in India. Members of XBRL India include regulators, stock exchanges, software companies and others.
XBRL India has developed draft General Purpose Financial Reporting XBRL taxonomy for Commercial and Industrial Companies. It is currently developing XBRL Taxonomy for the banking sector.
About XBRL India
XBRL India is a Company registered under Section 25 of Companies Act, 1956, incorporated for managing the affairs of Indian Jurisdiction of XBRL International. XBRL International is comprised of Jurisdictions which represent countries, region or international bodies and focus of XBRL in their area. XBRL Indian Jurisdiction is an established Jurisdiction of XBRL International. Its objectives are:
To promote and encourage the adoption of XBRL in India as the standard for electronic business reporting in India
To facilitate education and marketing of XBRL
To develop and manage XBRL taxonomies
To keep the developed XBRL taxonomies updated with regard to international developments
To represent Indian interests within XBRL International
To contribute to the international development of XBRL
XBRL Taxonomies
Taxonomies are dictionaries used by XBRL. They define the specific tags for individual items of data (such as "net profit"). Different taxonomies will be required for different financial reporting purposes. Different XBRL jurisdictions may have their own financial reporting taxonomies to reflect their local accounting regulations. Many different organisations, including regulators, specific industries or even companies, may require taxonomies to cover their own business reporting needs.
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