XBRL (Extensible Business Reporting Language) is an XML-based, open and global standard for exchanging business information. Most countries are in various stages of adoption of XBRL for their business documents. It is expected to be the de facto standard across the world by 2015.
At iSN Global Solutions, we help companies convert their existing archive data into XBRL. We work on all the recognized and approved taxonomies worldwide.
XBRL is a tool which is approved globally for exchange of business information. In business reporting XBRL is used as the semantic.It’s a XML based language i.e. the syntax of the language is in XML.
XBRL, not only defines but also exchange financial information. XBRL is a way to communicate and exchange business information between business systems.This business reporting standard was earlier used by supreme body like Federal Deposit Insurance Corporation. After that it was made compulsory for companies all over the world, mainly in US, UK and Singapore.
We at ISN promote the adoption of XBRL to our customers. The regulator has made this compulsory to file the financial returns in XBRL standard only. We have people who help our customer understand the importance and whereabouts of XBRL. We are thus spreading awareness on a global level to our customers about the knowledge and usage of XBRL.
* Mapping up financial statements with XBRL tags
* Validation of tags
* Creation of XBRL instance document in XML format
* Provision of a “highlight” report to facilitate review and provide concurrence
* One of the few providers of archived data in XBRL format
* Lowers the data management cost (TCO)
* Real-time update in the database – as soon as filing happens
* 100% reliability – XBRL data has built-in verification facility
* Higher level of quality of the data
* Regulatory bodies : like stock exchange regulators, security regulating firms
* Banking Regulators
* Tax-filling agencies
* Revenue reporting firms
* Agencies which provide statistical data
ISN is the right place to contact if as a customer, you also want XBRL in your business with expert advice and smooth functioning of your business in XBRL format. Importance of exchange of business information in XBRL is now important and is necessary because all the regulatory bodies have switched to this standard and have made it compulsory for companies who use IFRS (International Financial Reporting System) to submit financial returns in XBRL format.