XBRL is the emerging language for the electronic communication of business and financial data which is revolutionizing business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in using financial data.
 

Benefits of XBRL:

Improves data quality though in-built data validation system.

Improves efficiency by avoiding the need for time consuming manual processes of re-keying the data into computer systems.

Improves analysis and better quality of information and decision making.

Transparency in financial data / information.

Standardization of financial information in a predictable form.

Automation of report generation, comparison and analysis.

Cost savings by automation of many aspects of collection and storage of data.

Facilitates consolidation of results of various divisions and subsidiaries with more speed and reliable data.

Improves investors’ relations through use of transparent and more user friendly financial information.

Flexibility for creation of any type of business or financial report.

Compatibility with different kind of systems and software tools.

Interactive data can be converted into different formats such as Word, Excel, and PDF or can be downloaded in database for comparison or analysis.