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

XBRL stands for eXtensible Business Reporting Language. It is one of the families of ‘XML’ languages which is becoming a standard means of communicating information between businesses and on the internet. XBRL is being developed by an international non-profit consortium of approximately 600 major companies, organizations and government agencies. It is an open standard, free of license fees. It is already being put to practical use in a number of countries like USA, UK, Belgium, Spain, Sweden, Japan, China etc. Implementations of XBRL are growing rapidly around the world including India.

In order to foster the understanding of XBRL, Ambit Software, a MAIA Intelligence (a leading provider of Business Intelligence (BI) & XBRL Software Product Solution) partner organized XBRL workshop along with Mahratta Chamber of Commerce, Industries and Agriculture (MCCIA). Its main goal was to transfer knowledge and unique experience of Financial Reporting through XBRL.

Among the key takeaways of this Workshop were meaning and nature of XBRL and the technical terms those are commonly associated with XBRL, XBRL Taxonomies & XBRL Instances, understanding MCA mandate in India, how to use postXBRL tool, how to create instance documents and more.