Today, every business is trying to stand top in the market and working hard to succeed. Fighting against competitors and keeping the business information safe are some of the essential work to develop their business, and one of the best system-based solutions for business information requirements is IXBRL. The frameworks are an important element for exchanging business information since manual work won’t be possible at all times. In this post, you will see some of the information about IXBRL.
IXBRL stand for:
IXBRL is a condensed version of extensible business reporting language. It is one programming language, and it may refer to the linguistic mode used within a company or industry to express commercial data and facts. Extensible Business Reporting Language (XBRL) is another acronym for XBRL. Extensible Business Reporting Language, in this context, is a global framework for exchanging freely available business information. It allows for the expression of semantic meaning, which is often required in business reporting. One of its applications is the definition and exchange of financial data, such as financial statements.
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How does XBRL work?
The XBRL is used majorly for reporting or filing financial statements by various companies, and it is the only method used for reporting. You can also say that XBRL is an e-communication for business reporting of data. Under the section of 137 of the companies act, 2013 with the Registrar in E FORM AOC-4 XBRL, many companies with certain criteria like companies listed in the stock exchange, companies with 100 crore turnover or more are filing or reporting their financial statements.
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The XBRL read the data and worked with the help of two documents structure, and they are
1. Taxonomy
2. Instance
Taxonomy:
The accounts have to be read and make reports based on that, and this taxonomy is an accounting element’s dictionary. It is a collection of both taxonomy schema documents and linkbases XLink specification documents. It will tag all financial items reported in business, and it is a perfect set of elements. The tagging process will occur in XBRL through taxonomy.
Instance
When the tagging process is finished, the produced document will be a machine-readable XBRL document known as an Instance Document. The XBRL instance is also popularly known as the XBRL file. It helps show how they are related to one another.
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Bottom line:
In previous times, many regulators like banking regulators, tax-filing agencies, etc. were used this XBRL. Now, most top companies started using this IBPRL to report their business finance data effectively. Thus, the details explained earlier are some of the essential information about IXBRL.
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