How XBRL Plays an Integral role in Boosting your Business?


Extensible Business Reporting Language is a language generally used for the electronic communication of business and financial data which is changing the reporting system of the company around the globe. It offers main advantages in the preparation, analysis, and communication of business information. It provides cost savings, greater efficiency and better accuracy and reliability to all those involved in supplying or using financial data. It is already being put to practical use in the number of countries and executions of XBRL are increasing rapidly around the globe.

Who Developed XBRL?

XBRL is an open, royalty-free software specification established through a procedure of alliance between accountants and technologists from all over the globe. Both accountants and technologists formed XBRL International which is made up of more than 650 members, which comprises global companies, accounting, technology, government and financial services bodies. XBRL is and will stay an open description based on extensible Mark-up Language that is being incorporated into many accounting and analytical software tools and applications. XBRL is an open, royalty-free software specification established through a procedure of.


 What are the advantages of XBRL?
  • The chief advantages of XBRL could be seen in automation, cost-saving, faster, more accountable and more accurate handling of data, better analysis and a better quality of information and decision-making.
  • XBRL permits producers and consumers of financial data to change resources away from costly manual processes, comprising of time-consuming comparison, assembly and re-entry of data. 
  • Main Emphasis of XBRL is on analysis, aided by software which can authenticate and process XBRL information. 
  • XBRL is a flexible language, which is introduced to support all current aspects of reporting in different countries and industries. 
  • Its extensible nature means that it can be adjusted to meet specific business requirements, even at the distinct organization level. 

Who can be benefit from using XBRL?
  • All types of businesses can use XBRL to save costs and improve proficiency in handling business and financial information. 
  • XBRL is extensible and flexible which can be adapted to a wide variety of different requirements.
  • All participants in the financial information supply chain can be benefitted, whether they are preparers, transmitters or users of business data. 

ASC Group offers a wide range of professional services to ensure that customers get the maximum benefit from our XBRL products and solutions. The consulting firm assists customers during the installation and integration of products into existing or new infrastructure. XBRL service providers also provide detailed training and advisory in addition to the essential ongoing maintenance and support of the software.

Location: India

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