Monday, August 23, 2010

Extensible Business Reporting Language

The RBI is angry over Public Sector Banks  not using technology in there business process. Seems there are using manual inference in complying data to RBI.Can get more information at this RBI-puts-IT-challenged-PSBs-on-notice

Given the circumstances, RBI has said it will come out with a road-map, giving banks a deadline for compliance. RBI's own plans to use IT to supervise banks better and generate more frequent data hinges on banks' adoption of technology. RBI plans to introduce a new system using XBRL (Extensible Business Reporting Language) which allows its computers to communicate directly with the servers in banks and pull out the required information

Some time back  did a googly about this reporting format but  could not get much learning resources at that time.. but not this time...a place to know more about future business reporting format resource

Wall Street

Nasdaq and PricewaterhouseCoopers team up to launch an XBRL-pilot program that will allow firms to view SEC filings

So what is this all about? Its XML: the next big thing . Tags that help machines interpret data could transform e-business and simplify the exchange of information. Artcile from IBM about XML  and XBRL has the  ability to simultaneously display and reveal context of financial information is one of the primary motivations behind this language

Why will Financial Professionals Use XBRL?

Why would an Accounting or Financial professional use XBRL? Some of the benefits of using XBRL include:

  • Cuts down on data manipulation
  • Facilitates paper-less financial reporting
  • Conforms to industry-accepted methods
  • Can cut time required to perform various accounting tasks
  • Major software vendors will incorporate XBRL
  • Permits interchangeability of data
  • Analysis of multiple company financial information improves
More can be found in the links provided

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