General Purpose Financial Reporting XBRL Taxonomy for Commercial and Industrial Companies – Acknowledged by XBRL International
XBRL (eXtensible Business Reporting Language) is a novel way of electronic communication of business and financial data that is of immense utility to the capital markets and the investing community. Those who stand to benefit include all who collect business data, including governments, regulators, economic agencies, stock exchanges, financial information companies and the like, and those who produce or use it, including accountants, auditors, company managers, financial analysts, investors and creditors.
Keeping in view the rising importance of XBRL and the advantages it has to offer, the Institute of Chartered Accountants of India constituted a Group on XBRL in January 2007, under the chairmanship of the President, ICAI. The main objective of the Group is to establish a forum for the development of XBRL in India including its promotion and to develop taxonomy for XBRL based reporting bearing in mind the peculiarities of the Indian Accounting Standards.
Recently, the XBRL International (XII) has acknowledged the general purpose financial reporting XBRL taxonomy for commercial and industrial companies. This taxonomy covers the financial statements, viz., Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement and the related non-financial information. The taxonomy has been developed conforming to Indian Accounting Standards and Company Law while adapting the architectural features of the IFRS general purpose taxonomy 2006.