DOI: 10.36347/sjebm.2016.v03i08.003

Pages: 426-427

XBRL is the need of the hour for business reporting world. It stands for eXtensible Business Reporting Language. It is the new business reporting language based on XML technology aiding in preparing and communicating business reports by the companies to the stakeholders. It is the new generation electronic language which is revolutionizing the traditional corporate reporting process into new and advanced electronic reporting system. This language is helping the companies to communicate their financial reports to a universal audience as it has the unique specification which is same for all the companies and follows consistency from one financial statement to another. XBRL consists of various core concepts that pave the way for preparing effective XBRL reports. In this article various key concepts significantly related to XBRL are discussed. The data used is of secondary nature.