Trillions of dollars, in fact over two-thirds of global market capitalization is essentially being reported in XBRL format. Hundreds of XBRL initiatives in a dozen countries or more are currently being deployed - it's safe to say that XBRL is establishing the standard for disclosure in the 21st century. Application of XBRL towards capturing and reporting against corporate contribution to social justice, environmental protection and human rights is also now emerging, and is without a doubt merely the tip of a much more significant iceberg.
COREP/FINREP
The COREP/FINREP Taxonomy provides an XBRL representation of the Committee of European Banking Supervisors (CEBS) Common Reporting Framework. FINREP (FINancial REPorting) is designed for credit institutions that use IAS/IFRS for their published financial statements.
SEC
Recently, the Securities and Exchange Commission (SEC) officially announced the adoption of XBRL for U.S. listed issuers' financial statement filings.
IFRS
By providing the IFRS Taxonomy, the IFRS Foundation seeks to address the demand for an electronic standard to transmit IFRS financial information.
India
The Ministry of Corporate Affairs in India has decided to mandate select class of companies to file their balance sheets and Profit & Loss Accounts in XBRL mode for the fiscal starting on or after April 1, 2011.
read more:
• http://www.sqlpower.ca/xbrlpower/page/what-is-xbrl
• https://sites.google.com/site/multiaccesssystems/using-xbrl-to-define-information-containers/who-and-what-uses-xbrl
• http://www.xbrlplanet.org
Articles discussing the implementation and global impact of XBRL-based financial data collection
Many companies are using xbrl software across the India. It is much better software to create clear balance sheet and validate it. SAG Infotech name is listed in the The Ministry of Corporate Affairs official website.
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