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XBRL - The New Language Of Business |
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Recent corporate failures globally like Enron, WorldCom, Satyam have forced regulators to demand extensive and detailed financial and reporting information from companies. Due to acute shortage of staff and the sheer magnitude of the financial data involved, its difficult on both sides – regulators as well as companies, to undertake a detailed, meaningful and extensive analysis and review of the financial information in their possession.
XBRL or eXtensible Business Reporting Language is one solution that has emerged to help in effective reporting and analysis of data. XBRL is one of a family of "XML" languages – a type of electronic communicating that aids in transmitting financial information between businesses and on the Internet. The introduction of XBRL tags enables automated processing of business information by computer software, cutting out laborious and costly processes of manual re-entry and comparison.
- Companies can reap many benefits by using XBRL – namely:
- 1. Automated Data Processing
- 2. Regulated Finanical Reporting
- 3. Time and Cost Savings
- 4. Multi-language Capability
- 5. Data Analysis
In India, the Ministry of Corporate Affairs (MCA) has come out with a mandate for certain class of companies to file balance sheets and profit & loss account for the year 2010-2011 onwards by using XBRL taxonomy.
Intech's ERP solution that is based on Microsoft Dynamics NAV is fully compliant with XBRL standards. This XML- based specification is fully incorporated into the General Ledger application area ensuring a smooth transfer of data directly from your chart of accounts. This seamless integration between ERP and XBRL is not available in local solutions. Moreover, Intech’s consultants are well versed with mapping standards and keep abreast with latest changes.
To know more about Microsoft Dynamics NAV and integration with XBRL standards contact us at sales@intech-systems.com
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