eXtensible Business Reporting Language - XBRL is an electronic format for communication of business and financial data which is revolutionizing business reporting around the world. The standardization in-built in the XBRL documents provides significant benefits in the preparation, analysis and communication of business information.
XBRL is a computer readable language. XBRL is a structured, but adaptable language. It has its own grammar, Framework of Rules and known attributes for each given element. Such element may be a word, group of words -sentence / phrase. Attributes are known as Label, Tag Name, Description, Data Type, Balance Type and Period Type. The dictionary that is developed by the implementing authority is cleared or vetted by XBRL International and is referred to as Taxonomy. Thus, XBRL becomes an open standard.
This open standard offers cost saving, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data. XBRL enhances the usability and transparency of financial information reported under existing accounting standards, simplifies disclosure and allows users to communicate financial information more readily and accurately. The XBRL global initiative is led by a non-profit organization called XBRL International Inc. (XII) that also determines the primary standards for reporting in XBRL.
Just as the standardized shipping container transformed global supply chains for goods, the standardization of reporting concepts creates large and sometimes unexpected efficiencies in the business reporting supply chain. Millions of XBRL documents are created every year, replacing older, paper-based reports with more useful, more effective and more accurate digital versions.
XBRL enables producers and consumers of financial data to switch resources away from costly manual processes, typically involving time-consuming comparison, assembly and re-entry of data. They are able to concentrate effort on analysis, aided by software which can validate and manipulate XBRL information.
As a part of regulatory compliances, BSE collects data/disclosures in specified formats from its listed companies. With a view to making reporting more accurate and more efficient, BSE has moved towards the XBRL based reporting. With implementation of XBRL, BSE is in the club of international stock exchanges that have implemented XBRL based reporting. BSE is the first and only Stock Exchange in India to introduce and implement XBRL based reporting.
"BSE is implementing XBRL reporting in a phased manner. In the First phase of XBRL implementation, BSE had covered quarterly filings of Shareholding Pattern and Financial Results by listed companies. The voluntary reporting program which started in June 2015, allows listed companies to submit Shareholding pattern and Financial results in XBRL format to BSE for their periodical filings. In the second phase of XBRL implementation, Corporate Governance Report submission in XBRL format has been enabled.
The Voting Results formats and filings for Reconciliation of Share capital report will be covered in the third phase.
Keeping in line with continuous improvement, BSE has now made it mandatory for filing of Corporate Governance report and Shareholding Pattern in XBRL mode. The circular issued in this matter may be seen at:
To facilitate the reporting of share holding pattern and corporate governance in XBRL format,
the BSE has provided a free Excel Utility to the listed companies in its online Filing Portal called 'Listing Centre' under XBRL Tab.
At present, these filings are received in PDF or Excel format and are then entered into a database for further processing.
By implementing XBRL reporting, BSE has enhanced and improved its regulatory compliance monitoring with more speed and accuracy.
This is in keeping with SEBI's direction in the new Listing Regulations to have mandatory filing in electronic mode and to do away with physical mode altogether.
By implementing XBRL reporting, BSE will have faster, more reliable and more accurate handling of data along with improved analysis and better quality of information and decision-making. Human effort can switch to higher, more value-added aspects of analysis, review, reporting and decision-making.
This data when accessed by investment analysts can save effort, greatly simplify the selection and comparison of data, and deepen their company analysis. Lenders can save costs and speed up their dealings with borrowers. Regulators and government departments can assemble, validate and review data much more efficiently and usefully than they have hitherto been able to do.
XBRL reporting will enable reporting companies and consumers – (Investors, Analysts, Lenders, Regulators & governments) of financial data) to switch resources away from costly manual processes, typically involving time-consuming comparison, assembly and re-entry of data. They will be able to concentrate effort on analysis, aided by software which can validate and manipulate XBRL information.
Advantages of XBRL
By using XBRL, companies and other producers of financial data and business reports can automate the processes of data collection. For example, data from different company divisions with different accounting systems can be assembled quickly, cheaply, and efficiently if the sources of information have been upgraded to use XBRL.
Companies and other data producers can automate the data collection process. The data of different departments and division can be assembled quickly, cheaply and efficiently using XBRL. Once data is received in XBRL, reusing of data for internal and external reports can be possible with minimum efforts. Also data dissemination on website and publishing can be achieved easily. Not only can data handling be automated, removing time-consuming, error-prone processes, but the data can be checked by software for accuracy.
BSE has recently issued the Taxonomy for Regulation 31, Shareholding Pattern.
Taxonomy for Financial Results.
Taxonomy for Regulation 44, Voting Results.
Taxonomy for Regulation 27, Corporate Governance.
Taxonomy for Regulation 55A of SEBI (Depositories and Participants) Regulations, 1996:
Taxonomy for Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations 2015:
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