XBRL is a move to benefit the capital market participants. XBRL Extensible Business Reporting Language uses the web for the benfit of capital market participants. Now what exactly does XBRL do? Use of XBRL tags enables automatic identification and processing of business information by computer software. With XBRL firmly in place, there is no need to enter data manually, for comparison purposes. Thus, by using XBRL, companies can select, analyze and store the data which can later on be exchanged freely without any hassle.

XBRL significantly reduces the cost of producing and sharing information across different users. Users can make instantaneous decisions for routine analysis using XBRL since information is accessible freely. Some clear advantages of using XBRL are greater access to data, consistent financial statements among various entities resulting in better comparability, and better monitoring of controls. XBRL has laid the foundation for better financial statement disclosures accross various entities. With appropriate taxonomies and softwares information generation, use and analysis will be much more easier. In the future XBRL will be rolled out to even the smaller companies improving the transperancy of information in the capital market.

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