A Conceptual Study on Xbrl Implementation in India: Issues and Challenges

Abstract

XBRL is a modern tool for the digitalized disclosure of business and financial information of the business houses. And it is the reporting trend emerging around the world. This new tool removes almost all pitfalls of traditional format of financial reports such as paper-based, pdf, HTML, word etc., these are static in nature not enable the preparers and users to easy comparison, analysis and re-using of previous reports for the preparation of current years reports. But Extensible Business Reporting Language benefits both preparers and users in various ways such as in creation, analysis and disclosure of business and financial information. The present study aims at analysing XBRL implementation and issues and challenges in India. For this purpose study adopted secondary sources of data and concludes that XBRL will change reporting paradigm in India due to its greater benefits and opportunities. There is a need of additional development in this context in India scenario. This Development includes extending XBRL for banking, insurance, power, NBFCs and small and medium sized organisations.