eXtensible Business Reporting Language (XBRL): A Paradigm Shift in Business Reporting

Reporting is one of the important aspects of every business organisation. It depicts the final outcome to the various stakeholders in a written document. In the digital age, business reporting is done through an electronic communication channel. For the reporting of financial data over the Internet, a language known as ‘Extensible Business Reporting Language (XBRL)’ is used all over the world. It is a language that is specially used for exchanging business reports among stakeholders. This article focuses on studying the conceptual aspects of the XBRL in Indian Context. The data are collected from various published journals, e-journals, websites, reports, etc. From the data analysis, it is found that Taxonomy and Instance Documents are together forming an XBRL document, which has a great impact on the integration of the financial reporting system. There is a positive impact of web-based reporting on various financial and accounting professionals. Proper collaboration among stakeholders is required for the adoption and harmonisation of financial reporting through XBRL.