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The advent of XBRL has undoubtedly introduced an exciting era in the world of Business Reporting. The ultimate goal of XBRL is to enable speedy and efficient access to information, improve corporate communication with stakeholders and most importantly reduce enterprise risk by accurate consolidation and analysis of data. However, as it stands today XBRL is mostly limited to regulatory reporting.  This is understandable, because most technology tools were developed as a response to regulatory diktats. While most companies in the initial XBRL adoption phase have looked it from a purely tactical perspective, they should gradually plan to broaden the scope of their XBRL initiative by making the under-lying source systems XBRL aware. By doing this, companies can generate different types of reports and dashboards and enable interaction among disparate applications and systems.  Using XBRL as an enterprise wide strategic tool will eliminate manual collation of data, stream-line ...

This article was published in the July 2012 issue of FOCUS , the monthly magazine of ICSI-WIRC. You can send your feedback to the authors by writing to info@beyondsquare.com or leave inline comments on this blog. CA Rangan Varadan (CEO and Director, Beyond Square) Karthik Ganeshan (Director, Beyond Square) INTRODUCTION In a highly networked world, organizations are measured as much by their efficiency and transparency as they are by their results. Information exchange within the enterprise, stakeholders, partners and regulators should not only be efficient and painless but also consistent. With disparate systems and disparate entities within an organization, bringing in standardization in the way data is collated and reported would rate as one of the top organizational challenges. XBRL, now over a decade old, has provided an answer to this long standing challenge. XBRL was developed to enable speedy and efficient access to information, improve corporate communication wit...

Securities and Exchange Board of India ( SEBI ) has been actively working over the last 2-3 years to adopt XBRL based reporting for listed companies, Mutual Funds and other SEBI registered intermediaries. In 2012, SEBI started the  XBRL Pilot Project  for filing / reporting by Mutual Funds with SEBI. The XBRL filings are currently on a voluntary basis, and are in addition to filings under the current system. Already, over ten mutual fund firms have participated in the pilot filings. While it is difficult to say at what stage SEBI will make XBRL filings mandatory, it is in the best interest of all mutual fund firms to prepare themselves from now, and avoid surprises later. Beyondsquare has helped, and is helping top mutual fund companies in India with their pilot filings. Beyondsquare is an  AMFI approved  vendor for SEBI filings. Contact us to find out how you can participate in the  pilot filing at no cost to you and no obligation to buy our product ...