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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...