What are the Benefits of XBRL Conversions?
XBRL stands for Extensive Business Reporting Language.
XBRL conversions will help companies in numerous ways, some of which are –
1) Companies will be able to avoid re-keying of data & several other manual tasks as such. Hence, it will also
lead to saving the expenditure, as the data prepared only once will be allowed to be generated in many
forms, via simple means.
2) Consolidation of results across various divisions of firms and of the results of the subsidiary firms can be
done easily and efficiently.
3) Data from the root level such as the Trial Balance can be accessed and reported in any desired format or
accounting system. Also, XBRL conversions allow the generation of IFRS based financial statements.
4) With XBRL, more time and effort can be devoted towards data analysis & decision making rather than
manual activities like gathering & preparation of data.
5) XBRL conversions help simplify the processes involved and reduce the costs involved in providing
regulatory reports to the tax departments and to financial regulatory bodies.
6) Because XBRL conversions facilitate transparent and user-friendly information, it helps in improving the
investor relations through provision of more.
7) Companies, due to XBRL conversions, can get rid of repetitive proprietary systems and of obsolete
software technology, the uses of which are difficult, and the costs of which are high.