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IRIS awarded prestigious contract to build the XBRL taxonomy for the country
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IRIS is building India's XBRL taxonomy for Indian GAAP. It has been awarded the contract by ICAI (Institute of Chartered
Accountants of India), the governing body for accounting. XBRL is the new global standard for financial information exchange,
which is being adopted across countries for internal and external reporting.
The Indian XBRL taxonomy will store all the Indian GAAP rules in electronic documents that can be processed by any software.
This taxonomy will be used by companies to report in XBRL format. Taxonomy for India will be its first major step towards XBRL
based reporting.
The data in XBRL format links to the business and accounting rules in the taxonomy. Hence any kind of data in XBRL format is
consistent and conforms to the rules and regulations. Any inconsistency is quickly and automatically thrown up by systems.
XBRL also enables analysing and comparison of data more quickly, efficiently and reliably, hence shifting the analyst focus to
analysis, decision-making rather than data collation and preparation.
IRIS has recognised the benefits of XBRL, and is building a huge repository of corporate data in XBRL format. IRIS has also
built tools and services to capture, validate and consume XBRL information. The electronic reporting platform (www.corpfiling.co.in )
has been built by IRIS is XML enabled and XBRL compliant.
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