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IRIS building the XBRL Bank Reporting System for the Reserve Bank of India
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IRIS has won the contract to build a bank reporting system for the Reserve Bank of India (RBI). The system will enable banks to
report in XBRL format (also known as XBRL instance documents), run validations, store and enable rendering data in several formats
for various departments of RBI.
XBRL is the new global standard for financial information exchange, which is being adopted across countries for internal and external
reporting.
XBRL is being adopted by the banking industry in several countries, Europe having all its banks report in XBRL format. RBI has decided
to go ahead with adopting the XBRL standard for banks reporting to RBI in India. The XBRL standard will enable banks to submit data in
a standard manner, and allow various departments of banks to analyse this data modelled into different reports, adhoc and pre-defined.
With this project in hand, IRIS has established itself as a pioneer of the XBRL movement in India. IRIS is also building the XBRL
taxonomy for the country, mandated by ICAI (Institute of Chartered Accountants of India), and has built the electronic filing platform,
XBRL compliant, for the two biggest stock exchanges in India (The Bombay Stock Exchange, The National Stock Exchange).
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