Union Government exempted housing finance companies from XBRL filings
Posted on:11 Apr 2016 17:39:05
11 April 2016 Current Affairs GK: XBRL filing was in news on 11 April 2016 as the Union Corporate Affair Ministry exempted the housing finance companies from it. For this, the ministry amended the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules. The sectors which were already exempted from this kind of filings include Banking, insurance, power sector and non-banking finance companies.XBRL or Extensible Business Reporting Language, provides a common, electronic format for business reporting. It is a data-rich dialect of XML (Extensible Markup Language), the universally preferred language for transmitting information via the Internet.It was developed specifically to communicate information between businesses and other users of financial information, such as analysts, investors and regulators.It does not change what is being reported. It only changes how it is reported.It is a world-wide standard which was developed by an international, non-profit-making consortium, XBRL International Inc. (XII).The XBRL language uses different dictionaries, known as taxonomies, to define the specific tags used for each standard.Taxonomies provide definitions for XBRL tags which provide information about the tags.They organize the tags so that they have a meaningful structure. As a result, taxonomies enable computers with XBRL software: To understand what the tag whether it is a monetary item, a percentage or text; To what characteristics the tag if it has a negative value;To its relationship to other items if it is part of a calculation.This additional information is called meta-data. When information that was tagged with XBRL is transmitted, the meta-data contained within the tags is also transmitted.
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