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TechAxes Supports XBRL Technology Conference 2005 |
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TechAxes Supports XBRL Technology Conference 2005
In line with its strong support and commitment for new technological initiatives, TechAxes supported India’s first XBRL Technology Conference which was held in New Delhi at Hotel Le Meridian on the 3rd of December 2005. The conference was intended to be a platform for better understanding of the power of XBRL technology and its unmatched benefits to the business fraternity. The conference featured international industry luminaries presenting their experiences on using XBRL as a tool for enhancing business reporting. The conference was sponsored by Tally solutions and was supported by XBRL International Consortium, Institute for Development and Research in Banking Technology, The Associated Chambers of Commerce and Industry of India, Institute of Cost and Works Accountants of India and Inter-connected Stock Exchange of India Ltd.
“XBRL” stands for Extensible Business Reporting Language. It is a subset of Extensible Markup Language (XML), the common language of data exchange on the Internet, which provides a widely embraced open standard technology for data exchange and transformation. In the next 5 years, all worldwide electronic business reporting and exchange of financial information between machines, applications and people will be made using XBRL. It is set to become the standard for business reporting. XBRL is thus emerging to make it much easier for CEOs, CFOs, CIOs, investors & regulators while giving opportunities for financial analysts/consultants and software developers to enhance their productivity.
XBRL significantly enhances business reporting and data exchange at each stage of the business reporting information supply chain. XBRL delivers financial information integration, which means that it saves time and reduces errors by enabling reporting along a supply chain of different applications without manual intervention. It simplifies disclosures and allows companies flexibility in reporting. XBRL reports financial information in accordance to Generally Accepted Accounting Principles (GAAP) and can be used for other types of business reporting such as tax filing and regulatory reporting. XBRL is NOT a proprietary technology. XBRL is freely licensed and available to the public. XBRL is XML-based and therefore is expected to be widely available in software applications.
The benefit rating of XBRL by Gartner is ‘transformational’ which means that it will transform the way businesses work. It improves timeliness and accuracy of financial and regulatory reporting, validation and distribution and helps organizations meet multiple financial reporting needs through a single instance of data. XBRL is being developed by an international non-profit consortium of approximately 250 major companies, organizations and government agencies in over twenty countries. It is already being put to practical use in a number of countries and implementations of XBRL are growing rapidly around the world. In fact, the American Institute of Certified Public Accountants is the major sponsor of XBRL International Consortium. They are joined by the accounting bodies of the Canada, UK, France, Spain, Belgium, Korea, Australia and Japan as well as various central banks and stock exchanges in Europe, America, Korea and Japan. Major accountancy firms and software companies are developing tools and solutions using XBRL. The World Wide Web Consortium has also endorsed XBRL.
The inaugural session started with Welcome Address by Mr. Anil Jogani, President, SDA, Tally Solutions, Bangalore and included the keynote address on ‘XBRL and its impact on Reporting and Accounting Standards’ by Mr. Kurt Ramin, Chairman, XBRL International Steering Committee, USA. Session I theme was ‘XBRL - The Future is Now’ and was chaired by Mr. Kurt Ramin, Chairman, XBRL International Steering Committee, USA. Session I included presentations on ‘XBRL - Global Adoption’ by Mr. Eiichi ‘Ed’ Watanabe, Technology Advisor, Tokyo Shoko Research Ltd, Japan and ‘Streamlining Corporate Reporting using XBRL Solutions – A Case study’ by Mr. Balachandran K., Co-founder and Head, Delivery Services, IRIS Business Services (India) Pvt. Ltd., Mumbai. Session II theme was ‘XBRL - Facilitating e-Governance’ and was chaired by Mr. Anil Jogani, President, SDA, Tally Solutions, Bangalore. Session II included presentations on ‘Enabling Intelligent e-Reporting-US SEC Case Study and Implementation’ by Mr. Jay Chandra n, Director, Simplex Data Technologies, USA and ‘Improvising Analyzability and Comparability of Financial Statements using XBRL’ by Mr. Sanjay Minni, General Manager- Technology, Strategic Development & Alliances, Tally Solutions, Bangalore. Session III theme was ‘Deployment of XBRL in the Regulatory Environment’ and was chaired by Mr. Shankar V., Managing Director, Inter-connected Stock Exchange of India Ltd., Mumbai. Session III included presentations on ‘Benefits of XBRL in Financial Services - A Japanese Case Study’ by Mr. Eiichi ‘Ed’ Watanbe, Technology Advisor, Tokyo Shoho Research Ltd., Japan and ‘E-filing Solutions using XBRL’ by Mr. Shenoy G.M., Senior Vice President, NSE.IT, Mumbai.
TechAxes aims to further increase XBRL knowledge, understanding and uses in India and to encourage, stimulate and promote the adoption of XBRL in accordance to the guidelines set by XBRL International Consortium.
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