An Empirical study on awareness of Chartered Accountants regarding XBRL reporting Practices in India

Now–a-days Companies have started the use of the internet to disclose or communicate all necessary information to inform present and potential investor and other stakeholders with regard to company information. Internet financial reporting (IFR) allows firms to communicate information to unidentifiable consumers, on the contrary, to the paper-based annual report which communicate information to the selected group. There has been rapid change in the information system by the means of internet, and obviously every sector gets affected by the change. The same changes have been adopted by the companies; they utilize the internet for the dissemination of information. XBRL is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world. So, this paper aims to understand the concept of extensible Business Reporting Language (XBRL) which is an open standard, independent and international for understanding the financial and economical information in an effective and efficient manner. The mandatory requirements for filing reports in XBRL format as per the provisions of the Companies Act of 2013 and the benefits of using XBRL would be discussed in this paper.