XBRL

XBRL stands for extensible business reporting language which is a language for electronic communication of business and financial information. XBRL is based on XML which is developed by a non-profit international organization with an open standard and free of license fees. As it offers cost savings, greater efficiency and improved accuracy and reliability, many organizations are interested in implementing XBRL in their financial and business reporting.

XBRL can be adopted by all types of business. It can save costs and improve efficiency in processing business and financial information. Flexible and extensible characters make it easy to adapt all sorts of requirements for business and financial reporting.

As a public company, our company will certainly benefit from many of the advantages XBRL can provide. First, it can be used to improve our internal and external business and financial reporting. The financial data from different departments can be integrated on simple, cost effective and accurate basis. Second, it can improve our business reporting to all types of regulators, such as tax and financial authorities, central banks and governments. This can meets the requirements of standardization and simplification for data transferring to external parties. Third, it will play a very important role in providing information exchange and analysis. The data can be assembled, selected, re-used, analyzed, and validated efficiently. Analysis results, decision making, data transfer and communication can be less time consuming.

We could consult local XBRL consultant for selecting the software. There are accounting software supporting XBRL format available and software for converting into XBRL format. We could have a purchase or make decision to make. We should also do the cost-benefit analysis to see if it is feasible for our organization. We could join the membership of as XBRL members to get updated information of XBRL latest technology and trend. We could also join local XBRL group for updated information.