XBRL Adoption Gains Ground

Indian banks are submitting their BASEL II-based Return on Capital Adequacy (RCA2) returns to the Reserve Bank of India (RBI) in the Extensible Business Reporting Language (XBRL), format. XBRL involves business reporting to all types of regulators, including tax and financial authorities, central banks and governments. It also enables filing of loan reports and applications; credit risk assessments, exchange of information between government departments or between other institutions, such as central banks. The RBI had, in October last year, asked all banks to start preparing for submitting statements in the XBRL format complying with the Basel II mandate. Till date, it has converted five return files in the XBRL, and plans are afoot to convert the rest (220 more returns) in gradual phases. "IRIS has built an electronic filing... [read full story]                    

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