(18) What is the purpose of ‘XBLR’ and what are the features of ‘XBLR’?

Answer:

• XBRL (eXtensible Business Reporting Language) is a freely available and global standard for exchanging business information. 
• XBRL is used in more than 50 countries. XBRL helps in creating more useful, more effective and more accurate digital versions replacing older, paper-based reports. 
• XBRL ensures information move between organizations rapidly, accurately and digitally. XBRL is a standards-based way to communicate and exchange business information between business systems.
• These interactions are defined by metadata set out in taxonomies. 
• The language is XML-based and uses the XML syntax and related XML technologies such as XML Schema, XLink, XPath, and Namespaces. 
  

Following are important features of XBLR:

• Clear Definition: XBRL allows the creation of reusable, authoritative definitions, called taxonomies. Taxonomies are developed by regulators, accounting bodies, government agencies and other groups that need to clearly define information that needs to be reported upon. 
• Testable Business Rules: XBRL allows the creation of business rules. Business rules can be logical or mathematical or both. 
• Multi-lingual Support: XBRL allows concept definitions to be made available in different languages. Translations of definitions can also be added by third parties. These automatically open up reports to different communities.
• Strong Software Support: XBRL is supported by a very wide range of software and thus can be acceptable by all size of the organization.