XBRL is a standard language for electronic communication of business and financial data. It provides major benefits in the preparation, analysis and communication of business information offering cost savings, greater efficiency and improved accuracy and reliability to all those involving in supplying or using financial data. XBRL enables:

• Unique identification tags to be applied to items of financial data;
• Provides a range of information about the items, like is it a monetary item, fraction or percentage
• Shows how items are related to each other
• How they are computed
• Identify into which groupings they would fall for presentation / organization purposes
• Easily extensible thus can adapt it to meet special requirements
• Supports standard tasks – compiling, storing and using business data