In the recent newspaper article, it was mentioned that "companies which are converging with the international financial reporting standards (IFRS) from April 1, 2011 will also have to incur an additional cost of complying with the advanced reporting language tool, XBRL (extensible business reporting language)." The XBRL is a way of electronic communication of business and financial data and is of immense utility to the capital markets and the investing community. So, whether you like it or not, the MCA has decided to implement XBRL for all companies in India from 2011. this would mean that comapnies will ahve to start filing their documents in the XBRL format. One of the greatest benefits of XBRL is that it allows the users of financial information to electronically retrieve data with accuracy and probably greater ease. Another benefit is standardisation of the reporting format. It is always easy to compare apple with an apple. And this also goes a long way in minimising reporting risks and other risks asociated with incorrect filing. But all such conversions do not come without their own challenges. Like any other mega financial project, XBRL will involve some initial conversion costs for companies. So, these costs might hit some companies who would rather file in the tradional fashion. As of today, the top 100 companies are using this format forfinancial reporting. Please get in touch with us at info@riskpro.in and we can get you in touch with very good accounting professionals who can help you with this effforts. Riskpro can assist you in the project management efforts.