With the help of this version of the XBRL, data entry officials of Indian companies need to enter data only once and later they can automatically convert it to any formats like spreadsheet, PDF. and the like. ICAI's central council member Mr Atul C Bheda said the procedure to prepare and publish financial documents would become easier with introduction of the new version of the language. At present, data entry officials of Indian companies need to feed data manually, which is time consuming and error-prone.

Moreover, sharing of data is difficult because there are no automated methods to retrieve data. But, XBRL would alleviate most of these problems by attaching "bar codes" to every data as soon as it is uploaded.

He further added that the way of describing data by using "bar codes" would enable a user to collect data of numerous companies within a short span of time. This in turn would help the user to conduct an analysis of the collected information faster. Apart from business houses, chartered accountants can also avail of the facility.

"Organisations like Microsoft, ACCPAC, Oracle, Deloitte & Touche, IBM, Hyperion and the American Institute of Certified Public Accountants (AICPA) had formed XBRL International Standards Board to develop the language and have already implemented it in various countries" said Mr Ashim Chandar, technical head of ICAC.