XBRL Filing reporting system has revolutionized financial reporting, and also use of those reports by the Stakeholders. Advantages of it can be summarized as follows;

1. Interactive data will enable investors and other external users to make more productive decisions. Instead of wading through incomprehensible financial disclosure, investors can have access to meaningful information in a form which is more suitable for them.

2. From the accountants' point of view, it will enable them to prepare error-free accounts. Since accounting data are mapped into some recognized taxonomy, all errors arc to be sorted out at this stage.

3. Auditors can detect errors in tagging financial data with the help of available application software. Adoption of XBRL will significantly lower both internal and external audit costs.

4. Objectives of any taxation system are accuracy and traceability on the basis of calculation, and compliance of rules and regulations. The accuracy will be provided by unambiguous data point definition as well as well-defined sources of the information. Since most of the values used to calculate and report taxes are, in turn, derived, capabilities of the compliance system to trace such values all the way to the original or atomic information elements is essential. Finally, if the business rules and formulas used to assess taxes are documented, coded and understood, it is relatively straightforward to predict tax liability where and when a business transaction is taking place (www.ezinearticles.com/?XBRI.-in-Tax-Compliance).

5. Real time analysis will help internal management to prepare reports for endless variety of internal management decisions.

Thus, it will bring paradigm shift in the world of financial reporting.

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