This document discusses XBRL (eXtensible Business Reporting Language), which is a global standard for exchanging business and financial data. It defines XBRL as an XML-based specification that allows information modeling and semantic expression of data commonly required for business reporting. Taxonomies are dictionaries that define specific tags for data items. XBRL conversion involves linking financial statement items to taxonomy tags to create XBRL instance documents. Benefits include automated data processing, cost savings, and time savings for financial reporting and analysis. The legal framework in India requires certain large companies to file financial statements in XBRL format.