XBRL (eXtensible Business Reporting Language) is a language for electronic communication of business and financial data which is revolutionising business reporting around the world. It offers major benefits to all those who have to create, transmit, use or analyse such information. XBRL India has developed draft General Purpose Financial Reporting XBRL taxonomy for Commercial and Industrial Companies. eXBace promises to web-enable the business reporting process for preparers, regulators and users. It significantly improves the efficiency and effectiveness of the business reporting processes of an Organization.