- Writer: Chandan Goyal
- Published: November 10, 2011
- Phrases used: 458
The Ministry of Company Affairs (MCA) in India recognizes the value of XBRL, a new reporting language for businesses. They have urged large companies to adopt XBRL for their filings, which facilitates electronic sharing of financial information. XBRL is gaining traction globally and is making an impact in India as well.
The National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) have made it mandatory for top 100 listed companies to present their quarterly results using XBRL. Similarly, the Reserve Bank of India has begun incorporating XBRL reporting for various returns.
XBRL simplifies the filing process; you don’t need specialized software to file. This can be managed by an XBRL consultant or company. Globally, many countries have adopted XBRL, and its acceptance in India is rapidly growing.
XBRL consulting services ensure timely and accurate MCA filings. The deadline for large companies to file XBRL documents has been extended to November 30 in India, and now any practicing CA, CWA, or CS can attest these documents, not just statutory auditors.
XBRL can process both numeric and non-numeric data, making financial reporting more versatile. XBRL India can translate text data into financial language.
Approximately 30,000 of India’s 1.2 million companies are involved in the initial phase of XBRL implementation. This system is already utilized by companies contributing significantly to the global market.
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