“New XBRL format to transform financial data reporting.”

The Ministry of Company Affairs (MCA) acknowledges the significance of XBRL, a new language for business reporting. It encourages top companies to use XBRL for MCA submissions, enhancing digital financial communication. This trend is also catching on in India.

XBRL is already being mandated by NSE and BSE for the top 100 firms for quarterly results. The Reserve Bank of India has also adopted XBRL for certain financial returns.

Using XBRL for submissions doesn’t require special software; you can process your data through XBRL software with help from consultants. Countries like the USA, UK, and Southeast Asia are already benefiting from XBRL, and India is following suit.

High-quality XBRL consulting firms ensure timely and accurate MCA submissions. The deadline for large-cap firms to file XBRL documents has been extended to November 30 in India. Any certified CA, CWA, or CS can now attest and submit documents.

XBRL can process both numeric and non-numeric data and can be read in different languages. This expands financial reporting capabilities, making non-numeric auditor reports compatible with XBRL.

To summarize, about 30,000 of India’s 1.2 million companies are under the first phase of XBRL implementation. Companies that represent 75% of global market capitalization are already using XBRL reporting, showcasing its effectiveness.

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