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- Writer: Chandan Goyal
- Printed: November 10, 2011
- Phrase count: 458
The Ministry of Company Affairs (MCA) recognizes the importance of XBRL, an emerging business reporting language for digital economic information. This has enhanced global business reporting, including in India.
Significance is highlighted by the NSE and BSE requiring the top 100 listed companies to report quarterly in XBRL. The Reserve Bank of India has also adopted it for certain financial returns.
You don’t need special software for XBRL filing; just process your data with XBRL software. Consultants can help streamline the job. Countries like the USA, UK, and Southeast Asia are already benefiting from XBRL, and its gaining traction in India.
High-quality XBRL consulting firms ensure timely and accurate MCA filings. The deadline for large-cap firms to submit XBRL documents is November 30 in India, and any CA, CWA, or CS can attest to the documents.
XBRL can process both numeric and non-numeric data, allowing better financial reporting. The XBRL India taxonomy can convert textual data too, making it more inclusive for all types of financial documentation.
In summary, approximately 30,000 out of 1.2 million firms in India are currently using XBRL, which supports companies that contribute significantly to global market capitalization. This showcases the effectiveness of XBRL as a business reporting language.
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