- Writer: Chandan Goyal
- Published: November 10, 2011
- Phrase Count: 458
The Ministry of Company Affairs (MCA) recognizes the importance of XBRL, a new language for electronic reporting of financial information. This initiative aims to improve how businesses report their financials in India.
The significance of XBRL is evident as the NSE and BSE require the top 100 listed companies to report their quarterly results using this format. The Reserve Bank of India has also adopted XBRL for three types of reports.
XBRL filing doesn’t require specific software; any consultant can help. XBRL International, representing many organizations, has promoted its use successfully in the USA, UK, and Southeast Asia.
Top XBRL consulting firms ensure timely and accurate MCA filings. The deadline for large firms in India to submit XBRL documents has been extended to November 30. Now, any practicing CA, CWA, or CS can attest and submit these documents.
XBRL can handle both numeric and non-numeric data, making financial reporting more versatile. It allows the conversion of textual data into an understandable format for auditors and managers.
In summary, about 30,000 of India’s 1.2 million companies are adopting XBRL. Notably, companies contributing to three-quarters of global market capitalization are already using XBRL reporting, showcasing its effectiveness.
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