“XBRL: The new standard transforming financial data reporting.”

The Ministry of Company Affairs (MCA) recognizes the importance of XBRL, a new business reporting language, and encourages companies to adopt it for submissions. XBRL is designed for digital financial communication and is gaining traction in India.

The significance of XBRL is evident as the NSE and BSE now require the top 100 listed firms to report their quarterly results in XBRL format. Additionally, the Reserve Bank of India has implemented XBRL for certain financial returns.

XBRL simplifies reporting; no special software is needed�just prepare your data in XBRL format. XBRL consultants can help streamline the process. Countries like the USA, UK, and Southeast Asia embrace XBRL, and India is following suit.

XBRL consulting firms ensure timely and accurate MCA submissions. The deadline for large-cap firms to submit XBRL documents has been extended to November 30 in India, and any practicing CA, CWA, or CS can attest the documents.

XBRL can handle both numeric and non-numeric data, making financial reporting more versatile. The Indian XBRL taxonomy can convert various types of data into this format, improving reporting accuracy.

Currently, about 30,000 out of 1.2 million firms in India are adopting XBRL. Notably, companies responsible for three-quarters of global market capitalization are using XBRL reporting, underlining its effectiveness as a business reporting language.

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