“XBRL: Transforming financial data reporting.”

The Ministry of Company Affairs (MCA) recognizes the importance of XBRL, a new business reporting language, and encourages top firms to use it for filings. This technology enhances digital communication of financial data globally and is being adopted in India.

The significance of XBRL is shown by its requirement for the top 100 companies on NSE and BSE to report quarterly results using this format. The Reserve Bank of India has also integrated XBRL in its reporting requirements.

You don’t need specific software for XBRL filing. Just process your data with XBRL software, and a consultant can assist. XBRL has already found popularity in countries like the USA, UK, and South East Asia, and is gaining traction in India.

Leading XBRL consulting firms ensure timely and accurate filings with the MCA. The deadline for large companies to submit XBRL documents has been extended to November 30, and any certified accountant can attest documents.

XBRL can process both numeric and non-numeric data, allowing for comprehensive financial reporting. The XBRL India taxonomy can transform textual data, expanding its utility.

In summary, around 30,000 out of 1.2 million companies in India are now under XBRL conversion. Companies representing three-quarters of global market capitalization use XBRL reporting, showcasing its effectiveness.

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