“XBRL aims to transform financial data reporting.”

The Ministry of Company Affairs (MCA) has recognized the need for XBRL, a new financial reporting language, and recommended major firms to adopt it for submissions. This language enhances how businesses share financial data, and its adoption is growing in India.

The significance of XBRL is highlighted by NSE and BSE, which require the top 100 listed companies to report their results quarterly in XBRL format. Additionally, the Reserve Bank of India has started using XBRL for some of its reporting.

With top XBRL consulting firms, companies can submit their financial reports without special software�their data can simply be processed through XBRL software. XBRL has gained positive attention globally, and it’s expected to become widely adopted in India.

For companies dealing with MCA submissions, high-quality XBRL consultants ensure timely and accurate filings. Recently, the deadline for large-cap companies to file XBRL documents was extended to November 30, and the requirement for statutory auditor attestation has been relaxed, allowing any practicing CA, CWA, or CS to attest the documents.

XBRL can handle both numeric and non-numeric data and can be converted into multiple languages. This flexibility enhances financial reporting capabilities, allowing other types of reports to be integrated into XBRL.

In summary, nearly 30,000 of the 1.2 million companies in India are part of the initial XBRL implementation. Companies that make up three-quarters of global market capitalization are already using XBRL reporting, demonstrating its effectiveness in business communication.