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Writer
Chandan Goyal -
Printed
November 10, 2011 -
Phrase depend
458
The Ministry of Company Affairs (MCA) recognizes the importance of XBRL, a new business reporting language, and encourages companies to use it for MCA filings. XBRL facilitates digital communication of financial data, improving global business reporting, which India is also embracing.
Significance of XBRL is emphasized by its requirement for the top 100 firms listed on the NSE and BSE to report quarterly results in XBRL. The Reserve Bank of India (RBI) has also started integrating XBRL in its reporting.
No special software is needed for XBRL filings; data can be processed through XBRL consulting services. XBRL has gained global popularity, especially in the USA, UK, and Southeast Asia, and it’s quickly being adopted in India.
High-quality XBRL consulting firms ensure timely and accurate MCA submissions. The deadline for large-cap firms to file XBRL documents has been extended to November 30, and any qualified accountant can now attest to documents.
XBRL can handle both numeric and non-numeric data and can convert various languages, enhancing the dimension of financial reporting. The XBRL taxonomy in India can also capture textual data, allowing auditors and managers to report in this financial language.
In India, about 30,000 out of 1,200,000 companies are transitioning to XBRL reporting. Companies contributing to three-quarters of global market capitalization are already using it, demonstrating its effectiveness as a business reporting language.
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