- Writer: Chandan Goyal
- Printed: November 10, 2011
- Phrase Count: 458
The Ministry of Company Affairs (MCA) in India recognizes the importance of XBRL, an emerging business reporting language that facilitates digital financial communication. This language is reshaping global enterprise reporting, and India is following suit.
Impact on RBI, NSE, and BSE:
Notably, the NSE and BSE now require the top 100 listed companies to present their quarterly results using XBRL. The Reserve Bank of India has also adopted XBRL for certain financial returns.
Benefits of XBRL Companies:
You dont need special software to file XBRL reports; using XBRL consultants simplifies the process. XBRL is gaining traction globally, especially in the USA, UK, and Southeast Asia.
About MCA Filings:
Top XBRL consulting firms ensure timely and accurate MCA filings. The deadline for large-cap firms to file XBRL has been extended to November 30 in India, and any CA, CWA, or CS can now attest documents.
Versatility of XBRL:
XBRL can process both numeric and non-numeric data and supports multiple languages, enhancing financial reporting capabilities.
In Summary:
Approximately 30,000 of the 1,200,000 firms in India are transitioning to XBRL reporting. This method is used by companies representing 75% of global market capitalization, highlighting its effectiveness.
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