- Writer
Chandan Goyal - Printed
November 10, 2011 - Phrase depend
458
The Ministry of Company Affairs (MCA) recognizes the importance of XBRL, a new reporting language for businesses. It encourages top firms to adopt XBRL for submissions, enhancing digital communication of financial data in India.
The significance of XBRL is evident as the NSE and BSE now require the top 100 listed companies to report quarterly results using this format. The Reserve Bank of India also adopted XBRL for three types of financial returns.
Theres no need for specialized software to use XBRL; you can rely on consultants. Organizations like XBRL International support this format, which is gaining traction worldwide.
MCA filings benefit from high-quality XBRL consulting, particularly now that the deadline for submissions has been extended to November 30, and the need for statutory auditor signatures has been relaxed.
XBRL can process both numeric and non-numeric data in multiple languages, converting various text formats into financial reports.
In summary, around 30,000 out of 1.2 million companies in India are currently implementing XBRL. Notably, firms representing three-quarters of the global market capitalization are utilizing XBRL reportingan indicator of its effectiveness.
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