- Writer: Chandan Goyal
- Published: November 10, 2011
- Phrase count: 458
The Ministry of Company Affairs (MCA) recognizes the importance of XBRL, a new business reporting language. They have advised major companies to adopt XBRL for their MCA submissions, enhancing digital communication of financial information.
Evidence of its influence can be seen as the NSE and BSE require the top 100 listed companies to submit quarterly results in XBRL. The Reserve Bank of India has also implemented XBRL reporting for certain financial returns.
With XBRL, you dont need specialized software to file reports; any consultant or firm can assist you. Countries like the USA and UK have embraced XBRL, which is gaining traction in India.
Top XBRL consultancies ensure timely and accurate MCA submissions. The new deadline for large companies is November 30, and documentation can now be attested by any qualified CA, CWA, or CS.
XBRL supports both numeric and non-numeric data and can be translated into multiple languages. This enables comprehensive financial reporting in XBRL format.
In summary, around 30,000 of Indias 1.2 million companies are implementing XBRL. Notably, firms contributing to 75% of global market capitalization are using XBRL, showcasing its growing acceptance.
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