- Writer: Chandan Goyal
- Published: November 10, 2011
- Phrases: 458
The Ministry of Company Affairs (MCA) recognizes the importance of XBRL, a modern reporting language, urging top firms to adopt it for submissions. This language enhances digital communication of financial data and is gaining traction in India.
The significance of XBRL is evidenced by the NSE and BSE requiring the top 100 listed companies to report quarterly results in this format. The Reserve Bank of India has also started using XBRL for key returns.
You dont need special software for XBRL submissions; consultants can handle it for you. Countries like the USA, UK, and those in Southeast Asia have embraced it, and India is following suit.
Top XBRL consulting firms ensure timely and accurate MCA submissions. The deadline for large companies to submit XBRL documents in India is extended to November 30, and now any qualified auditor can attest documents for submission.
XBRL can handle both numeric and non-numeric data, allowing financial reports to be generated easily in various languages. This flexibility enables comprehensive financial reporting.
Currently, around 30,000 of the 1.2 million companies in India are undergoing XBRL conversion. Notably, companies that make up three-quarters of global market capitalization are utilizing XBRL reporting, showcasing its success as a reporting language.
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