- Writer: Chandan Goyal
- Printed: November 10, 2011
- Phrase count: 458
The Ministry of Company Affairs (MCA) recognizes the value of XBRL, a digital reporting language. They encourage major companies to adopt XBRL for submitting financial reports. This technology is reshaping business reporting in India.
The significance of XBRL is evident as the NSE and BSE require the top 100 listed companies to present their quarterly results in XBRL format. The Reserve Bank of India also mandates XBRL reporting for specific financial returns.
You don’t need special software for XBRL filing; an XBRL consultant can assist with the process. Countries like the USA and UK have already adopted XBRL successfully. Its adoption in India is also growing rapidly.
Top 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, 2011. Now, certified accountants (CAs) or company secretaries (CSs) can attest the documents.
XBRL handles both numeric and non-numeric information, allowing all kinds of financial data to be reported. The XBRL taxonomy in India can also convert non-numeric reports into the standard format.
In summary, about 30,000 out of 1.2 million companies in India are utilizing XBRL during its initial implementation phase. Companies that make up 75% of global market capitalization are adopting XBRL reporting, showcasing its success as a business reporting language.
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