“XBRL to transform financial data reporting.”

The Ministry of Company Affairs (MCA) recognizes the importance of XBRL, a new reporting language for businesses, and encourages top companies to use it for submissions. XBRL enables efficient digital communication of financial data, which is gaining traction in India.

XBRL’s growing importance is evident as the NSE and BSE require the top 100 listed companies to report quarterly results in this format. The Reserve Bank of India has also implemented XBRL for several financial returns.

Companies don�t need special software to file in XBRL; they can use consultants or firms specializing in XBRL. Countries like the USA, UK, and Southeast Asia have already benefited from this reporting language, and India is following suit.

High-quality XBRL consulting ensures timely and detailed MCA filings. The deadline for large-cap firms to complete XBRL submissions in India is now extended to November 30, and any practicing CA, CWA, or CS can attest documents for submission.

XBRL can handle both numeric and non-numeric data, making financial reporting more comprehensive. The XBRL India taxonomy can convert non-numeric reports into this financial language as well.

In summary, around 30,000 of the 1.2 million companies in India are adopting XBRL reporting. It’s noteworthy that companies using XBRL contribute to three-quarters of the global market capitalization, showcasing the language’s success.

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