“XBRL to transform financial data reporting methods.”

The Ministry of Company Affairs (MCA) has recognized the importance of XBRL, a new reporting language for businesses, and is encouraging major companies to adopt XBRL for their submissions. It enhances how financial information is communicated digitally, and India is embracing its use.

The NSE and BSE have made it mandatory for the top 100 listed companies to report quarterly results in XBRL format, and the Reserve Bank of India (RBI) has integrated XBRL reporting for some financial returns.

You don’t need special software for XBRL submission; any consultant or firm specializing in XBRL can assist you. XBRL has gained positive recognition in the USA, UK, and Southeast Asia, and is becoming popular in India.

High-quality XBRL consulting firms ensure timely and accurate MCA submissions. The deadline for large-cap firms has been extended to November 30 in India, and any practicing CA, CWA, or CS can attest documents for MCA submission.

XBRL handles both numeric and non-numeric data and can easily transform it into a usable financial reporting format. This makes it a valuable tool for auditors and administrators.

Currently, around 30,000 firms in India are implementing XBRL conversion, and together they contribute significantly to the global market. If you seek evidence of a successful reporting language, XBRL’s widespread adoption by major companies provides that proof.

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