“XBRL is reshaping financial data reporting.”

The Ministry of Company Affairs (MCA) recognizes the importance of XBRL, a new business reporting language. It encourages major firms to adopt XBRL for reporting financial information electronically, which is becoming essential for global business standards.

The significance of XBRL is confirmed by leading stock exchanges, NSE and BSE, requiring the top 100 listed companies to report in XBRL quarterly. The Reserve Bank of India is also using XBRL for several financial returns.

With XBRL, you don�t need special software; you just need to process your data through an XBRL service provider. Many countries like the USA and UK have embraced XBRL, and it’s quickly gaining traction in India.

Leading XBRL consulting firms ensure timely and accurate MCA submissions. The deadline for major companies in India is now November 30, and any practicing auditor or accountant can certify and submit documents to the MCA.

XBRL can handle both numeric and non-numeric data and can transform text reports into a standardized financial format, enhancing the reporting process.

Approximately 30,000 out of 1.2 million firms in India are transitioning to XBRL. Notably, companies responsible for 75% of global market capitalization utilize XBRL, highlighting its effectiveness as a reporting language.

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