- Writer: Chandan Goyal
- Printed: November 10, 2011
- Phrase Count: 458
The Ministry of Company Affairs (MCA) recognizes the significance of XBRL, a new reporting standard that enhances digital communication of financial data. This global language is already being adopted in India.
Both the NSE and BSE mandate the top 100 listed companies to submit financial results quarterly in XBRL format. The Reserve Bank of India has also adopted XBRL for specific financial returns.
XBRL consulting firms can help you with filing without needing special software. Companies can simply process data through XBRL software. XBRL International supports its adoption globally, helping major markets like the USA, UK, and Southeast Asia embrace XBRL.
The MCA has extended the XBRL filing deadline to November 30. Document attestation can now be performed by any qualified CA, CWA, or CS.
XBRL supports both numeric and non-numeric data, enabling comprehensive financial reporting. It allows conversion of non-numeric text, expanding its utility in financial contexts.
Currently, around 30,000 out of 1.2 million Indian companies are undergoing XBRL conversion, demonstrating its success as a business reporting language.
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