- Writer
Chandan Goyal - Printed
November 10, 2011 - Phrase depend
458
The Ministry of Corporate Affairs (MCA) recognizes the importance of XBRL, a new business reporting language, and is urging companies to adopt it for MCA filings. XBRL facilitates digital communication of financial data, enhancing global business reporting standards, which India is actively adopting.
Evidence of XBRL’s importance is seen as the NSE and BSE now require the top 100 listed companies to report their quarterly results in XBRL format. The Reserve Bank of India has also adopted XBRL for specific financial returns.
How XBRL Can Help You
You don’t need special software for XBRL filing; data can be processed using available XBRL software. Consultants or XBRL firms can handle this efficiently. Countries like the USA, UK, and others have praised XBRL, which is gaining traction in India as well.
About MCA Filing
Good XBRL consulting firms ensure timely and accurate MCA filings. The deadline for large-cap companies to file XBRL documents in India has been extended to November 30. Now, any practicing CA, CWA, or CS can attest and submit these documents online.
XBRL’s Versatility
XBRL can handle both numeric and non-numeric data and is available in multiple languages. This improves financial reporting significantly. The XBRL India taxonomy can convert diverse information into a standard financial format.
In Summary
Currently, about 30,000 firms in India are involved in the initial phase of XBRL adoption, amongst 1.2 million total companies. Importantly, companies that contribute significantly to the global market capitalization have started using XBRL reporting, underscoring its success as a business reporting language.
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