- Writer: Chandan Goyal
- Published: November 10, 2011
- Phrases: 458
The Ministry of Company Affairs (MCA) acknowledges the significance of XBRL, a new way of reporting financial information, and encourages top companies to adopt it for MCA filings. This digital language is transforming corporate reporting worldwide, including in India.
NSE and BSE have made it mandatory for the top 100 listed companies to report their earnings using XBRL. Additionally, the Reserve Bank of India has started using XBRL for some of its financial returns.
You don’t need special software for XBRL filing. A consultant can easily help you with it. XBRL International has been promoting this initiative, which is gaining traction in countries like the USA, UK, and Southeast Asia.
Top XBRL consulting firms ensure timely and accurate MCA filings. The deadline for large companies in India to submit XBRL documents has been extended to November 30. Any practicing CA, CWA, or CS can now certify and submit these documents.
XBRL can handle both numeric and textual data, allowing for versatile financial reporting. XBRLs taxonomy enables auditors and managers to convert their reports into financial language.
In summary, about 30,000 of the 1.2 million companies in India are adopting the first phase of XBRL conversion. Remarkably, companies responsible for three-quarters of global market capitalization are already using XBRL reporting, showcasing its success as a vital business reporting language.
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