- Writer: Chandan Goyal
- Published: November 10, 2011
- Phrase Count: 458
The Ministry of Company Affairs (MCA) recognizes the importance of XBRL, a new reporting language for businesses. It promotes digital communication of financial data, impacting how businesses report globally, with India following suit.
Both the NSE and BSE have made XBRL reporting mandatory for the top 100 listed companies, and the Reserve Bank of India (RBI) has implemented XBRL for three specific returns.
You dont need special software to file XBRL reports; consultants can help you streamline the process. Countries like the USA and UK have already embraced XBRL, and India is expected to join this trend soon.
MCA filings require timely and detailed submissions. The deadline for large-cap companies has been extended to November 30, allowing any qualified accountant to submit the documents.
XBRL supports both numeric and text data, making financial reporting much more comprehensive. It allows for the conversion of various reports into this standardized language.
Currently, around 30,000 of India’s 1.2 million companies are using XBRL. Notably, companies that account for a significant share of global market capitalization utilize this reporting language, demonstrating its success.
This content has been viewed 528 times.
`
