“XBRL will transform financial data reporting.”

The Ministry of Company Affairs (MCA) recognizes the importance of XBRL, a new reporting language for businesses, and encourages large companies to adopt it for official filings. This digital language enhances financial reporting globally, and India is joining in.

Importance is also reflected by the NSE and BSE requiring the top 100 companies to report quarterly results in XBRL format. The Reserve Bank of India has also started using XBRL for several financial returns.

You don�t need special software to do XBRL reporting. Any qualified consultant can help streamline the process. Countries like the USA, UK, and regions in Southeast Asia have praised XBRL, and it�s gaining traction in India too.

Reliable XBRL consulting firms ensure timely and accurate MCA filings. The deadline for large firms in India to submit XBRL documents has been extended to November 30. Now, documents can be attested by any practicing CA, CWA, or CS, not just statutory auditors.

XBRL can handle both numeric and non-numeric data, making financial reporting more versatile. XBRL India taxonomy allows different kinds of information to be transformed into financial reports.

Currently, about 30,000 companies in India are implementing XBRL conversion. Notably, companies using XBRL account for three-quarters of global market capitalization, showcasing its effectiveness.

This text has been viewed 528 times.