- Writer: Chandan Goyal
- Date: November 10, 2011
- Phrases: 458
The Ministry of Company Affairs (MCA) recognizes the significance of XBRL, a new format for business reporting. It aims to improve the digital communication of financial data, which is increasingly adopted globally, including in India.
The rapid adoption of XBRL is evident, as the NSE and BSE require the top 100 listed companies to report their results quarterly using XBRL. The Reserve Bank of India is also integrating XBRL in its reporting.
How XBRL Consulting Can Help You
There’s no need for specialized software to submit XBRL reports; you just need to format your data using XBRL software, which any consultant can manage. XBRL International has been promoting this system for years. Countries like the USA and UK are benefiting from it, and India’s embrace of XBRL suggests it’s gaining widespread acceptance.
About MCA Submissions
Professional XBRL consultants ensure timely and accurate MCA submissions. The submission deadline for large companies has now been extended to November 30th. Also, any approved professional can attest the documents, not just statutory auditors.
XBRL for All Data Types
XBRL supports multiple languages and can handle both numeric and non-numeric data. This allows for a broader range of financial reporting and makes it easier for various data to be converted into the XBRL format.
Conclusion
Approximately 30,000 companies in India are currently implementing XBRL, among 1.2 million companies overall. Companies involved with XBRL account for three-quarters of global market capitalization, highlighting its impact as a business reporting tool.
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