XBRL: October 2011 Archives

India`s Ministry of Corporate Affairs has been working to strengthen the disclosure framework to bring Indian reporting systems on par with best practices from around the world. With the launch of their XBRL filing platform, India joined the ranks of leading countries who have embraced XBRL to improve disclosure standards and improve corporate governance. XBRL or eXtensible Business reporting language is the next generation language for business reporting that is beginning to be used all over the world. In India, XBRL has been embraced earlier by the two leading stock exchanges, namely, the Bombay Stock exchange and the National Stock Exchange, by the capital markets regulator, the Securities Exchange Board of India and by the Reserve Bank of India. According to the MCA circular, all listed companies and their subsidiaries, all firms with a turnover in excess of Rs 100 crore or those with a paid up capital of over Rs 5 crore are required to file in XBRL. It is expected that over 31,000 companies will have to file in XBRL. The ministry has also made it clear that the ruling will be extended to all companies next year, based on the experience of this year. http://www.mca.gov.in/XBRL/