'Financial reporting in XBRL enables better vigilance'
PrintListen to this Article
Government today said financial reporting in the new technology format XBRL will enable regulators to keep a better vigilance over activities of companies.
Speaking at an ICSI seminar on eXtensible Business Reporting Language (XBRL), Corporate Affairs Secretary D K Mittal said, "We the regulators need to know what is happening and an environment has to be created where every information is available and XBRL is a solution to this".
XBRL is a computer software which is seen as a tool that would bring in greater transparency and corporate governance.
Last month, the Ministry of Corporate Affairs had said that all big companies would be required to file their annual result of 2010-11 in XBRL.
Companies that consider March 31 as the closing day for a given fiscal can file their balance sheets in the new format by September, without paying an additional fee. (PTI)
Category : Corporate Law | Comments : 0 | Hits : 376
Ashneer Grover, former managing director of BharatPe, has moved the National Company Law Tribunal (NCLT), Delhi, alleging opression and mismanagement at the company. The case came up for hearing on...
Over 96,000 companies have wound up their operations in the past five years, according to the Ministry of Corporate Affairs. Businesses opt for winding up for various reasons, including financial u...
Three board members of Ed tech company Byju’s resigned on Thursday, June 22. According to reports, Peak XV Partners' GV Ravishankar, Prosus' Russell Dreisenstock and Chan Zuckerberg Init...
Comments