Mumbai: Top bourse BSE has moved to XBRL for reporting of financial results by listed companies, as part of its efforts to launch the electronic filing for all relevant disclosures required by the firms under the listing norms.
Earlier in June, BSE had launched XBRL, an electronic format for communication of business and financial data, for reporting of shareholding pattern by listed firms.
“In another first, the stock exchange has launched theXBRL solution on October 19, 2015 for the listing agreement pertaining to financial results," BSE said in a statement today.
Companies using XBRL-based format would be adopting global reporting standards that would help make reporting easier, faster and more accurate, it said. BSE said it plans to launch XBRL-based reporting for all relevant disclosures required by companies under the new listing norms that were notified by regulator Sebi in September and which come into effect from December.
Under BSE's new electronic system for financial results reporting, listed companies would be required to fill in data in a simple excel file—format available on BSE's portal 'listing centre' and the system will automatically generate the XBRL based financial results after due validations.
For the purpose, the exchange said it "is providing a free excel utility to the companies listed on it platform. “In June, this year, BSE in association with its partner Microvista Technologies had launched XBRL for reporting of shareholding pattern by the companies.
Since then more than 1,100 companies have filed their shareholding patterns in XBRL format for the quarter ended June 2015.
"An increasing number of firms are adopting the XBRL modefor filing in the September 2015 quarter as well," BSE said.
According to BSE, with the implementation of XBRL-based reporting, the exchange has joined the club of global exchanges including the US and the UK, which have adopted this mode.
In India, Corporate Affairs Ministry has adopted reporting format to XBRL for annual report and cost audit report filings.
Besides, the Reserve Bank has also moved to XBRL reporting for banks while the Securities and Exchange Board of India (Sebi) has also mandated reporting by mutual funds through this mode.
