MUMBAI: Top bourse BSE today said that as many as 1,062 listed companies on its platform have used electronic format XBRL for reporting their respective shareholding patterns for the June quarter.

With an aim to make reporting more accurate and efficient, BSE had implemented the XBRL (eXtensible Business Reporting Language) based reporting for shareholding pattern, from June 11, 2015.

XBRL is an electronic format for communication of business and financial data.

“Till date, 1,062 companies have adopted the XBRL based reporting for shareholding pattern while submitting the same for quarter ending June, 2015,” BSE said in a statement.

“Companies using XBRL would adopt global reporting standards that would make reporting easier, faster and more accurate,” it added.

According to BSE, XBRL provides validations which help in improving the accuracy of filings by a firm significantly. It would also enhances the exchange’s monitoring of regulatory compliances with more speed and accuracy.

“This is one more step by BSE towards a greener world in addition to its initiatives of launching BSE Carbonex and BSE Greenex – two indices aimed at promoting green initiatives by companies,” it added.

Source: The Economic Times