BSE implemented global standard of XBRL reporting to be adopted by all Exchanges in India
Mumbai: May 2nd, 2018: Presently listed companies are required to file their disclosures/ submissions at multiple exchanges in multiple formats. In order to enable ease of filings and to make reporting by listed entities to Stock Exchanges more accurate, faster and efficient, the three nationwide exchanges, viz. BSE, NSE and MSE have adopted a common global reporting format of XBRL (eXtensible Business Reporting Language), as advised by SEBI.
XBRL is an electronic format for communication of business and financial data which is revolutionizing business reporting around the world. The standardization in-built in the XBRL documents provides significant benefits in the preparation, analysis and communication of business information. XBRL provides a language in which reporting terms can be authoritatively defined.
BSE was the first Stock Exchange in India to introduce and implement XBRL based reporting in the year 2015 and had developed, introduced and successfully implemented the relevant XBRL Taxonomies and filing utilities. The same has now been adopted uniformly by all the nationwide Exchanges viz. BSE, NSE and MSE with minor modifications. The XBRL Taxonomies offered by the 3 Exchanges are offered free of cost to the listed companies and the data flows seamlessly to the Exchanges’ websites for public dissemination. BSE has also provided Excel utilities to listed companies for converting their data into XBRL due to which Indian companies will not have to spend any money for XBRL conversion.
With the adoption of the uniform taxonomies, listed entities can use the XBRL file submitted to BSE, for submission at other nationwide exchanges as well where they are listed i.e. NSE, MSE – thus saving time, effort and resources by the listed companies.
The above move will be beneficial to all commonly listed entities and will result in substantial savings of time and efforts while bringing in standardised filings across the Exchanges, ultimately resulting in ease of business.
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