Bombay Stock Exchange (or BSE) has recently issued\na circular requiring all entities listed with them to file Financial Results in\nXBRL format with effect from 1st April 2017 as against the earlier practice of\nfiling in PDF format. In order to make the transition easy for the reporting\ncompanies, BSE has provided an excel utility which can be downloaded from the\nListing Centre portal. However, this circular does not apply to Insurance\ncompanies who will continue to report in the existing PDF format.<\/p>\n\n\n\n
Financial\nResults are required to be submitted in PDF format within 30 minutes of the\nconclusion of the board meeting. With effect from 1st April 2017, Companies\nhave to follow it up with XBRL filing as well, within 24 hours from the\nconclusion of the board meeting.<\/p>\n\n\n\n
BSE had\nearlier mandated listed companies to report Corporate Governance, Shareholding\nPattern and Voting Results in XBRL format. XBRL (eXtensible Business Reporting\nLanguage) as we all know it, is a globally accepted standard for exchanging\nbusiness information. Prior to XBRL implementation, BSE and Investors would\nhave converted each PDF document into a format fit for consumption spending\nconsiderable costs and time in order to do any analysis. With XBRL, each data\nwill carry its own definition will make the data instantly available for\nconsumption by a regulator. Any insights can be obtained by merely running a\nsimple query against the XBRL data. Couple of the examples would be the list of\ncompanies with more than 50 million in previous quarter and the list of\ncompanies declared interim dividend during the last year etc.<\/p>\n\n\n\n
Moreover,\nXBRL has to be rightly implemented so that it does not pose the burden on the\nreporting entities. Since the reporting is not complex, BSE has given an excel\nutility which the filing entities can use and submit data in XBRL format so\nthat there is minimum impact compliance cost and time. BSE is constantly moving\nforward towards the automation and better consumption of data setting up a\nright benchmark for other regulatory bodies looking to achieve automation.<\/p>\n\n\n\n
About Pratham Consultants: Pratham Consultants, a specialised\ncorporate advisory firm promoted by young and dynamic professionals in\npreparation of financial statements in XBRL formats for filing with regulators.\nWith a track record of over 5 years, Pratham Consultants prepares more than 1,500 XBRL\nstatements annually for filing with regulators.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bombay Stock Exchange (or BSE) has recently issued a circular requiring all entities listed with them to file Financial Results […]<\/p>\n","protected":false},"author":1,"featured_media":4426,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,64,69,74],"tags":[96,98,160,200,294,287],"yoast_head":"\n