Financial Results through XBRL mode mandatory on BSE
By Lohit B |
4/13/2017 10:59 AM Thursday
With effect from April 1, BSE has mandated all listed entities would be required to make their filings in respect of Financial Results (Regulation 33 and Regulation 52) in XBRL mode within 24 hours of submission of results in PDF mode.
The bourse became the first stock exchange in India to introduce and implement XBRL based reporting in association with its partner in this endeavour, Microvista Technologies. BSE has provided a tool to all listed companies to convert excel files into XBRL files, free of cost, and has also enabled companies to directly generate XBRL files from its website.
The companies would therefore need to file their financial results in pdf format through the newly launched CAFS system, and follow this up with the XBRL filing within a maximum of 24 hours of submission of results through the CAFS mode.
All files to be uploaded on BSE will be in the format of XBRL. BSE has adopted practices followed by the elite group of global exchanges in countries like the USA and UK. The XBRL would be adopting global reporting standards that would make reporting easier, faster and more accurate.
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