Leading exchange BSE has directed all entities listed with it to make filings of financial results in XBRL mode within 24 hours of submission of results in the PDF mode.
Leading exchange BSE has directed all entities listed with it to make filings of financial results in XBRL mode within 24 hours of submission of results in the PDF mode. XBRL (eXtensible Business Reporting Language) is an electronic format for communication of business and financial data. It is a computer readable language having its own grammar and framework of rules.
“It has been decided that with effect from April 1, 2017, onwards, all listed entities with BSE, would be required to make their filings in respect of financial results in XBRL mode within 24 hours of submission of results in PDF mode,” the exchange said in a release.
The companies, it said, would need to file their financial results in pdf through the newly launched CAFS (Corporate Announcement Filing System) mode and follow this up with the XBRL filing within a maximum of 24 hours of submission of results through CAFS mode.
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Further, filings for other important regulations would also be converted into mandatory filing through XBRL. The bourse has also provided a tool free of cost to all listed companies to convert their data (excel) files into XBRL files.
“Encouraged by the response of listed companies in filing their results voluntarily in XBRL by using the exchange provided tools, it was decided to mandate the same for all results filed by companies,” the exchange said.
Earlier, BSE had asked all listed companies to file their disclosures regarding important listing regulations like the shareholding pattern, corporate governance report and voting results in this format. The move was aimed at making reporting more accurate and more efficient.