Government today said financial reporting in the new technology format XBRL will enable regulators to keep a better vigilance over activities of companies.
Speaking at an ICSI seminar on eXtensible Business Reporting Language (XBRL), Corporate Affairs Secretary D K Mittal said, "We the regulators need to know what is happening and an environment has to be created where every information is available and XBRL is a solution to this".
XBRL is a computer software which is seen as a tool that would bring in greater transparency and corporate governance.
Last month, the Ministry of Corporate Affairs had said that all big companies would be required to file their annual result of 2010-11 in XBRL.
Companies that consider March 31 as the closing day for a given fiscal can file their balance sheets in the new format by September, without paying an additional fee. (PTI)
|