The Bombay Stock Exchange (BSE) has launched the XBRL solution on October 19, 2015 for Clause 41 of the Listing Agreement pertaining to Financial Results.
To facilitate the above, BSE is providing a free Excel Utility to the companies listed on BSE. Users will be required to fill in data in a simple Excel file - format available on BSE’s listing portal called ‘Listing Centre’ and the system will automatically generate the XBRL based Financial Results after due validations. These XBRL Financial Results can be filed online through the ‘Listing Centre’ portal of the BSE. A new web page ‘XBRL Reporting’ has been made available in the ‘Listing Centre’ portal of BSE to facilitate smooth reporting. BSE would also be offering online real time assistance in the form of a Helpdesk that would troubleshoot problems and assist users.
BSE is now well known for adopting state-of-the-art technologies and using them to provide its users and customers a more enriching and satisfying experience. With this implementation, BSE joins the elite club of global exchanges which have adopted this mode of reporting including countries like the USA and UK.
Companies using XBRL, would be adopting global reporting standards that would make reporting easier, faster and more accurate. This would be one more step by BSE towards a greener world in addition to its initiatives of launching BSE Carbonex and BSE Greenex – two indices aimed at promoting green initiatives by companies.
BSE plans to launch XBRL reporting for all relevant disclosures / submissions of companies that are covered under the new Listing Regulations that were notified by SEBI in September 2015 and are applicable from December 2015.
The XBRL global initiative is led by a non-profit organisation called XBRL International Inc. (XII), which has members from various agencies from more than 164 countries. In India, the Ministry of Corporate Affairs (MCA) has switched over its reporting format to XBRL for Annual Report and Cost Audit report filings. The Reserve Bank of India (RBI) has also moved to XBRL reporting for the Banking Industry while the Securities & Exchange Board of India (SEBI) has mandated reporting by Mutual Funds though XBRL mode.