New Document Format Needed for Adopting International Financial Reporting Standards
MUMBAI, Mar. 5 – India will soon adopt the International Financial Reporting Standards (IFRS) system with the government requiring that all companies shift to the new standards beginning April 1, 2011.
This is a radical change that companies will have to prepare for by making sure that their accountants are adequately trained with the new system. The system is expected to be adopted by India’s top listed companies by the set deadline and eventually by all companies in India by 2013.
Moreover, companies will need to begin submitting their documents using the Extensible Business Reporting Language (XBRL) format. The format makes tax filing easier by allowing easy access to financial information and improved accuracy.
The system is a boon for organizations that need access to comprehensive financial information including governments, regulators, stock exchanges, financial information companies, economic agencies, accountants and auditors.
The royalty free advanced reporting language tool will enhance the quality of financial information available. In India, XBRL is facilitated by the Institute of Chartered Accountants of India. The system has already been adopted by members of XBRL India including government agencies Reserve Bank of India, Insurance Regulatory and Development Authority, Securities and Exchange Board of India , Ministry of Corporate Affairs, Bombay Stock Exchange Limited and National Stock Exchange of India Limited.
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