New Delhi, May 21: 

The ernment today said financial reporting in the new technology format XBRL will enable regulators to keep a better vigilance over activities of panies.

Speaking at an ICSI seminar on eXtensible Business Reporting Language (XBRL), the rporate Affairs Secretary, Mr 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 puter software which is seen as a tool that would bring in greater transparency and rporate ernance.

Last month, the Ministry of rporate Affairs had said that all big panies would be required to file their annual results of 2010-11 in XBRL.

mpanies that nsider March 31 as the closing day for a given fiscal can file their balance sheet in the new format by September, without paying an additional fee.

However, banking, insurance, power panies, non-banking financial panies (NBFCs) and overseas subsidiaries of these panies would be exempted from this arrangement.

“New standards of financial reporting like XBRL for formatting financial data and structuring financial reports, are sweeping the globe...It offers st savings, efficiency and reliability to all those involved in supply or use of financial data,” the ICSI Secretary, Mr N.K. Jain, said.

He further added that the institute would anise training programmes for its members to equip them for the new reporting system. Besides, the ICSI would anise investor cation programmes in 92 districts across the untry over the financial year 2011-12.