MCA has recently mandated certain class of panies to file their audited financial statements for the year ended March 31, 2011 onwards using XBRL taxonomy.  XBRL (Extensible Business Reporting Language) is a new, electronic format for business information, which is expected to provide benefits in the preparation, analysis and munication of business and financial data and is being a global standard for financial reporting.

Besides other benefits to the anisations internally, the introduction of XBRL will increase the ability of different regulatory bodies to use the same electronic data set, without the need for manual re-submission of data or sending hard pies of documents to different bodies.

Grant Thornton, along with The Bombay Chambers, anized an interactive session to provide insights on XBRL and its impact on panies. The session was presented by Sai Venkateshwaran, Partner Assurance, Grant Thornton. This session provides us the platform to understand the tool in general, the necessities and the related timelines.