After months of training, development, and rigorous testing, Blue Consulting has been listed as one of only eight XBRL conversion service providers on the Ministry of Corporate Affairs (MCA) website. While 17 XBRL software service providers have been listed, the initial jump into XBRL may not be as easy for many companies as simply plugging into software. To a large degree, accuracy in this new method of filing will depend on depth of financial reporting experience.

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Noida, Uttar Pradesh, November 5, 2011 /India PRwire/ -- After months of training, development, and rigorous testing, Blue Consulting has been listed as one of only eight XBRL conversion service providers on the Ministry of Corporate Affairs (MCA) website. While 17 XBRL software service providers have been listed, the initial jump into XBRL may not be as easy for many companies as simply plugging into software. To a large degree, accuracy in this new method of filing will depend on depth of financial reporting experience.

Blue Consulting's team of XBRL conversion specialists have trained for 2300 hours in the technology, and is comprised of chartered accountants, company secretaries, and other trained professionals who have worked on US and UK tagging processes. The company deploys a powerful multi level XBRL conversion process as in the graphic, here.The deadline for approximately 30,000 companies to file in this new technology and format is currently November 30, 2011, and given the quantum of work required, it is going to be a race to beat the clock. Earlier, the MCA deadline had to be advanced from 30th September to the current deadline due to unavailability of a validation tool, which has recently been made available.

The MCA joins regulators around the world in mandating XBRL compliant filing of statements. It requires around 30,000 identified Indian companies to file financial reports in the XBRL format, the reigning global standard for exchanging business information. The companies that are required to file are

All listed companies and their subsidiaries (excluding overseas subsidiaries)

All unlisted companies with a paid up capital of Rs. 5 Crore and above

All unlisted companies with a turnover of Rs. 100 Crore or above

Further,

The companies listed above are permitted to file XBRL compliant documents up to 30.11.2011 or within 60 days of their due date, whichever is later without any additional filing fee.

The current mandate excludes banking companies, insurance companies, power companies, Non Banking Financial Companies (NBFCs).

In addition to this, around 9 lakh companies will be required by the MCA to file in XBRL format during 2011-2012.

Background: XBRL is a disruptive technology that will play a critical role in bringing realism to finance and business reporting.

In a world where investors, shareholders, and other stakeholders increasingly expect 100% accountability from companies, executives constantly struggle with the complexity of information. With the championship of the US SEC of XBRL technology, fulfilling the high expectation of accountability and transparency in their business and accounting information, is now do-able.

Briefly, XBRL is a software language for the electronic communication of business and financial data which is revolutionising business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data.

Created by an American CPA, Charles Hoffman , in 1998 XBRL had a slow start, but has been championed globally by XBRL International and regulators in USA, UK, Japan, China, Singapore and other countries.

XBRL offers major benefits at all stages of business reporting and analysis. Some specific benefits for two categories of stakeholders are given, below.

For businesses, XBRL is important for the following reasons:

Streamlines existing, laborious manual report assembly and review process and controls through automation

Provides a higher level of effectiveness in information aggregation, analysis, and distribution

Heightens internal transparency within an enterprise

Enhances reporting process and controls agility

For regulators, the following benefits are key elements:

Reduces corporate compliance burden

Source validation and analysis improve the quality of company disclosure

Improves transparency and re-useability of company disclosures

Enhances analytical capabilities

Makes regulatory processes and outcomes cost effective

The benefits are widely acknowledged wherever the technology is in place. Today, few in the world who have implemented XBRL, voluntarily or otherwise, would deny that XBRL has had a profound impact on the world of business reporting.

Statutory Compliance is Blue Consulting's speciality, and the company's roots are in a chartered accountants firm with 40 years' professional experience in dealing with Financial Statements across many industries.

The company's CEO is Chandan Goyal, an experienced professional in the field of Finance and Taxation. In the past, he headed the finance function of a joint venture of a Fortune 500 company which has pan India operations. He was instrumental in streamlining important Finance & Accounts processes, especially EVA reporting. Key job responsibilities included International & Domestic taxation issues, Treasury Management, and presentation before Audit Committee of the Company.

In his quest to provide excellent and value added F&A services, Mr. Goyal co-founded Blue Consulting Private Limited.