Bombay Stock Exchange mandates financial results in XBRL format

Bombay Stock Exchange (or BSE) has recently issued a circular requiring all entities listed with them to file Financial Results in XBRL format with effect from 1st April 2017 as against the earlier practice of filing in PDF format. In order to make the transition easy for the reporting companies, BSE has provided an excel utility which can be downloaded from the Listing Centre portal. However this circular does not apply to Insurance companies who will continue to report in the existing PDF format.

BSE Mandates Financial Results in XBRL format

So far, Financial Results are required to be submitted in PDF format within 30 minutes of the conclusion of the board meeting. With effect from 1st April 2017, Companies have to follow it up with XBRL filing as well, within 24 hours from the conclusion of the board meeting.

BSE had earlier mandated listed companies to report Corporate Governance, Shareholding Pattern and Voting Results in XBRL format. XBRL (eXtensible Business Reporting Language) as we all know it, is a globally accepted standard for exchanging business information. Prior to XBRL implementation, BSE and Investors would have converted each PDF document into a format fit for consumption spending considerable costs and time in order to do any analysis. With XBRL, each data will carry its own definition will make the data instantly available for consumption by a regulator. Any insights can be obtained by merely running a simple query against the XBRL data. Couple of the examples would be the list of companies with more than 50 million in previous quarter and the list of companies declared interim dividend during the last year etc.

Moreover, XBRL has to be rightly implemented so that it does not pose the burden on the reporting entities. Since the reporting is not complex, BSE has given an excel utility which the filing entities can use and submit data in XBRL format so that there is minimum impact compliance cost and time. BSE is constantly moving forward towards the automation and better consumption of data setting up a right benchmark for other regulatory bodies looking to achieve automation.

Transition to XBRL for Business Responsibility and Sustainability Reporting (BRSR)

In a move towards enhancing transparency and standardization in reporting practices, regulatory bodies such as SEBI and stock exchanges like BSE are instituting changes to streamline the process of Business Responsibility and Sustainability Reporting (BRSR) for listed entities. This transition is aimed at leveraging XBRL technology to facilitate more efficient and structured reporting methodologies.

SEBI’s Directive and Guidance Note

SEBI’s Circular SEBI/HO/CFD/CMD-2/P/CIR/2021/562, issued on May 10, 2021, delineated the format and provided guidance for BRSR reporting by listed entities, aligning reporting standards with evolving sustainability practices.

BSE’s Notification on BRSR Filing

In tandem with SEBI’s directive, BSE released notice no. 20220712-36 on July 12, 2022, announcing the impending availability of the BRSR filing facility in both XBRL and PDF formats. This signifies a concerted effort by stock exchanges to adapt to contemporary reporting frameworks.

Implementation of XBRL Utility

BSE has introduced an XBRL utility for BRSR submission, accessible through the XBRL section of the BSE Listing Centre. This utility aims to simplify the filing process and ensure compliance with regulatory requirements.

Dual-Mode Filing Requirement

Listed companies are now obligated to submit BRSR reports in both PDF and XBRL formats. The PDF submission pathway is delineated within the Listing Compliance section, providing a comprehensive framework for compliance.

Compliance Imperative

As the regulatory landscape evolves to encompass more stringent reporting norms, listed entities are urged to adhere to these mandates diligently. Compliance with dual-mode filing requirements for BRSR reporting is crucial for maintaining regulatory integrity and transparency.

About DataTracks: DataTracks is a global leader in the preparation of financial statements in XBRL reporting and iXBRL formats for filing with regulators. With a track record of over 19 years, DataTracks serves clients across 26 countries, providing services to over 28,000 clients. Annually, DataTracks prepares more than 400,000 XBRL statements for filing with regulators such as the SEC in the United States, HMRC in the United Kingdom, Eurofiling compliance reports in Europe, Revenue in Ireland, MCA in India, and ACRA in Singapore. DataTracks ensures world-class services with its team of certified accountants experienced in various reporting standards, including India GAAP, US GAAP, UK GAAP, and IFRS.

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