BSEs second step towards a greener world by shifting to digital reporting
Bombay Stock Exchange (BSE), the most popular stock exchange in the country, has moved to XBRL based e-filings of financial results for the companies listed on the Exchange. This is the second initiative that has been taken by BSE, as part of its effort to facilitate the electronic filing for all relevant disclosures.
Earlier in June 2015, the BSE adopted XBRL-based reporting for online filing of shareholding patterns and also provided a free Excel utility to help the filer in the generation of XML files and in uploading the generated XML file to the BSEs Listing Centre portal. Till date, 1062 companies have adopted the XBRL-based reporting for shareholding pattern while submitting the same, for the quarter ending June, 2015 and an increasing number of companies are adopting the XBRL mode for the next filing.
BSE launched the XBRL solution on October 19, 2015 for Clause 41 of the Listing Agreement pertaining to Financial Results. Currently, 5624 BSE-listed companies will have to file their financial results in XBRL format.
A new web page XBRL Reporting has been made available in the Listing Centre portal of BSE to facilitate smooth reporting. To facilitate the reporting of financial results of the listed companies, BSE has provided a free Excel utility which is available on BSEs listing portal, called ˜Listing Centre. Filers are required to fill the data in a simple Excel file and submit the same to the listing portal. The system will automatically generate the XBRL based Financial Results after due validations. BSE will also provide online real-time assistance through its Helpdesk that will assist the users.
Companies using XBRL-based reporting will be adopting global reporting standards which will not only make reporting much easier but will result in more timely and accurate reporting by the listed companies. Upgrading to XBRL for financial results would be one more step by BSE towards a greener world in addition to its initiatives of launching two indices – BSE Carbonex and BSE Greenex which are aimed at promoting green initiatives.
BSE also has plans to launch XBRL reporting for all relevant disclosures/submissions of companies that are covered under the new Listing Regulations.
According to BSE, with the implementation of XBRL-based reporting, the exchange joins the club of global exchanges including the US and the UK which have adopted this mode. In India, Corporate Affairs Ministry has adopted XBRL as the reporting format for annual report and cost audit report filings. Besides, the Reserve Bank has also moved to XBRL reporting for banks while the Securities and Exchange Board of India (SEBI) has also mandated reporting by mutual funds through this mode.
About DataTracks: DataTracks is a global leader in preparation of financial statements in XBRL and iXBRL formats for filing with regulators. With a track record of over 10 years, DataTracks prepares more than 12,000 XBRL statements annually for filing with regulators such as SEC in the United States, HMRC in the United Kingdom, Revenue in Ireland, MCA in India and ACRA in Singapore. DataTracks provides world-class services with its team of certified accountants experienced in US GAAP, UK GAAP, India GAAP and IFRS.
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