XBRL-enabled Financial Reporting is not new to India, it was one of the initial countries that adopted XBRL-enabled Financial Reporting as early as October of 2008; though the scope of reporting was very limited. It was introduced on a larger scale in the Financial Year of 2010-11. In India, a majority of companies follow the Financial Year starting on the 1st of April and ending on the 31st of March. In the 1st year of applicability, approximately 25,000 to 30,000 companies were covered, which constituted merely 3% of approximately 900,000 companies registered in India with the Ministry of Company Affairs (MCA)
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