Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: form 3cd :: articles on VAT and GST in India :: TDS :: cpt :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: empanelment :: Central Excise rule to resale the machines to a new company :: due date for vat payment
 
 
General »
 Alarm bells over return of tax inspector raj
 Shah gets notices over civic tax dues
 Tax revenue down in first six months after prohibition
 Post demonetisation, Income Tax department sends 30 cases of irregularities to Enforcement Directorate, CBI
 Don’t rush into a new tax without being prepared
 Can’t tax income from palace rent: Supreme Court
  Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on November 30, 2016)
 Cases for tax scrutiny will be selected by machines
 Time to revisit 1997 direct tax rates, says P Chidambaram
 Lok Sabha passes Bill to tax black money deposits post demonetisation
 Last day to pay property tax with old notes

MCA has to do more to prepare for new format
April, 15th 2011

The ministry of corporate affairs (MCA)?needs to do more to prepare for the filing of balance sheets and profit and loss accounts in the XBRL (eXtensible Business Reporting Language) format, experts said.

This includes having a taxonomy, relevant documentation, training company personnel and preparing a vendor gateway, among other things, they said.

The XBRL requirement is part of the shift to norms in line with International Financial Reporting Standards (IFRS)?notified by MCA in February.

Companies are required to file their financial statements in the XBRL format with the Registrar of Companies (RoC) for the year ended 31 March.

The taxonomy, which defines financial terms used in business reporting will become the base for XBRL filing, said Ram Iyer, director, accounting advisory services, KPMG in India. Companies need to train their professionals which will enable them to file their financial statements in XBRL format. Besides, a vendor gateway has to be created for companies to do electronic filing using XBRL.

The first phase of filing returns using XBRL will be effective 1 July for all listed companies and their units and firms with a paid-up capital of Rs.5 crore or a turnover of Rs.100 crore and above. It will later be extended to all 900,000 companies.

The ministrys 31 March circular makes no mention of the uploading process, said Vinod Kashyap, director, NextGen Knowledge Solutions Private Ltd.

Both Iyer and Kashyap, who are involved in training professionals on XBRL, said the UK and the US began their preparations well in advance of moving to the new format.

A poorly handled migration can result in the data throwing up errors, they said.

The MCA also needs to decide on an extended taxonomy that will allow for interchangeable terms, such as turnover and revenue, which US companies are free to use but are not allowed by the International Accounting Standards Board (IASB), Iyer said.

IASB has set the guidelines for the norms that India is adopting.

A senior MCA?official who did not wish to be identified said the taxonomy was ready and would be posted on its website soon. All the concerns of companies would be allayed, he said.

MCA, with the help of the Institute of Chartered Accountants of India (Icai), has developed a taxonomy so that a common database can be created for the use of all regulators and government departments, he said.

Training will not be a problem, said G. Ramaswamy, president of Icai. We (Icai) are conducting XBRL training programmes across five regions. By the end of this month a large number of CAs (chartered accountants)?will be XBRL literate, said Ramaswamy.

Source:http://www.livemint.com/2011/04/12214204/MCA-has-to-do-more-to-prepare.html?atype=tp

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions