Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: VAT RATES :: VAT Audit :: TDS :: form 3cd :: empanelment :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
General »
 The most thrilling idea before every Budget: No income tax
 Finance Ministry likely to tweak Minimum Alternate Tax norms to boost industry
 Income tax department warns people to keep away from benami transactions
 New helpline for income tax e-filing
 The Central Government notifies the Companies (Amendment) Act, 2017
 GST Returns: Government Relaxes Rectification Norms
 Will govt bring change in income tax slab? here's the present structure
 No income tax exemption to cooperative banks
 Bitcoin investors may have to pay capital gains tax
 What industry expected when Modi government implemented GST
  The Finance Resolution And Deposit Insurance Bill, 2017

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 2018 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