Invitation of Expression of Interest (EOI) for developing XBRL Taxonomies
1. PREAMBLE AND INTRODUCTION Invitation for Expression of Interest from leading vendors for taxonomy creation and maintenance for XBRL India, the local jurisdiction of XBRL International for developing XBRL taxonomies specified in 2 below..
XBRL India, is registered as a company under section 25 of the Companies Act, 1956 and has been incorporated for managing the affairs of the local jurisdiction in India. XBRL India is facilitated by the Institute of Chartered Accountants of India (ICAI), the premier accounting body in India.
2. BROAD SCOPE OF WORK
XBRL India has developed two taxonomies viz. Commercial and Industrial (C&I) and the Banking taxonomy as of now. There is a need for development of industry- specific taxonomies for meeting the requirements in the near future. Therefore, the following industry- specific taxonomies are proposed to be developed.
a) Insurance Sector Taxonomy - Creation and Maintenance XBRL taxonomy. The taxonomy shall be based on Indian Accounting Standards and conforming to the Insurance Act, 1938, listing requirements of the stock exchanges, the Life Insurance Act, The General Insurance Act and IRDAs circulars.
b) Power sector taxonomy - Creation and maintenance of a XBRL taxonomy for power sector as per Indian Accounting Standards and the requirements of the Indian Electricity Act, 1910, Electricity (Supply) Act, 1948 and the Indian Electricity Rules, 1956 and listing requirements of Stock Exchanges and other relevant requirements related to financial statements for such entities. 3. ELIGIBILITY CRITERIA
Vendor is either a single entity or the lead bidder of a consortium (where more than one entity have partnered), which exhibits its interest in response to this EOI.
Vendor must have a prior experience in development of taxonomies in India and /or abroad In case of a consortium, the lead bidder should ensure that the solution partner providing domain expertise is not the member of any other consortium for this project. The vendor should have access to a software development and competency center in India.
4. DOCUMENTS TO BE SUBMITTED BY ELIGIBLE VENDOR
Interested vendors conforming to the above requirements may furnish the Expression of Interest in the project.
The response along with the above required documents shall be delivered to the following address on or before 15th of July 2011 in a sealed envelope superscribing:
CA. Ruchika Bachchani, XBRL India, ICAI Bhawan, Indraprastha Marg, New Delhi 110002.
For any query, please send email to
As part of shortlisting exercise, vendors may be required to make a focused presentation on company, expertise and experience in the relevant field, products, etc. for not exceeding 15 minutes before the Taxonomy Development and Review Committee of XBRL India.
Please note that Request for Proposal (RFP) shall be issued only to the short listed vendors for the requirements of XBRL India.
XBRL India reserves the right to accept/reject any or all expressions of interest received in response to this advertisement without assigning any reasons, whatsoever. XBRL India also reserves the right to raise the eligibility criteria for short listing the vendors.