Invitation of Expression of Interest (EOI) for developing XBRL Taxonomy on the basis of Indian Accounting Standards (Ind AS) notified by the Ministry of Corporate Affairs.
July, 10th 2015
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 taxonomy specified in 2 below.
XBRL India is registered as a company under section 8 of the Companies Act, 2013 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 intends to develop a taxonomy for Commercial & Industrial (C&I) Companies on the basis of the notified Indian Accounting Standards (Ind AS), Guidance Notes on Accounting and Company Law requirements for the companies who shall be required to prepare and file their financial statements as per the roadmap for adoption of Ind AS.
The IFRS taxonomy shall be taken as the basis for identification of elements for the development of Ind AS taxonomy, the carves out being chalked out from the IFRS taxonomy. In addition, it would cover the applicable Guidance Notes on Accounting, Company Law requirements and common practice elements.
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
Having team members with expertise in Ind AS/ IFRS domain shall be an added advantage.
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 EOI document stating the XBRL projects undertaken and a broad overview of the company shall be delivered to the following address on or before 24th of July 2015 in a sealed envelope superscribing:
CA. Ruchika Bachchani, XBRL India, ICAI Bhawan, Indraprastha Marg, New Delhi – 110002.
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.