The Ministry of Corporate Affairs (MCA)
will have a meeting with software vendors and consultancy firms on
Friday, July 6, to consider the glossary of terms that will be
applicable for filing financial statements in mandatory XBRL format for
the year ended March 2012, as per a leading financial daily.
Though
there is no specific agenda for the meeting, people who shall be
attending the meeting would be talking on the key issues pertaining to
draft glossary or taxonomy structure for the eXtensible Business
Reporting Language (XBRL) format that was released in April.
India
looks forward to switch over to the XBRL format as data representation
is more precise and discourages companies to tamper with numbers.
Currently, financial statements are submitted in the portable document
format (PDF).
Many of the companies have defaulted on the
mandated deadlines on account of lack of clarity on key issues
pertaining to XBRL filing norms, while they are supposed to file the
returns within 30 days of holding their annual general meetings
The
ministry has given all stakeholders time until July 14 to file their
comments on the draft taxonomy structure. Friday`s meeting is a
precursor to the July 14 deadline.
Representatives of several
software vendors, including Tata Consultancy Services Ltd, Fujitsu
Consulting India and Iris India, along with consultants KPMG India,
Deloitte, PricewaterhouseCoopers India and Ernst and Young India, among
others, are likely to be present in Friday`s meeting.
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