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Wednesday, July 4, 2012

MCA to meet firms, vendors for XBRL filing norms

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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