Mandatory filing of financial results in XBRL mode for BSE Listed Companies

The Bombay Stock Exchange (“BSE”) vide its Circular No: DCS/COMP/28/2016 -17 dated 30 March 2017 has mandated the filing of financial results in XBRL mode. Regulation 33 and Regulation 52 of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 requires every listed company to file its quarterly and yearly financial results with the Stock Exchanges within the prescribed timelines.

Accordingly, it has been decided that with effect from 1 April  2017, all entities listed on BSE are required to file the Financial Results in XBRL mode within 24 hours of submission of results in PDF mode. The Financial Results are required to be submitted along with the Limited Review Report / Audit Report in PDF mode through the Listing Centre website – Corporate Announcement Filing System (CAFS) within 30 minutes of the conclusion of the Board Meeting.

The requirement of filing Financial Results in XBRL mode would not apply to Insurance Companies which can continue to make their filings for Financial Results in PDF mode.

Please note that the filing of Financial Results as stated above in another mode would be treated as non-submission and may attract penalties as prescribed by SEBI in the SOP circular dated November 30, 2016.

To read the full text of the circular, click on the below link:
http://www.bseindia.com/corporates/Displaydata.aspx?Id=8601a75a-9a67-4f22-b3e3-d5e45f559e04&Page=cir

New Blog on Excel, Data Analytics, Office management

Starting new blog on - Excel, Data Analytics, Office Management. 
adarshmadrecha.blogspot.com

I found that many office goers face difficulty in using Excel. After all, Excel is the most used software in any CA Firm or Company, but with many hidden functionalities.

Here, I shall be posting about

• Excel Tips and tricks
• Excel Videos
• Data analytics - How to get insights
• Office Management
• Excel Macros
• Excel User Defined Function

Posts

Just to have a glimpse of what this blog will be about, have a  look at the posts which are already posted last month.

1. Custom Function in excel for all your Date problems when you import the data in excel.
2. Must have Software in a CA Office (With Download links)
3. Vendor Master data analytics - Issues, Risks

Just enter your email ID below, and you will be subscribed to the new blog.

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LBT Website

Hi Friends as many of you must be aware that Mharashtra Govt had introduced a new local tax in place of Octroi in Pune, Mumbai, Thane and some other Municipal Corporations.

Being a local Tax, the rules for the taxes for each of the Municipal Corporation will be different and finding information about the local law or asking questions Clalification and getting forms is difficult.

So, I am starting a new blog 
>> LBT thane . blogspot.com  <<

Where I shall post my all interpretations, Suggestions and try to simplify the rules and all other information regarding LBT (Local Body Tax)

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Circular No.30/2012 Dated 28.09.2012

DEAR CORPORATES,

The Ministry issued General Circular No.30/2012 Dated 28.09.2012, In order to ensure smooth filing and to avoid last minute rush, the due date of filing of e-forms 23AC(Non-XBRL) and 23ACA (Non XBRL) as per new schedule VI is extended in following manner without any additional fee :-

• Company holding AGM or whose due date for holding AGM is on or before 20.09.2012, the time limit will be 03.11.2012 or due date of filing, which ever is later.
• Company holding AGM or whose due date for holding AGM is on or after 21.09.2012, the time limit will be 22.11.2012 or due date of filing, which ever is later.

TO AVOID LAST MINUTE RUSH AND SYSTEM CONGESTION IN MCA21 KINDLY EXPEDITE FILING OF BALANCE SHEET AND ANNUAL RETURN WITHOUT WAITING FOR THE LAST DATE.
 
Further the Ministry vide General Circular No.31/2012 dated 28.09.2012 has extended the filing of e-form 23B without any additional fee till 23.12.2012 or due date of filing which ever is later. All are advised to file e-form 23B after 22.11.2012 to avoid system congestion.

XBRL will help ensure better transparency

New Delhi, Sept 20:

The implementation of the new financial reporting format, XBRL, will help ensure better transparency in accounting disclosures made by companies, a government official said today.

The Ministry of Corporate Affairs has directed companies to provide financial statements in the eXtensible Business Reporting Language (XBRL) format, replacing the traditional practice of giving such information in the PDF format.

“XBRL system will help in ensuring transparency when it comes to financial disclosures made by companies,” Pankaj Srivastava, Director at the Ministry of Corporate Affairs, said here.

He was participating in a seminar organised by industry body PHD Chamber on ‘Revised Schedule VI of the Companies Act, 1956 and XBRL Taxonomy’

XBRL Filling Manual V2.0

Below document describes the various specifications and guidelines to be followed for preparation of
XBRL documents. It also includes the various steps required to be followed for submission of the
XBRL documents on the MCA portal.

This is document also available at MCA website.
(Download link below)

MCA publishes exposure draft of taxonomy for Cost Audit & Compliance reports

The Ministry of Corporate Affairs (MCA) has published the exposure draft of the taxonomy for filing Cost Audit and Compliance reports on its website.

MCA is inviting comments and/or suggestions from stakeholders on the exposure draft of the taxonomy for filing of Cost Audit and Compliance reports. 
This has been in the wake of MCA`s circular no 8/2012 dated May 10, 2012 (amended on June 29, 2012) and No. 18/2012 dated July 26, 2012.

The comments and/or suggestions may be sent by August 20, 2012 at e-mail addresses:
bharat.goyal@mca.gov.in;
goyalbb@gmail.com;
xbrl@icwai.org; 
xbrl.technical@mca.gov.in; 
xbrl.suggestion@mca.gov.in.

Click Here for Draft-Cost Audit Taxonomy

A Webinar on MCA XBRL filings of financial statements for Financial Year 2011-12

A Webinar on MCA XBRL filings of financial statements for Financial Year 2011-12 has been scheduled on 16.08.2012 at 12.00 noon. 

Ministry officials, representatives of ICSI, ICAI, TCS, etc are expected to participate in this webinar. 

URL (Weblink) of the Webinar is http://68.233.237.91/icsi160812

Apex XBRL Version 1.1 now available

Download, install and enter data from financial statements. Create XBRL. Validate using MCA's Validation Tool. Certify entered data and generated XBRL from qualified person (e.g. your CA/CS), Submit to MCA using appropriate forms.

Built for Taxonomy created by Ministry of Corporate Affairs, Govt. of India **

APEX XBRL Maker is free XBRL software for MCA filing and is based on the taxonomy created by MCA (Ministry of Corporate Affairs, Government of India.)

APEX can be used to create or tag data in your financial statements through an easy to use interface and generate XBRL files at the click of a button.

Installation Problems? Download Microsoft Dot Net framework (free download) from here: http://www.microsoft.com/download/en/details.aspx?id=24872


Download Free XBRL Software - Apex XBRL v1.1

** - This Version Only for 2011 Taxonomies.

MCA's mandate for Phase II annual filings in XBRL

NEW DELHI, July 6, 2012: The Ministry of Corporate Affairs (MCA) has issued a fresh circular no. 16/2012, which mandates the following class of companies to file their Balance Sheet and Profit & Loss Account in XBRL mode for the financial year commencing on or after April 1, 2011:
 

1. All companies listed with any stock exchange(s) in India and their Indian subsidiaries; or
2. All companies having paid up capital of Rs 5 crore and above; or
3. All companies having turnover of Rs 100 crore and above; or
4. All companies who were required to file their financial statements for FY 2010-11, using XBRL mode.

However, banking companies, insurance companies, power companies and Non-Banking Financial Companies (NBFCs) are exempted from XBRL filing till further orders.

The applicable taxonomy as per Schedule VI of the Companies Act , 1956 has already been placed on the Ministry`s website www.mca.gov.in . The Business Rules, validation tools, etc. required for preparing the financial statements in XBRL format , as per the revised Schedule-VI and Accounting Standards, are under preparation and would soon be made available by the Ministry. The actual date for enabling XBRL filing will be intimated separately.

The above class of companies will be allowed to file their financial statements in XBRL mode without any additional fee/ penalty upto November 15, 2012 or within 30 days from the date of their AGM, whichever is later.

For further details check  MCA website

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.

Sebi to set up single platform for reporting in XBRL format

Market regulator Sebi today said it will set up a single platform to help companies report and disseminate mandatory regulatory filings, including financial statements, in the new XBRL-based format.

XBRL is a globally accepted standardised business reporting tool that enables easy dissection of bulk documents without delay.

"Sebi is in the process of setting up a SEBI Unified Platform for Electronic Reporting and Dissemination (SUPER-D), which will be a XBRL (eXtensible Business Reporting Language) technology based platform for reporting by listed companies, mutual funds and other SEBI registered intermediaries" it said in a statement.

It added that a tender process has already been initiated in order to set up the SUPER-D.

XBRL technology enables the computers read and divide the information provided in the filings under various heads and thus makes it easy to find any relevant details and to identify any irregularities.

The new system, called SUPER-D (SEBI Unified Platform for Electronic Reporting - Dissemination), is being developed in such a way that it is capable to manage simultaneous filing of 500 documents on normal days and have peak-period capacity to handle 15,000 simultaneous filings.

Besides disseminating the information on real-time basis to investors and others, the XBRL technology-based new system will also help SEBI itself as also other regulatory and investigative agencies in monitoring any irregularities in the affairs of companies and market intermediaries.

Sebi further said it has asked mutual funds to volunteer for XBRL filings.

"These XBRL filings will be in addition to the filings under the current system," it said.

Mutual funds and assets management companies can file reports like monthly cumulative report, per centage of assets under management from city clusters, ageing analysis Of assets by AUM, number of branches of the AMCs, half yearly portfolio disclosures, deployment of funds in equity and debt schemes, and balance in load account.

"Till date, ten Mutual funds have joined in this pilot project of SEBI and have started XBRL filing of the specified reports with SEBI on voluntary basis," it said.

At present, BSE and NSE have a XBRL-based financial reporting platform for listed companies for all their filings and the system helps the investors get real-time access.

Future of XBRL in India

A committee has been formed by MCA to develop the roadmap for future implementation of XBRL. The committee has its Terms of References as under:

1. Identification of class of companies and various reports to be filed in XBRL in Phase-wise manner.
2. Development of Taxonomies to be used by Corporates for their regulatory filings to government agencies.
3. Extensions in Taxonomies and XBRL Assurance framework.
4. Training, awareness and capacity building of stakeholders.
5. Framework for consumption & dissemination of XBRL data.

You are requested to send your suggestions/comments on xbrl.suggestion@mca.gov.in. Or please write to Director (e-Governance), Room No. 536, A Wing, Shastri Bhawan, New Delhi 110001.

XGRL in India

XGRL: XBRL for Reporting in Government

XBRL can help Government agencies bring in the required standardisation and discipline in regular reporting. It can to a large extent can insulate the quality of the information generated by the reporting system from the complexities. It also make the job of consolidation at different project monitoring levels easier due to its structure.

XBRL and the Government Sector in India
XBRL per se is not new to the Government sector in India. The Ministry of Finance and the Ministry of Corporate Affairs (MCA) have been the front runners in usage of XBRL in India. E-filing of income tax returns is in XML which is the language used for XBRL. Filing of returns to RBI by Indian banks is progressively shifting to this mode. The MCA has introduced XBRL for filing of annual financial statements by companies.


This article was published in "The Chartered Accountant" i.e. Monthly magazine of ICAI.
Download Full Article

Resuming posting for 2012

Hi,

I am back, as you have enjoyed learning, exploring XBRL and being updated about news across India, last year; this time too you will be kept updated with latest news and with revised documents for filling XBRL documents.

From today onwards I resume posting on this Blog for 2012 which is specially developed for "Indian Chartered Accountants".


This blog is managed by : Adi Financials

XBRL for Indian CA - 2nd Edition

Wait is Over. XBRL for Indian CA 2nd Edition is Here !!

What this book Covers

This book has something for everyone and at the end some Appendix as usual. It also has some XBRL flash Tutorials.

The non-technical part covers
  1. Introducing XBRL and its importance
  2. Steps for filling XBRL Documents.
  3. Letters
    >Engagement Letter (Appendix D)
    > Management Representation Letter (Appendix E)
    > Certificate on XBRL Financial Statements (Appendix F)

The Technical part covers
  1. What a XBRL instance documents has
  2. XBRL Specification

Then in next Section we actually look how to create a instance document with our own defined taxonomy, using macros of excel.

In the last Section we look at an overview of creating a XBRL instance document for submission to MCA and steps for filling your XBRL documents.

Download XBRL for Indian CA 2nd Edition (ge.tt)

Management Representation Letter - XBRL

Download : Management Representation Letter.docx

Sample - Same in word file

M/s...

Chartered Accountants

We are providing this letter in connection with your engagement to convert the audited financial statements of .......... (the "Company") as of March 31, 20XX, and related financial statement schedules(s) to XBRL financial statements for being furnished by the Company to the Ministry of Corporate Affairs ("MCA') vide their General Circular No. 43/2011 dated July 07, 2011 and also certification of aforementioned XBRL financial statements, prepared from the audited financial statements for the aforesaid period. The term "XBRL-tagged data" in this letter refers to the Company's XBRL instance document, and the related taxonomy extension schema, label linkbase, calculation linkbase, presentation linkbase, and definition linkbase documents, all of which were provided to you on [specify date documents were provided or file names with date(s)].

Engagement Letter

This has to be submitted by person taking up the responsibility of creating XBRL Documents

Download Engagement Letter.docx

Sample - Same in the word file.

To,

The Board of Directors of ....... .....................  Company Limited,

You have requested that we convert the audited financial statements of ....... .. .. .......... Company Limited, which comprise the Balance Sheet as at March 31, 20XX, and the Statement of Profit & Loss, and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information to XBRL mode financial statements and also certify that these XBRL financial statements fairly present in all material respects, the audited financial statements of the company for the year ended March 31, 20XX, in accordance with the taxonomy specified by the Ministry of Corporate Affairs for filing of the financial statements in the XBRL mode. We are pleased to confirm our acceptance and our understanding of this certification engagement by means of this letter.

Our engagement will be conducted on the basis that the management acknowledges and understands that they have responsibility:

Certificate on XBRL Financial Statements

This certificate is required to be submitted by CA to Board of Directors

Download Certificate on XBRL Financial Statements.docx

Sample - Same in the word file.

To,

The Board Of Directors Of ……………. Company Limited

We have examined the attached Balance Sheet of Company Limited ("the Company") as at March 31, 2011, and the Profit and Loss Account and the Cash Flow Statement of the Company ("the Financial Statements) for the year ended on that date, both annexed thereto, prepared by the Company in the eXtensible Business Reporting Language (XBRL) mode ("the XBRL financial statements"). These XBRL financial statements have been prepared on the basis of the audited financial statements of the Company for the year ended March 31, 2011, on which we/ M/s         Chartered Accountants (whichever is applicable) have expressed an opinion vide our/ their (whichever is applicable) Audit Report dated,____ 2011.

The Management of the Company is responsible for the preparation of the XBRL financial statements in accordance with the taxonomy specified by the Ministry of Corporate Affairs for filing of the financial statements in the XBRL mode.