ICAI writes to MCA to consider mandatory filing of financial statements in XBRL

In Uncategorized on July 23, 2009 at 6:03 am



ICAI announces Exposure Draft of General Purpose Financial Reporting XBRL Taxonomy for Commercial and Industrial Companies

In Uncategorized on September 24, 2008 at 1:04 pm
XBRL (eXtensible Business Reporting Language) is a novel way of electronic communication of business and financial data that is of immense utility to the capital markets and the investing community. Those who stand to benefit include all who collect business data, including governments, regulators, economic agencies, stock exchanges, financial information companies and the like, and those who produce or use it, including accountants, auditors, company managers, financial analysts, investors and creditors.
Keeping in view the rising importance of XBRL and the advantages it has to offer, the Institute of Chartered Accountants of India constituted a Group on XBRL in January 2007, under the chairmanship of the President, ICAI. The main objective of the Group is to establish a forum for the development of XBRL in India including its promotion and to develop taxonomy for XBRL based reporting bearing in mind the peculiarities of the Indian Accounting Standards.
Recently, the Group has finalised the draft general purpose financial reporting XBRL taxonomy for commercial and industrial companies. This draft taxonomy covers the financial statements, viz., Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement and the related non-financial information. The draft taxonomy has been developed conforming to Indian Accounting Standards and Company Law while adapting the architectural features of the IFRS general purpose taxonomy 2006.
Comments are invited on the draft general purpose financial reporting XBRL taxonomy for commercial and industrial companies.
Comments may be sent by e-mail at xbrl@icai.org, so as to be received not later October 28, 2008. Alternatively, comments may be submitted in writing to Dr. Avinash Chander, Technical Director, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi – 110 002.

Click here to open ICAI Taxonomy

RBI moving towards XBRL Standards

In Uncategorized on September 23, 2008 at 6:30 am

RBI reduces the number of returns to 223 from 291


The Reserve Bank of India has implemented Online Returns Filing System (ORFS) for submission of certain important returns by commercial banks to the Reserve Bank. As part of the online submission of returns, the Reserve Bank will, in due course, adopt the international standards for data sharing among business entities through eXtensible Business Reporting Language (XBRL). The Reserve Bank is moving towards the XBRL standards under a high level Steering Committee chaired by the Deputy Governor, Shri V. Leeladhar.

As part of the XBRL implementation, the Reserve Bank had initiated an exercise of rationalisation of returns. The number of returns to be submitted by Scheduled Commercial Banks (excluding RRBs) is now reduced to 223 from 291. The Reserve Bank has placed on its website, (a) the list of returns to be submitted as also (b) the list of returns not to be submitted by banks and has requested banks not to submit those returns listed in list (b).

G. Raghuraj
Deputy General Manager

Press Release : 2008-2009/199