The Ministry of Corporate Affairs has set up a Committee to develop the roadmap for future implementation of Extensible Business Reporting Language (XBRL). This Committee comprises of XBRL experts and representatives from the corporate sector as well as the Institute of Chartered Accountants of India (ICAI). The terms of reference of the Committee are as under:
i. Identification of class of companies and various reports to be filed in XBRL in Phase-wise manner.
ii. Development of Taxonomies to be used by Corporates for their regulatory filings to government agencies.
iii. Extensions in Taxonomies and XBRL Assurance framework.
iv. Training, awareness and capacity building of stakeholders
v. Framework for consumption & dissemination of XBRL data.
Accordingly, information regarding setting up of the Committee and its terms of reference have also been put on the Ministry’s website: www.mca.gov.in for information of the general public, and for their suggestions and comments. In response to this, a large number of suggestions have been received regarding;
i. new accounting concepts (elements) in the taxonomy,
ii. approach that may be adopted in development of applicable taxonomies,
iii. approach that may be adopted for resolving technical issues like ‘extensions’ in taxonomies and rendering of XBRL documents,
iv. phase wise coverage of new companies/filings in XBRL,
v. framework for consumption and dissemination of XBRL data, etc.
These suggestions have been shared with the Committee for examination and possible incorporation in the roadmap for future implementation of XBRL by the Ministry.