The Ministry of Corporate Affairs (MCA) has laid down a new format of Schedule VI to the Companies Act, 1956 applicable for the Financial Statements prepared for the accounting year commencing on or after 1st of April, 2011.
With the new reporting format, the taxonomy also needed to undergo a change. Accordingly, the new taxonomy, based on the Revised Schedule VI requirements, for the Commercial & Industrial (C&I) companies has been developed by ICAI. The new taxonomy is a general purpose taxonomy capable of being used for filing annual financial statements for any Commercial & Industrial companies. It covers the financial statements, viz. Balance Sheet, Statement of Profit and Loss and Cash Flow Statement and the related notes and the non-financial information. The draft taxonomy has been developed conforming to the requirements of the Revised Schedule VI, existing notified Indian Accounting Standards and Guidance Notes on Accounting issued by ICAI while adapting the architectural features of the IFRS general purpose taxonomy 2011. MCA specific requirements have also been added to the taxonomy so as to meet their reporting requirements.
Comments are invited on the draft general purpose financial reporting XBRL taxonomy based on Revised Schedule VI for commercial and industrial companies. Comments may be sent by e-mail at email@example.com, so as to be received not later than May 7, 2012. Alternatively, comments may be submitted in writing to CA. Ruchika Bachchani, Deputy Secretary, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi – 110 002.