As per the roadmap issued by the Ministry of Corporate Affairs (MCA) in February 2015, certain class of companies have to prepare their financial statements as per Indian Accounting Standards (Ind AS) which are converged with International Financial Reporting Standards (IFRS) w.e.f F.Y. 2016-17. MCA has also notified Ind AS compliant format of financial statements (i.e. Division II of Schedule III to the Companies Act, 2013).

Accordingly, XBRL taxonomy, based on the Ind AS and Ind AS compliant Schedule III requirements, has been developed for the companies other than insurance or banking company or any company engaged in the generation or supply of electricity, or to any other class of company for which a form of financial statement has been specified in or under the Act governing such class of company. MCA specific requirements, if any, have also been added to the taxonomy so as to meet their reporting requirements. The new taxonomy is meant for filing of annual financial statements for such companies with ROC, MCA. It covers the financial statements, viz. Balance Sheet, Statement of changes in equity, Statement of Profit and Loss, Statement of other comprehensive income and Cash Flow Statement and the related notes and the non-financial information.

Comments are invited on the draft Ind AS XBRL taxonomy referred above.

Comments may be sent by e-mail at xbrl@icai.in, so as to be received not later than January 25, 2017. Alternatively, comments may be submitted in writing to CA. Vidhyadhar Kulkarni, Technical Consultant, XBRL India, Fifth Floor, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi – 110 002.

Exposure Draft of Ind AS XBRL Taxonomy

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Category : Company Law (3484)
Type : News (12749)
Tags : ICAI (2196) Indian Accounting Standard (168)

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