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:
A. Identification of class of companies and various reports to be filed in XBRL in Phase-wise manner.
B. Development of Taxonomies to be used by Corporates for their regulatory filings to government agencies.
C. Extensions in Taxonomies and XBRL Assurance framework.
D. Training, awareness and capacity building of stakeholders.
E. Framework for consumption & dissemination of XBRL data.
You are requested to send your suggestions/comments on xbrl.suggestion@mca.gov.in. Please write “suggestions/comments-Point #” in the Subject line of your e-mail where # denotes the referred Point of the Terms of Reference.
Earlier, filing cost was Rs.500/- for Balance Sheet & Profit & Loss account. This compliance cost should not exceed this amount. It appears that MCA has gone mad. In thier wisdom, which they want to implement XBRL for the purpose of foreing analyst, they are imposing huge burden on the Local Companies. Cost of XBRL software is 10,000/-. Getting it filled up and filed is another 15,000/-. AND benefit to the Company is NIL. If any body wants to work on the figure of the company, let them pay for that. Why companies are burdened with such indirect levies. I hope MCA manderians will come to their senses. If at all they want Companies to comply, they should put free downloadable software where in data can be fed and uploaded like ITR and return is filed. No body goes for ITR filling software. All utilities are available free of cost. Only addtional cost is cost of broad band usage. That can be understood. MCA should be company friendly too. CAN MCA INFORM AS TO HOW MUCH % of COMPLIANCE HAS TAKEN PLACE TILL 15TH DECEMBER 2011