XBRL Software Tool for e-filing of Cost Audit & Compliance Reports

Towards a service to our members, the Institute has provided FREE OF COST to its members an XBRL Software Tool for creation of Instance Documents of Cost Audit Report and Compliance Report using Costing Taxonomy and Business Rules published by the Ministry of Corporate Affairs for e-filing of these reports in XBRL Format. The Software Tool can be downloaded from the Institute website.

Amendments in Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2011

To enable e-filing of Cost Audit Report and Compliance Report in XBRL Format, the Ministry of Corporate Affairs has amended the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, on 30th November, 2012 and inserted Rule 5 for filing of cost audit report and other documents using XBRL taxonomy by cost auditors and Rule 6 for filing of compliance report and other documents by companies with the Central Government using the XBRL Taxonomy.

Amendments in Companies (Cost Audit Report) Rules 2011 and Cost Accounting Records Rules

The Central Government has also amended on 30.11.2012 the e-forms and Forms relating to filing of Cost Audit Report and Compliance Report in XBRL Format. The Form-I and Form-II to Cost Audit Report Rules 2011 dated 3rd June 2011 have been amended to Form-I XBRL and Form-II modified. Further, Form-A and Form-B to Cost Accounting Records Rules viz. Companies (Cost Accounting Records) Rules dated 3rd June 2011 and Cost Accounting Records Rules dated 7th December 2011 for six regulated industries namely Telecommunication, Petroleum, Electricity, Fertilizer, Sugar and Pharmaceutical, have been amended to Form-A XBRL and Form-B modified. The above amendments also stated that the definition of “Product/ Activity Group” shall be in accordance with “Product/Activity Group Classification” notified by the Ministry of Corporate Affairs vide S.O. 1747(E), dated the 7th August, 2012. The amendments can be downloaded from the Institute website or MCA website.

XBRL Filings in MCA-21

The filings for the Cost Audit Report and Compliance Report in the XBRL format commenced from December 02, 2012 in the MCA-21 system. The Institute has taken lot of initiatives to equip the members in efficiently generating the XBRL reports and successfully filing them with the Government. Some of the initiatives are:

  1. Institute has procured a user friendly software tool that helps in generating the instance document for the Cost Audit Report & Compliance report in XBRL format and is providing it to the members as a free download on the website of the Institute.
  2. A separate section has been created on the website of the Institute that provides access to all contents that a member may require for filing Cost Audit / Compliance report ion XBRL format.
  3. A number of hands-on-training programmes on generating Cost Audit / Compliance report in XBRL format have been organized across the country to update the skills of the members.
  4. An “Architecture, Training & Guidance Manual for filing of Cost Audit Report and Compliance Report in XBRL Format” has been developed and is made available on the website of Institute to help members in preparing quality reports.
  5. A helpdesk to exclusively deal with member queries on XBRL filings has also been provided. The members may either write to xbrl@icwai.org or call up Toll Free number 1800 233 0455 to resolve the issues related to XBRL filings.

I am also pleased to inform that on the request of the Institute, the Ministry of Corporate Affairs has decided to extend the last date of filing of Cost Audit Report and Compliance Report in XBRL format from December 31, 2012 to January 31, 2013.

Source- Extract from CMA President Communique for January, 2013

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Category : Company Law (3352)
Type : News (12474)
Tags : CMA (324) MCA (183) XBRL (77)

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