Fema / RBI : RBI shifts LRS return reporting from XBRL to CIMS, streamlining financial reporting. Circular effective from Dec 26, 2023. Complia...
SEBI : Unlock the guide to BSE (Bombay Stock Exchange) compliances covering XBRL filing, board meetings, and regulatory obligations. Esse...
SEBI : BSE and NSE had released another circular on March 31, 2023, providing an additional list of items under Schedule III that need to...
Company Law : Navigate the world of digital reporting with AOC-4 XBRL. Understand the benefits, challenges, and how it transforms financial repo...
SEBI : Stay compliant with BSEs circular mandating XBRL filing for listed companies. Effective from January 28, 2023, disclosures under S...
SEBI : XBRL submission for Outcome of Board meeting will be applicable for Dividend, Buyback, Bonus and Voluntary Delisting events. NSE &...
CA, CS, CMA : In view of implementation of Ind AS 116, ‘Leases ’applicable from the financial year 2019-20, and amendments in other Ind ASs,...
SEBI : It has been decided that filings in respect of Annual Secretarial compliance report should be filed by all listed companies, throu...
Corporate Law : Ministry of Corporate Affairs (MCA) has mandated the filing of financial statements in XBRL format for the specified class of comp...
Company Law : The taxonomy for the Commercial and Industrial Companies have undergone a change owing to the requirements under the Companies Act...
Fema / RBI : Introduction: The Reserve Bank of India (RBI) has issued a crucial circular, A.P. (DIR Series) Circular No.12, dated December 22, ...
SEBI : Stay compliant with BSE's latest circular! Learn about mandatory XBRL filings for share certificates, trading window closure, and ...
SEBI : NSE requires listed entities to file Voting Results in XBRL format only, effective from November 1, 2023. Details in the circular...
SEBI : NSE has now established a provision that requires the filing of the Abridged Prospectus in the XBRL (eXtensible Business Reporting...
SEBI : National Stock Exchange of India is seeking comments and feedback on the proposal to migrate from PDF to XBRL format for submittin...
XBRL (eXtensible Business Reporting Language) is a novel way of electronic communication of business and financial data that is of immense utility to the capital markets and the investing community. Those who stand to benefit include all who collect business data, including governments, regulators, economic agencies, stock exchanges, financial information companies and the like, and those who produce or use it, including accountants, auditors, company managers, financial analysts, investors and creditors.
The Institute is pleased to inform you that Ministry of Corporate Affairs decided to utilize the services of Certified Filing Centers (CFC) for enabling companies to file their financial statement in XBRL from FY 2010-11 onwards. CFC would also be required to assist companies in XBRL filing of the financial statements as well as provide training and technical support to stakeholders.
LIST OF XBRL PROGRAMMES SCHEDULED TO BE ORGANISED BY ICSI AND ITS REGIONAL COUNCILS AND CHAPTERS
Invitation for Expression of Interest from leading vendors for taxonomy creation and maintenance for “XBRL India”, the local jurisdiction of XBRL International for developing XBRL taxonomies specified in 2 below. XBRL India, is registered as a company under section 25 of the Companies Act, 1956 and has been incorporated for managing the affairs of the local jurisdiction in India. XBRL India is facilitated by the Institute of Chartered Accountants of India (ICAI), the premier accounting body in India.
E-Governance cell has decided to hold a meeting with IT vendors and Accounting Consultancy firms on 20.06.2011 at 3.00 pm at Conference Hall, MCA, 5th Floor, Shastri Bhawan, New Delhi. The agenda of the meeting is to comprehend and accommodate the experiences, issues, etc of the accounting consultancy and accounting software development firms for strengthening of the XBRL initiative of the Ministry. Firms interested to participate in the said meeting are requested to contact Dr Pankaj Srivastava, Joint Director on 011-23063067/ pankaj.srivastava@nic.in
In supersession of this Ministry’s Circular No. 9/2011, dated 31-3-2011 and 25/2011 dated 12-5-2011, Ministry of Corporate Affairs hereby mandated certain class of companies to file Balance sheets and Profit and loss Account along with Director’s and Auditor’s Report for the year 2010-11 onwards by using XBRL taxonomy. The Taxonomy Business Rules, Validity tools etc. required for preparation the above documents in XBRL format as the existing Schedule VI and Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 have been prepared and hosted on the website of the Ministry at www.mca.gov.in . The Frequently Asked Questions (FAQs) about XBRL have been framed by the Ministry and they are being annexed as Annexure I with this circular for the information and easy understanding of the stakeholders. To enable filing on XBRL by stakeholders, MCA-21 portal will have XBRL filing module by July, 2011. Actual date will be informed separately.
XBRL – A New Financial Reporting Language -Businesses are adapting to an operating environment which increasingly focuses on improved corporate governance and better risk management. In response to changing expectations of stakeholders towards transparency and good governance, a technology led new information management environment is continuously emerging. New standards of financial reporting like Extensible Business Reporting Language (XBRL) a language for the electronic communication of business and financial data is revolutionizing business reporting around the world.
Consider the enormity of the data-over 8 and a half lac companies, over hundred online services offered to them, over sixty e-forms. hundreds of data fields and crores of pages of pdf attachments. If this speaks about something. it is the challenge before the Regulator, the Ministry of Corporate Affairs (MCA), which is humongous. While MCA is responsible for providing convenient and transparent registry and e-filing services to one set of stakeholders, which is the corporate and the professionals, it is also expected to protect the interest of millions of investors from every single instance of attempted fraud or financial irregularity by firms.
The Government today said financial reporting in the new technology format XBRL will enable regulators to keep a better vigilance over activities of companies. Speaking at an ICSI seminar on eXtensible Business Reporting Language (XBRL), the Corporate Affairs Secretary, Mr D.K. Mittal, said: We the regulators need to know what is happening and an environment has to be created where every information is available and XBRL is a solution to this’
The Ministry of Corporate Affairs has issued a corrigendum after noticing some errata on the circular issued on March 31st, 2011 regarding the filing of Balance Sheet and Profit & Loss Account in extensible Business reporting language (XBRL) mode. Accordingly, the circular No. 9/2011 has been rectified as under:
