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...
Online Certificate Course in Intellectual Property Rights – The Intellectual Property, one of the important assets of commercial transactions, has become an important measure for corporate viability, competitive edge and sustainable performance. Realizing the importance of IPRs in knowledge era and with a view to equip our members on legal and technical skills in various aspects of Intellectual Property Rights, the Institute has decided to introduce online short term certificate course for its members and students. The course would enable our members and students to gain an appreciation of intellectual property as a tool for corporate advisory and development. The course would combine online study with instructor led training. The course would be launched shortly.
On 1 April 2011, the Ministry of Corporate Affairs (MCA) in India posted a circular on its website mandating a certain class of companies (Phase 1) to file balance sheets and profit and loss accounts for the year 2010-11 onwards by using eXtensible Business Reporting Language (XBRL). The financial statements required to be filed in XBRL format will be based upon the taxonomy on XBRL developed for the existing Schedule VI and non-converged accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended).
In the recent times, XBRL has emerged as a novel way of electronic communication of financial and business data which is revolutionizing business reporting around the world. Considering the benefits attached with implementing XBRL in the preparation, analysis and communication of business information, the regulators in India have also decided to implement XBRL in their reporting.
Exposure Draft on XBRL taxonomy for Commercial and Industrial (C&I) entities on which comments, if any, are invited by MCA by 30th April, 2011. Ministry of Corporate Affairs (MCA) has come out with an Exposure Draft on XBRL taxonomy for Commercial and Industrial (C&I) entities for filing their Balance Sheet and Profit and Loss Account. Comments, if any, are invited on the same by 30th April, 2011.
As per General Circular No. 09/2011 issued by MCA on 31st March, 2011, Companies are required to file their financial statements in the XBRL format with the Registrar of Companies (RoC) for the year ended 31 March, 2011 as per the following criteria: (i) All companies listed in India & their subsidiaries in India and abroad; & (ii)All companies having a Paid up Capital of Rs. 5 Crores & more or a Turnover of Rs. 100 Crores & above
All about XBRL Applicable to Listed Companies and companies having a paid up capital of Rs. 5 Crore and above or a turnover of Rs. 100 crore or above – eXtensible Business Reporting Language (XBRL) is an open technology standard which makes it possible to store business and financial information in a computer-readable format. Many countries and/or financial regulators have approved, or are in the process of implementing, requirements around XBRL as the electronic financial reporting standard. These include the US, Japan, UK, Netherlands, Australia & China to name a few.
General Circular No. 09/2011, Dated the 31.03.2011- It has been decided by the Ministry of Corporate Affairs to mandate certain class of companies to file balance sheets and profit and loss account for the year 2010-11 onwards by using XBRL taxonomy. The Financial Statements required to be filed in XBRL format would be based upon the Taxonomy on XBRL developed for the existing Schedule VI, as per the existing, (non converged) Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006. The said Taxonomy is being hosted on the website of the Ministry at www.mca.gov.in shortly. 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.
Sebi has proposed a new reporting system for mutual funds based on XBRL technology — a globally accepted standardised business reporting tool that enables easy dissection of bulk documents without delay.
The ministry of corporate affairs is planning to introduce extensible business reporting language (XBRL) for its MCA 21 portal, which is the database for 9 lakh companies in India. This means that the companies will also have to file their documents in the XBRL format, which would inturn increase their compliance cost. At present, XBRL is being followed in many countries including the US, where after a period of voluntary compliance with XBRL, they are now moving towards mandatory XBRL filings for the domestic companies.
XBRL (eXtensible Business Reporting Language) is an electronic format for communication of business and financial data which is revolutionising business reporting around the world. XBRL is one of a family of “XML” languages which is becoming a standard means of communicating information between businesses and on the internet. XBRL provides major benefits in the preparation, analysis and communication of business information.
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