Tuesday, June 30, 2015

XBRL TAXONOMY RELEASED BY MCA


Exposure Draft for New XBRL Taxonomy for Financial Year 2014-15 has been released.  In New XBRL Taxonomy New disclosures have been added, few modified & few line items have been deleted as per Companies Act, 2013.

Key Changes in Draft XBRL C & I Taxonomy: 

Ø  Detailed Disclosure of Directors Report with 12 New Tables.

(Detailed disclosure required for Shareholding Pattern, Shareholding Of Promoters, Indebtedness Of Company, Penalty Punishment Compounding Of Offence , Particulars Holding Subsidiary And Associate Companies etc.)

Ø  New Disclosure on Corporate Social Responsibility.

Ø  New Disclosure on Secretarial Audit Report.

Ø  New Disclosure added for Subsidiaries/Joint venture/Associates which are yet to Commence Operations.

Ø  Joint venture, Associate etc. added in Consolidated Financial Statement.

Ø  Chief Financial Officer name included for signing Balance sheet..

Ø  Disclosure required of Web Link Of Company, Registration Date, Name of Registrar of Company.

Ø  Changes in the Auditors Report owing to the introduction of CARO 2015 in place of CARO 2003.

Ø  SRN of filing of B/S by Subsidiary, Subsidiary date, Classification of equity share capital, Guarantee party disclosure etc. no longer required in Subsidiary details.

Ø  Directors are replaced by Key Managerial Personnel details.

Ø  Detailed disclosure of Defined Benefit Plans Categories.

Further, please also take note of following:

v  Use new single e-form AOC-4 to be used for filing in place of 23AC/23ACA.

Comments have been invited by ICAI on Draft XBRL taxonomy to be submitted upto July 10, 2015.

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