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.
