XBRL in India - Applicability, Documents, Timeline, Process, Penalty etc.

XBRL in India – Applicability, Documents, Timeline, Process, Penalty etc.

XBRL Conversion & Filing India – Applicability, Documents, Timeline, Process, Penalty etc. XBRL (eXtensible Business Reporting Language) is a data-rich dialect of XML (Extensible Markup Language), the universally preferred language for transmitting information via the Internet. It was developed specifically to communicate information between businesses and other users of financial information, such as analysts, investors and regulators. XBRL provides a common, electronic format for business reporting. It does not change what is being reported. It only […]

Power of Tribunal to call Annual General Meeting (AGM)

Section 96 of the Companies Act, 2013 requires every Company other One Person Company (OPC) to conduct once a year a meeting, in addition to any other meeting, for its members, called as Annual General Meeting. Section 97 of the Companies Act, 2013 states the Power of Tribunal to call Annual General Meeting (AGM) in case of default in convening annual general meeting In case the company makes default in holding the Annual General Meeting, any […]

Compliance chart for the Companies regarding ROC filing

Every year, Company has to file multiple forms with Ministry to comply with the mandatory statutory requirements as specified under the Act. The Compliance chart for the companies regarding ROC filing below provides a brief view of the Forms along with their purpose, applicability and relevant due dates required to file with MCA Name of E-Form/ Return Purpose of E-Form/ Return Due Date of Filing DIR-3 KYC/ KYCWEB Any Person having DIN as on 31 […]

ACRA issued revised XBRL Filing Requirements

Implementation of Revised XBRL Filing Requirements

ACRA has issued Practice Direction No. 2 of 2020 to guide companies on the implementation of revised XBRL filing requirements. The revisions are part of the continual efforts to streamline XBRL filing requirements. For most companies, the number of data elements that they need to file with ACRA will be reduced. This follows the earlier announcement made by ACRA on 9 March 2020. The Practice Direction can be viewed here. Timeline for implementation of revised […]

XBRL US publishes DQC 12th Ruleset

The XBRL US Data Quality Committee (DQC) has finalized, approved, and published its 12th Ruleset for public review. The DQC helps enhance data accuracy by providing US GAAP and IFRS filers with freely available automated checks that can test an XBRL financial statement prior to SEC submission. Using the rules helps issuers find and correct errors, ensuring that regulators and markets get good quality data and an accurate view of a firm’s finances. The latest DQC 12th […]

MCA extends deadline of annual filing for Companies incorporated in UT of J & K and Ladakh

MCA extends deadline of annual filing for Companies incorporated in UT of J & K and Ladakh

The Ministry of Corporate Affairs (MCA) has extended the due date of annual filing e-form AOC-4 and e-form MGT-7 by the companies incorporated under Union Territories of Jammu & Kashmir and Ladakh. The MCA has relaxed the additional fees and extension of the last date in the Filling of forms MGT-7 (Annual Returns) and AOC-4 (Financial Statement) under the Companies Act, 2013- UT of J&K and UT of Ladakh. The Companies can file Form MGT […]

XBRL Data

Changes to accounting rules can move markets: Use structured data to inform policy decisions

A new comment letter from CFA Institute to the Financial Accounting Standards Board (FASB) demonstrates the value of using structured data to inform debate and support policy decisions. The FASB is considering alternatives to existing accounting treatments for goodwill i.e., amortization (set annual write-downs) over impairment (i.e., annual evaluations).  In our letter, we argue that the FASB has not considered the magnitude of the goodwill balances they likely would put on a schedule to amortize over a period of 10 […]

India Strengthens Banking Regulation - Several Measures taken by RBI

India extends XBRL to Co-operative Banks

RBI asks UCBs to report large accounts data almost with immediate effect   In its drive to strengthen supervision of Urban Co-operative Banks (UCBs) post the PMC, UCBs told to report exposures above Rs 5 crore to CRILC, almost with immediate effect. It has issued detailed guidelines for reporting, making rules closer to that for commercial banks. The detailed guideline stipulates that the reporting frequency of the CRILC (Central Repository on Information on large Credits)– […]

Due Date Revised for AOC-4, AOC (CFS) AOC-4 XBRL & MGT-7 (FY 2018-19)

The Ministry of Corporate Affairs (MCA) has extended the due dates for filing e-Form AOC-4, AOC (CFS), AOC-4 XBRL and e-Form MGT-7 along with the relaxation in the additional fees via general circular no.13/2019 The extended due dates are 30th November 2019 [AOC-4, AOC-4 (CFS), AOC-4 (XBRL)] and 31st December 2019 [MGT 7] for all the aforementioned forms. The extension of due dates has been done as per the demand of the stakeholders for the […]

XBRL Conversion India

Process for Conversion of XBRL file to PDF file

Many times Companies come with XBRL files and ask the professionals to convert the XBRL file to PDF format. Or ask for documents of specified companies financials which sometimes may be available in XBRL format. In such case, it becomes necessary to convert those XBRL files to PDF format (human readable format) so that one can read and analyse the same. The financials of a company can be downloaded from MCA website through View Public […]