The Importance of Finding the Right Managed Tagging Service Provider

Since year 2011, Legislation has been in place in the India that requires the vast majority of companies to submit their financial statements in XBRL format to MCA (Ministry of Corporate Affairs). As a result, companies – especially large companies or companies with complex financial statements – should ensure they have a managed tagging expert in hand to convert their financial statements from a word, excel or PDF document into XBRL-readable format that is compatible […]

XBRL for MCA: Software or Service?

XBRL has been embraced by various regulatory bodies across the world. In India, The XBRL wave started in late 2007 when ICAI initiated the idea of using XBRL in collaboration with the different regulators in India that control registered companies, banks, insurance undertakings and listed companies. The Ministry of Corporate Affairs (MCA) mandated that XBRL regulatory reporting include all companies (in phases) from 2011 and released the Commercial and Industrial (C&I) taxonomy for the generation […]

XBRL impact on the new Ind AS Accounting Standards

It is no new news that ICAI has been working on IFRS convergence with Indian Accounting Standards for several years now. This converged standard is termed Ind AS popularly. The Ind AS is very similar to the IFRS but has some sections carved out to match the Indian accounting environment. As a part of MCA’s road map, the first set of financial statements prepared as per Ind AS standards are set to be prepared and filed by companies with a share […]