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 […]

Relaxations granted by IRDA during COVID-19

COVID-19 – Relaxations granted by the Insurance Regulatory and Development Authority of India (IRDA)

COVID-19 had resulted into grave and unsettling consequences. Since March 24, 2020, the Government of India (GOI) has announced complete lockdown in entire nation in order to control the spread of COVID-19. Keeping in mind the aforesaid, the Insurance Regulatory and Development Authority (IRDA) of India has granted several relaxations vide various notifications and circulars. Relaxations granted by IRDA are mentioned below: Submission of Final Re-insurance Programme – In compliance with the regulations, insurers are required to […]

PM Modi Launches CHAMPIONS: Technology Platform to empower MSMEs

COVID-19: Relaxations introduced by Government relating to the Income Tax and Insolvency & Bankruptcy Code, 2016

The spread of COVID-19 is increasing daily severely affecting the economy and lives of the people worldwide. The Government of India is working on relief measures and benefit packages to overcome the impact of the COVID-19 on the economy. The Finance Ministry has granted some regulatory relaxations related to both Direct and Indirect taxation which are stated as below: 1. Deadline extended for income-tax filing: Timeline for filing delayed and revised tax returns for FY […]

Relaxations granted by SEBI during COVID-19

SEBI extend the timeline to file quarterly report Q4, FY19-20

Security Exchange Board of India (SEBI) has announced relaxation to the listed entities to file the fourth quarterly report Q4 and annual financial results relating to FY 2019-20 by June 30, 2020. The Corporates will now be required to file their quarterly financial results for the financial year 2019-20 up to June 30, 2020 given 45 days relaxations. As per the time frame, the deadline earlier was May 15, 2020. In the case of submitting […]

India Strengthens Banking Regulation - Several Measures taken by RBI

India Strengthens Banking Regulation

Several measures underway to strengthen soundness of banking system; RBI Annual Report 2018-19 Guidelines on minimum balance requirements for savings bank accounts and penalty for non-maintenance will be reviewed The Reserve Bank of India (RBI) in its annual report 2018-19 has stated that several regulatory and supervisory measures are underway to strengthen the soundness of the banking system. During 2019-20, the banking sector is poised to build upon the consolidation achieved in the year gone […]

Pratham Consultants

Data quality is at the top of our list

As data is becoming a core part of every business operation the quality of the data that is gathered, stored and consumed during business processes will determine the success achieved in doing business today and tomorrow. Data quality refers to the overall utility of a dataset(s) as a function of its ability to be easily processed and analyzed for other uses. Quality data is useful data. To be of high quality, data must be consistent […]

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 […]

Everything you wanted to know about XBRL Ind-AS filing

Indian Accounting Standards (Ind-AS) – The Indian desi version of IFRS Indian economy has some major differences to the world economy as it is still in the developing stage. Therefore, certain differences arise in the accounting procedures as well. On 25th February 2011, the Ministry of Corporate Affairs notified 35 Accounting Standards that have been synced with IFRS. This convergence of IFRS with Indian Accounting Standards is popularly known as Ind-AS. The Ind AS is […]

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 […]

Bombay Stock Exchange mandates financial results in XBRL format

Bombay Stock Exchange (or BSE) has recently issued a circular requiring all entities listed with them to file Financial Results in XBRL format with effect from 1st April 2017 as against the earlier practice of filing in PDF format. In order to make the transition easy for the reporting companies, BSE has provided an excel utility which can be downloaded from the Listing Centre portal. However, this circular does not apply to Insurance companies who […]