XBRL Taxonomy for Ind AS Compliant/ IFRS Converged Financial Statements: ICAI’s Exposure Draft for Comments
ICAI has invited comments, latest by 25 Jan. 2017, on exposure draft of XBRL taxonomy developed for certain class of companies which are required to prepare IFRS converged financial statements from FY 2016-17, as per Ind AS compliant formats (as per requirements under Schedule III of Companies Act, 2013) notified by MCA.
This exposure draft of XBRL taxonomy as released by ICAI is applicable for the companies other than insurance or banking company or any company engaged in the generation or supply of electricity, or to any other class of company for which a form of financial statement has been specified in or under the Act governing such class of company.
As per ICAI, the MCA specific requirements have also been added to the taxonomy, wherever applicable, so as to meet their reporting requirements. The new taxonomy is meant for filing of annual financial statements for such companies with ROC/ MCA. It covers the financial statements, viz. Balance Sheet, Statement of changes in equity, Statement of Profit and Loss, Statement of other comprehensive income and Cash Flow Statement and the related notes and the non-financial information.
Comments/ Feedback may be submitted as under:
i) by e-mail: email@example.com
ii) by post: CA. Vidhyadhar Kulkarni, Technical Consultant, XBRL India, Fifth Floor, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi – 110 002.