1 / 12

Advancing Financial Reporting in India through XBRL Initiatives by ICAI

The Institute of Chartered Accountants of India (ICAI) established the XBRL Group in 2007 to promote and advance the adoption of XBRL (eXtensible Business Reporting Language) for standardized electronic financial reporting in India. With active participation from various sectors, the group aims to develop XBRL taxonomies and represent Indian interests in XBRL International. A significant achievement includes the development of the General Purpose Financial Reporting taxonomy, which aligns with Indian accounting standards and will soon be submitted for international accreditation.

magar
Télécharger la présentation

Advancing Financial Reporting in India through XBRL Initiatives by ICAI

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. XBRL-INDIAN INTIATIVES The Institute of Chartered Accountants of India

  2. ICAI’s XBRL GROUP XBRL Provides a standardised electronic platform for financial reporting Offers various benefits to users & preparers of financial reports Appreciating XBRL’s role in financial reporting, ICAI, the premier accounting body and the national standard-setter constituted a Group on XBRL in January 2007

  3. ICAI’s XBRL GROUP (contd…) • Fairly broad-based participation from various sectors:

  4. ICAI’s XBRL GROUP (contd…) • Objectives of the Group: • Establish forum for development of XBRL in India including its promotion • To act as general body of membership of XBRL India jurisdiction of XBRL International.

  5. XBRL INDIA JURISDICTION • Carrying the task of XBRL in India forward, the XBRL Group established the XBRL India jurisdiction of XBRL International in December 2008 • To govern XBRL India jurisdiction, a steering Committee, out of the general members of the XBRL group, has been constituted as per the requirements of XBRL International • Initially XBRL India would be a provisional jurisdiction • Subsequently (after the stipulated 2 years) – will apply for established jurisdiction

  6. XBRL INDIA JURISDICTION (contd…) • Steering Committee membership • President ICAI, Chairman • Vice President ICAI, Vice Chairman • RBI nominee on XBRL Group • SEBI nominee on XBRL Group • Chairman ASB • Chairman AASB • Chairman, IT Committee • Two representatives from Software Companies of the XBRL Group

  7. XBRL INDIA JURISDICTION (contd…) • The main objectives of the XBRL India jurisdiction: • Promote and encourage the adoption of XBRL as the standard for electronic business reporting in India • Develop and manage XBRL taxonomies • Represent Indian interests within XBRL International • Contribute to the international development of XBRL

  8. DEVELOPMENT OF XBRL TAXONOMIES • General Purpose Financial Reporting XBRL taxonomy for Commercial and Industrial Companies C&I taxonomy • To begin, the XBRL India jurisdiction has developed the general purpose taxonomy • The draft general purpose taxonomy which was exposed for public comment, has been finalised on the basis of comments • Expected to be sent shortly to XBRL International for accreditation • Will be released for use in India

  9. DEVELOPMENT OF XBRL TAXONOMIES (contd…) • Scope of C&I taxonomy • Financial statements-Balance Sheet, Statement of Profit and Loss & Cash Flow Statement • Related non-financial information, e.g., disclosures required in notes to accounts, additional disclosures required under company law • Features of C&I taxonomy • Based on Indian Accounting Standards • Conforms with requirements of Indian Company Law and SEBI Regulations • Adopts architectural features of the IFRS general purpose taxonomy

  10. DEVELOPMENT OF XBRL TAXONOMIES (contd…) • XBRL taxonomy for banks Draft has been finalised by Expert Committee under the Chairmanship of RBI nominee on the XBRL Steering Committee Expected to be exposed for comments shortly • XBRL taxonomy for Insurance sector and NBFC Decided to be developed shortly

  11. XBRL India Jurisdiction- Other Initiatives • XBRL India Website- launched in ICAI International Conference in Agra on July 3-5,2009 URL:-www.xbrl.org/in • ICAI Journal, the Chartered Accountant, Sept 2009, Special Issue on XBRL • Request sent to MCA re filing of XBRL Financial Statements • XBRL Education

  12. Thank You

More Related