As per the roadmap issued by the Ministry of Corporate Affairs (MCA) in February 2015, certain class of companies have to prepare their financial statements as per Indian Accounting Standards (Ind AS) which are converged with International Financial Reporting Standards (IFRS) w.e.f F.Y. 2016-17. MCA has also notified Ind AS compliant format of financial statements (i.e. Division II of Schedule III to the Companies Act, 2013).
Accordingly, XBRL taxonomy, based on the Ind AS and Ind AS compliant Schedule III requirements, has been developed 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. MCA specific requirements, if any, have also been added to the taxonomy 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 are invited on the draft Ind AS XBRL taxonomy referred above.
Comments may be sent by e-mail at email@example.com, so as to be received not later than January 25, 2017. Alternatively, comments may be submitted in writing to 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.
The Ministry of Corporate Affairs (MCA) has notified IFRS-converged Indian Accounting Standards (Ind AS) and the roadmaps for the applicability of Ind AS for corporate, banks, Insurance companies and Non-banking Financial Companies. As per the roadmap, Ind ASs are applicable to certain companies from the financial year 2015-16 voluntarily and from 2016-17 on mandatory basis. Considering the above, the ICAI through the Ind AS Implementation Committee is making relentless efforts to provide necessary support and guidance to members and other stakeholders for proper implementation of Ind AS. For this purpose, the Committee has brought out the following publications as per the Standards notified by the MCA:
- Educational Material on Indian Accounting Standard (Ind AS) 1, Presentation of Financial Statements (Revised 2016)
- Educational Material on Indian Accounting Standard (Ind AS) 2, Inventories (Revised 2016)
- Educational Material on Indian Accounting Standard (Ind AS) 7, Statement of Cash Flows (Revised 2016)
- Educational Material on Ind AS 10, Events after the Reporting period
- Educational Material on Indian Accounting Standard (Ind AS) 37, Provisions, Contingent Liabilities and Contingent Assets (Revised 2016)
- Educational Material on Ind AS 101, First-time Adoption of Indian Accounting Standards
- Educational Material on Ind AS 16, Property, Plant and Equipment
- Educational Material on Ind AS 18, Revenue (Revised 2017)
- Educational Material on Indian Accounting Standard (Ind AS) 108, Operating Segments