XBRL (eXtensible Business Reporting Language) is a novel way of electronic communication of business and financial data that is of immense utility to the capital markets and the investing community. Those who stand to benefit include all who collect business data, including governments, regulators, economic agencies, stock exchanges, financial information companies and the like, and those who produce or use it, including accountants, auditors, company managers, financial analysts, investors and creditors.
The recent mandate issued by the Ministry of Corporate affairs (MCA) has specifically exempted Banking, Insurance, Power and NBFCs from filing in XBRL formats in its first phase. However, the next phase proposes to cover all these exempted category of companies.
Recently, the draft taxonomy for Non-Banking Financial Companies (NBFCs) has been finalized. This draft taxonomy covers the financial statements, viz., Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement and the related non-financial information. The draft taxonomy has been developed conforming to the existing notified Accounting Standards, Company Law and the pronouncements issued by the Reserve Bank Of India, while adapting the architectural features of the IFRS general purpose taxonomy 2006.
Comments are invited on the draft NBFC taxonomy. These may be sent by e-mail email@example.com, so as to be received not later than 15th August 2011. Alternatively, comments may be submitted in writing to Dr. Avinash Chander, Technical Director, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi – 110 002.