India
Country: India
Status: Provisional Jurisdiction
Jurisdiction Name : xbrl.in
Website :
Membership Count: 17
IFRS Adoption for Public Companies: not permitted
XBRL PROJECTS OVERVIEW:
| BSE- Bombay Stock Exchange | Mandatory Filing |
| Institute Chartered Accountants India | Development |
| Insurance Regulatory and Development Authority | Development |
| Ministry of Corporate Affairs India | Development |
| NSE-National Stock Exchange of India | Voluntary Filing |
| Reserve Bank of India | Mandatory Filing |
| Securities and Exchange Board of India | Voluntary Filing |
JURISDICTION MEMBERSHIP:
| Associated Chambers of Commerce and Industry of India |
| Bombay Stock Exchange Ltd |
| Comptroller and Auditor General of India |
| Confereration of Indian Industries |
| i-flex Solutions Ltd |
| ICICI Bank Ltd |
| Infosys Technologies Ltd |
| Institute of Chartered Accountants in India |
| Insurance Regulatory and Development Board (India) |
| Ministry for Corporate Affairs (India) |
| Ministry of Communication and Information Technology (India) |
| National Stock Exchange of India |
| Reserve Bank of India |
| Securities and Exchange Board of India |
| Tata Consulting Services |
| Vatas Infotech Pvt Ltd |
| Wipro Ltd |
Oct08 – Reserve Bank of India launch Basel II Online Returns Filing System (ORFS), an XBRL reporting system to be used by commercial banks for all major filings. The decision follows extensive 2007 pilot study overseen by the High Level Steering Committee, whose representatives included the RBI, the Institute of Chartered Accountants of India (ICAI) , the Indian Banks’ Association, commercial banks and the software industry.
Oct08 XBRL India, published the final version of the General Purpose Financial Reporting XBRL Taxonomy for Commercial and Industrial Companies (C&I). Based on Indian GAAP and the architecture of the IFRS Taxonomy 2006. XBRL India has a number of other initiatives: the update of the India Taxonomy C&I to the architecture of the latest IFRS taxonomy, and the development of a taxonomy for the financial sector. XBRL is already implemented at the two largest Indian stock exchanges (Bombay and National ). The Ministry of Corporate Affairs has decided to introduce Extensible Business Reporting Language (XBRL) across the taxation and accounting organizations across India. The ministry has asked the Institute of Chartered Financial Analysts of India (ICFAI)
The Ministry of Corporate Affairs (MCA), Government of India (GoI) has resolved to implement Extensible Business Reporting Language (XBRL) for all companies in India from 2011, [link]. Thus international financial reporting standards (IFRS) convergent companies along with the non-convergent companies will be required to file their documents in the XBRL format. Currently, the top 100 companies are already using the XBRL format for financial reporting. As per a senior MCA official, companies will have to start following XBRL from 2011 onwards wherein both the IFRS convergent companies and also the non-convergent companies will have to follow this reporting tool for filing their financial documents.
