Press Information Bureau

Government of India

Ministry of Corporate Affairs

26-March-2012 17:20 IST

Implementation of XBRL

                        The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Rajya Sabha that the Ministry has set up a committee in November 2011 comprising of XBRL experts and representatives from the corporate sector as well as the Institute of Chartered Accountants of India (ICAI) with the following terms of references:

    Identification of class of companies and various reports to be filed in XBRL in Phase-wise manner.

    Development of Taxonomies to be used by Corporates for their regulator filings to Government agencies.

    Extensions in Taxonomies and XBRL Assurance framework.

    Training, awareness and capacity building of stakeholders.

    Framework for consumption & dissemination of XBRL data.

            Information regarding setting up of the committee and its terms of reference has also been put on the Ministry’s website: www.mca.gov.in for information of the general public, and for their suggestions and comments. In response to this, a large number of suggestions have been received regarding.

    New accounting concepts (elements) in the taxonomy,

    Approach that may be adopted in development of applicable taxonomies,

    Approach that may be adopted for resolving technical issues like ‘extensions’ in taxonomies and rendering of XBRL documents,

    Phase wise coverage of new companies/filing in XBRL,

    Framework for consumption and dissemination for XBRL data, etc.

            These suggestions have been shared with the Committee for examination and possible incorporation in the roadmap for future implementation of XBRL by the Ministry.

         The Minister was replying to a question whether Government has formed a committee to develop the roadmap for future implementation of eXtensible Business Reporting Language (XBRL); the details of terms of references of the said committee and  the  suggestions invited from various stakeholders.

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              ST/-

XBRL implementation roadmap: committee to set phased filing, taxonomy and data dissemination framework after public consultation. A ministry-established committee will develop a phased implementation roadmap for XBRL filings, covering identification of company classes and reports, taxonomy development, rules for extensions and assurance, stakeholder training, and a framework for consumption and dissemination of XBRL data. The Ministry published the terms and solicited public comments on taxonomy elements, development approaches, technical handling of extensions and rendering, phase-wise coverage for filings, and data dissemination; these suggestions have been shared with the committee for possible inclusion in the implementation roadmap.