Gist of discussions at MCA & ICAI - XBRL Webcast of 30th Aug 2012

Here is the gist of discussions at MCA & ICAI - XBRL Webcast of 30th Aug 2012:

1) Validation tool will be out in 3rd week of Sept.

2) Quality will be of much importance in current year.

3) There will be a proper system for listing of vendor at MCA website

4) Cost Audit taxonomy will be out next week and 5000 reports are expected to be covered under the same.

5) Sample document will be released by 4th Sept.

6) Filing manual will be released with validation tool.

7) Suggestion for new thoughts are welcomed such as iXBRL etc.

8) MCA stated that the stakeholders should purchase XBRL software after the Validation Tool is released. However, selection of software for XBRL conversion is company's own decision for which they may take guidance from the list of vendors to be posted at MCA's Website;

9) MCA, like last year will provide the Validation Tool for free. However, due to certain practical issues, its not feasible to provide a Free XBRL conversion tool;

10) Form 23AC & Form 23ACA for Non-XBRL filing will be released in 3-4 days.

By
Vinod Kashyap