MCA initiates to impart training to regulators to carry out necessary examination of filings in XBRL

The Ministry of Corporate Affairs has established an added facility under MCA 21, integration with Trade Mark Authority recently. The added feature facilitates professional / public to cross verify Company name before applying for ROC approval.

In addition, the XBRL reporting format has been introduced for filing of financial statements [Balance Sheet and Profit & Loss Account] of select class of companies from FY 2010-11. The Ministry undertook several pro-active measures including monitoring the filing position on day-to-day basis and large scale campaign through messages on the websites of Ministry, Professional Institutes, Trade and Industry chambers. As a result, significant improvement in filings has been achieved. Over 21,500 companies have filed its financial statements in XBRL format so far, which is more than 12,500 companies in the previous month, i.e. November 2011. Efforts are being made to impart necessary training to regulators to be able to carry out necessary examination of filings in the XBRL mode.

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Taniya | Associate

eMinds Legal Consulting Pvt. Ltd. is a Consulting Firm in India specialzing in Corporate Laws, Compliances, Secretarial, FEMA, Indirect Taxation, Cyber Laws & Contracts. The Firm comprises of a team of professionals of Company Secretaries, Lawyers and Chartered Accountants with an in-depth subject matter knowledge and participative industry experience of over 12 years.

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