XBRL filing – is up and running!
Iris Business Services Limited was the first company to file it – they filed it at about 2.30am Saturday! Many companies are trying to file – and I believe many are failing.
Clearly it is not an easy thing to do. You need a software to do it – and reasonable working knowledge of xbrl and a good level of accounting knowledge. Should the person be a Chartered Accountant or a Cost Accountant to do it? No. Not really.
Could be a smart Bcom graduate with about 4-5 years experience will be able to do it, but it is not easy. I have seen the forms, and enough automation is not possible. Lot of details like directors PAN number, DIN number, SRN of the filing of the form 23B, …all have to be MANUALLY entered. I am sure mistakes in all these fields are not really verifiable, and the rendering could happen with some errors…..but a query could arise later on. Also the certification by a practicing accountant is still mandatory..and is a painful part of the whole process!
Since the people who are attempting it are all qualified accountants, company secretaries and the like – I am assuming that the basic care will be taken. Last heard of many companies had failed – and proves once again that it is not easy…and requires some care.
So if you are a company who has to file the ANNUAL RETURNS in xbrl format, wake up, and file it by 15th November! Not sure how the MCA website will behave if 5000 companies try to file it at the same time!
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