The XBRL filing is up and running…and this is the second year of MCA xbrl filing (C and I) in India. In the first year of operations the MCA was very liberal and may not have prosecuted bad / poor filing. However, it does not mean that they were happy with the quality of work done by professionals.
In fact they have issued a circular 16th October, 2012 (available on the MCA site) where they have said that they are not happy with what has happened. They have done a few test check cases and come to some conclusions like the following:
-doing block text tagging where detail tagging should have been done (fairly obvious done to save time and money)
- subsidiaries – 9 in number but only 1 shown in XBRL, the others NOT in xbrl mode. The MCA does not want such mischief.
The department’s language is very strong and OBVIOUSLY so. Members of the 3 institutes who have certified statements saying ‘it is complete’ also run a risk of being prosecuted by the respective institutes especially with incomplete documents.
The current year tagging (year ended post March 2012) is far more detailed and will require a lot of attention to detail. The amount of exacting work that tagging the investment schedules, and other more complicated work will take is not small. Yes some vendors will have the where withal to handle the complications, but the smaller vendors will not.
There is still a debate on ‘how much’ of detailed tagging…but then at the present juncture everybody’s eyes are on the filing deadline of 14th Nov, 2012.
The million dollar question is
WILL IT BE EXTENDED?????
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