|Reserve Bank of India (RBI)|
|RBI (India’s central bank) has introduced eXtensible Business Reporting Language (XBRL) based data submission process by banks using internet and Indian Financial Network (INFINET).In the phase I, a sizable portion of domestic banking business (7 returns) of the Indian banks was covered and the XBRL taxonomy developed in this process provided a considerable coverage of elements pertaining to reporting of information of Indian domestic banking system. All the scheduled banks in India were required to report through this platform.Now, RBI is working on the Phase II and already floated the RFPs (Request for Proposal) for the same. The objective of RBI XBRL Phase II is to bring the external sector business information and offsite surveillance and monitoring information (42 returns) to the centralized XBRL database. In this phase, out of nearly 225 different returns for the banks and non-bank entities, 42 have been decided to be taken up. It is expected to be complete by 2014.
Ministry of Corporate Affairs (MCA)
|The Ministry of Corporate Affairs (MCA) has adopted the taxonomy for Commercial & Industrial (C&I) Companies developed by ICAI for having the reporting of the annual financial Statements from a certain class of companies. The MCA has used the C&I taxonomy, as the base taxonomy and modified the same to suit its regulatory requirements by adding a few elements which are specific to their reporting requirements viz. Auditors’ Report, Directors Report, Company-specific details like CIN, subsidiary details etc. The MCA has mandated the reporting of financial statements for the following class of companies in its first phase of XBRL adoption:1. All companies listed in India and their Indian Subsidiaries;
2. All companies having a paid up capital of Rs. 5 crores and above
3. All companies having a turnover of Rs. 100 crores and above.It may be mentioned that the Commercial and Industrial Taxonomy is general purpose taxonomy designed for Commercial and Industrial entities (C&I). This taxonomy has been developed to enable companies prepare their financial statements, viz., Profit and Loss Account, Balance Sheet and Cash Flow Statement in XBRL format, based on the requirements of the Accounting Standards and Indian Company Law. This taxonomy has also been acknowledged by XBRL International.
With the change in the format for preparation of the financial statements viz. Revised Schedule VI, the taxonomy was required to be modified to be aligned with the Revised Schedule VI and accordingly, ICAI is working on the same. MCA is yet to bring out a circular specifying the coverage and scope of XBRL filings for its second phase of XBRL Implementation.
Securities and Exchange Board of India (SEBI)
|SEBI is developing an XBRL filing and dissemination platform (SUPER-D Project) which can be used by Registered Intermediaries as well as by companies for filing their returns/reports with SEBI or with Stock Exchanges through SEBI. For this purpose, they will use ICAI taxonomy in so far as financial statements are concerned.SEBI has formed XBRL Technical Advisory Committee (X-TAC) for guiding SEBI in its efforts for development of the abovesaid platform. The terms of reference of X-TAC are as under:1. Study in detail the technical requirements for the abovesaid platform.
2. Advise SEBI in the entire process of tendering, evaluation of bids, selection of vendors etc. for development as well as successful implementation of the platform.
3. Provide technical advice on other incidental matters.
This Committee is also working on implementing XBRL in mutual funds filing. The taxonomy for the mutual funds has also been developed by SEBI for the said purpose as SEBI is regulator of mutual funds.