{"id":382,"date":"2012-10-19T18:00:30","date_gmt":"2012-10-19T18:00:30","guid":{"rendered":"http:\/\/xbrlexperts.in\/blog\/?p=382"},"modified":"2022-07-20T14:03:40","modified_gmt":"2022-07-20T14:03:40","slug":"ministry-of-corporate-affairs-press-release-on-enhancing-the-quality-of-xbrl-filing-certified-by-professional-members","status":"publish","type":"post","link":"https:\/\/prathamconsult.com\/bak-main\/blog\/2012\/10\/19\/ministry-of-corporate-affairs-press-release-on-enhancing-the-quality-of-xbrl-filing-certified-by-professional-members\/","title":{"rendered":"Ministry of Corporate Affairs Press Release on Enhancing the Quality of XBRL Filing Certified by Professional Members"},"content":{"rendered":"<div style=\"text-align: center\"><span style=\"color: #048aba\"><strong>Quality of XBRL Filing Certified by Professional Members&nbsp;<\/strong><\/span><\/p>\n<\/div>\n<div>The Ministry of Corporate Affairs (MCA) has pressed upon for the need to improve the quality of XBRL (Extensible Business Reporting Language) filings. In a letter sent to the Presidents of the <span style=\"color: #048aba\"><strong>Institute of Chartered Accountants of India (ICAI)<\/strong><\/span> and the <span style=\"color: #048aba\"><strong>Institute of Company Secretary in India (ICSI)<\/strong> <\/span>the Ministry said it is the bounden duty of these institutes to improve the quality of XBRL filing for the financial year (FY) 2011-12 to be undertaken by its members. Further, the Institute may conduct further trainings, issue guidelines, etc so that such quality related issues are appropriately resolved.<\/p>\n<p>As per the letter a random scrutiny of XBRL filing of financial statements by few companies to MCA for FY 2010-11 reveals significant variations in disclosures in published results and the XBRL filing due to \u2018incorrect\u2019 mapping of disclosures. It has been observed that few disclosures were \u2018mapped\/ tagged\u2019 with incorrect accounting concept despite availability of appropriate element in taxonomy. It has also been observed that provisions of \u201cBlock Text tagging\u201d and\/ or \u201cFootnote\u201d have been inappropriately used to report disclosures like subsidiary details, related party transactions, Director\u2019s Report, etc. even when appropriate elements were available in the taxonomy for such disclosures.<\/p>\n<p>Moreover, Such filing are inaccurate and do not adequately represent true and fair view of the state of affairs of the company as per Section 211 of the Companies Act, 1956. Such XBRL filing, apart from being misleading, also dilute the effectiveness of XBRL, for stakeholders\u2019 usage relating to the companies. It is unfortunate that professionals have certified the authenticity of such incorrect date, for which they are liable to be penalized. Such lapses defeat the very purpose of introducing XBRL filing which are meant to elicit more detailed and refined information as to the affairs of companies. Please note that XBRL filing are being minutely scrutinized to see if similar mistakes also appear in a larger sample.<\/p>\n<p>It is note worthy that XBRL filing of financial statements by a select class of companies for FY 2010-11 was mandated vide <span style=\"color: #048aba\"><strong>Ministry of Corporate Affairs Notification GSR No: 748(E) dated 05.10.2011<\/strong><\/span>. The E-forms were duly certified by CA\/CS\/CWA professionals for their completeness and correctness in representation with respect to audited financial statement of the company.<\/p>\n<p>*******<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Quality of XBRL Filing Certified by Professional Members&nbsp; The Ministry of Corporate Affairs (MCA) has pressed upon for the need [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4458,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,59,64,74],"tags":[161,181,182,218,223,277,287],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ministry of Corporate Affairs Press Release on Enhancing the Quality of XBRL Filing Certified by Professional Members - BAK - Main<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prathamconsult.com\/bak-main\/blog\/2012\/10\/19\/ministry-of-corporate-affairs-press-release-on-enhancing-the-quality-of-xbrl-filing-certified-by-professional-members\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ministry of Corporate Affairs Press Release on Enhancing the Quality of XBRL Filing Certified by Professional Members - 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