Government is amending the form for furnishing annual financial statements under the Companies law as part of efforts to ensure that CSR spending figures are reported in a proper manner.
The Ministry of Corporate Affairs (MCA), which is implementing the Companies Act, is in the process of making amendments to AOC-4 XBRL form regarding CSR disclosure – which is used to submit annual financial statements.
Xtensible Business Reporting Language (XBRL) is used for communicating financial and business data electronically.
In a communication to stakeholders, the Ministry said “AOC-4 (XBRL) for filing annual financial statements is being amended to include mandatory CSR/ CARO related details”.
CSR refers to Corporate Social Responsibility while CARO stands for Companies (Auditor’s Report).
Companies would be required to submit their financial statements in the revised form, expected to be made available next month, in respect of financial years starting on or after April 1, 2014.
Source: Economic Times