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XBRL-XBRL-INDIAN INTIATIVESINDIAN INTIATIVES

The Institute of Chartered Accountants of The Institute of Chartered Accountants of IndiaIndia

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ICAI’s XBRL GROUPICAI’s XBRL GROUPXBRLXBRL

Provides a standardised electronic Provides a standardised electronic platform for financial reporting platform for financial reporting

Offers various benefits to users & Offers various benefits to users & preparers of financial reportspreparers of financial reports

Appreciating XBRL’s role in financial Appreciating XBRL’s role in financial reporting, ICAI, the premier accounting reporting, ICAI, the premier accounting body and the national standard-setterbody and the national standard-setter

constituted a Group on XBRL in January constituted a Group on XBRL in January 20072007

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ICAI’s XBRL GROUP (contd…)ICAI’s XBRL GROUP (contd…)

Fairly broad-based participation from Fairly broad-based participation from various sectors:various sectors:

Stock Exchanges

Stock Exchanges

Relevant Ministries

Relevant Ministries

Industry Associations

Industry Associations

Software Companies

Software Companies

ICAI Council Members

ICAI Council Members

Regulators – SEBI, RBI, IRDA

etc.

Regulators – SEBI, RBI, IRDA

etc.

XBRL Group

XBRL Group

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ICAI’s XBRL GROUP (contd…)ICAI’s XBRL GROUP (contd…)Objectives of the Group:Objectives of the Group:

Establish forum for development of XBRL Establish forum for development of XBRL in India including its promotionin India including its promotion

To act as general body of membership of To act as general body of membership of XBRL India jurisdiction of XBRL XBRL India jurisdiction of XBRL International.International.

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XBRL XBRL INDIAINDIA JURISDICTION JURISDICTIONCarrying the task of XBRL in India forward, the XBRL Carrying the task of XBRL in India forward, the XBRL

Group established the XBRL India jurisdiction of XBRL Group established the XBRL India jurisdiction of XBRL International in December 2008International in December 2008

To govern XBRL India jurisdiction, a steering To govern XBRL India jurisdiction, a steering Committee, out of the general members of the XBRL Committee, out of the general members of the XBRL group, has been constituted as per the requirements of group, has been constituted as per the requirements of XBRL InternationalXBRL International

Initially XBRL India would be a Initially XBRL India would be a provisional provisional jurisdictionjurisdiction

Subsequently (after the stipulated 2 years) – will apply Subsequently (after the stipulated 2 years) – will apply for established jurisdictionfor established jurisdiction

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XBRL INDIA JURISDICTION XBRL INDIA JURISDICTION (contd…)(contd…)

Steering Committee membershipSteering Committee membership

• President ICAI, ChairmanPresident ICAI, Chairman• Vice President ICAI, Vice ChairmanVice President ICAI, Vice Chairman• RBI nominee on XBRL GroupRBI nominee on XBRL Group• SEBI nominee on XBRL GroupSEBI nominee on XBRL Group• Chairman ASBChairman ASB• Chairman AASBChairman AASB• Chairman, IT CommitteeChairman, IT Committee• Two representatives from Software Two representatives from Software

Companies of the XBRL GroupCompanies of the XBRL Group

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XBRL INDIA JURISDICTION XBRL INDIA JURISDICTION (contd…)(contd…)

The The main objectivesmain objectives of the XBRL India of the XBRL India jurisdiction:jurisdiction:

Promote and encourage the adoption of XBRL as the Promote and encourage the adoption of XBRL as the standard for electronic business reporting in Indiastandard for electronic business reporting in India

Develop and manage XBRL taxonomiesDevelop and manage XBRL taxonomies

Represent Indian interests within XBRL InternationalRepresent Indian interests within XBRL International

Contribute to the international development of XBRLContribute to the international development of XBRL

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DEVELOPMENT OF XBRL DEVELOPMENT OF XBRL TAXONOMIESTAXONOMIES

General Purpose Financial Reporting XBRL General Purpose Financial Reporting XBRL taxonomy for Commercial and Industrial taxonomy for Commercial and Industrial Companies C&I taxonomyCompanies C&I taxonomy

To begin, the XBRL India jurisdiction has developed To begin, the XBRL India jurisdiction has developed the general purpose taxonomythe general purpose taxonomy

The draft general purpose taxonomy which was The draft general purpose taxonomy which was exposed for public comment, haexposed for public comment, has been finalised on s been finalised on the basis of commentsthe basis of comments

Expected to be sent shortly to XBRL International Expected to be sent shortly to XBRL International for accreditationfor accreditation

Will be released for use in IndiaWill be released for use in India

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DEVELOPMENT OF XBRL DEVELOPMENT OF XBRL TAXONOMIES (contd…)TAXONOMIES (contd…)

Scope of C&I taxonomyScope of C&I taxonomy

Financial statements-Balance Sheet, Statement of Profit Financial statements-Balance Sheet, Statement of Profit and Loss & Cash Flow Statementand Loss & Cash Flow Statement

Related non-financial information, e.g., disclosures Related non-financial information, e.g., disclosures required in notes to accounts, additional disclosures required in notes to accounts, additional disclosures required under company lawrequired under company law

Features of C&I taxonomyFeatures of C&I taxonomy

Based on Indian Accounting StandardsBased on Indian Accounting StandardsConforms with requirements of Indian Company Law and Conforms with requirements of Indian Company Law and

SEBI RegulationsSEBI RegulationsAdopts architectural features of the IFRS general purpose Adopts architectural features of the IFRS general purpose

taxonomytaxonomy

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DEVELOPMENT OF XBRL DEVELOPMENT OF XBRL TAXONOMIES (contd…)TAXONOMIES (contd…)

XBRL taxonomy for banksXBRL taxonomy for banks Draft has been finalised by Expert Committee Draft has been finalised by Expert Committee

under the Chairmanship of RBI nominee on under the Chairmanship of RBI nominee on the XBRL Steering Committeethe XBRL Steering Committee

Expected to be exposed for comments shortlyExpected to be exposed for comments shortly

XBRL taxonomy for Insurance sector and XBRL taxonomy for Insurance sector and

NBFCNBFC Decided to be developed shortlyDecided to be developed shortly

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XBRL India Jurisdiction- Other XBRL India Jurisdiction- Other InitiativesInitiatives

XBRL India Website- launched in ICAI XBRL India Website- launched in ICAI International Conference in Agra on July 3-International Conference in Agra on July 3-5,2009 5,2009

URL:-www.xbrl.org/inURL:-www.xbrl.org/in

ICAI Journal, the Chartered Accountant, ICAI Journal, the Chartered Accountant, Sept 2009, Special Issue on XBRLSept 2009, Special Issue on XBRL

Request sent to MCA re filing of XBRL Request sent to MCA re filing of XBRL Financial StatementsFinancial Statements

XBRL EducationXBRL Education

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Thank YouThank You