ICAI seeks feedback on changes to Commercial & Industrial taxonomies for XBRL reporting
The Institute of Chartered Accountants of India (ICAI) is inviting comments on exposure drafts amending India’s Commercial & Industrial (C&I) taxonomies, used to underpin digital reporting.
The Ministry of Corporate Affairs (MCA) has mandated that financial statements be filed in XBRL format by companies operating in the C&I sectors. Two XBRL taxonomies already exist: the Ind AS Taxonomy reflecting the IFRS-based Indian Accounting Standards, and the AS Taxonomy capturing the older national Accounting Standards still used by some companies. These taxonomies have now been amended and updated for the 2021-22 financial year, and the exposure drafts recently finalised by the Taxonomy Development and Review Committee of XBRL India. Comments are welcomed by 15 January 2022, so do not delay!
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