NIRC News July 2011.pmd - Icsi

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XBRL SIMPLIFIED NOTE ON STEPS FOR FILING ANNUAL REPORT IN XBRL (EXTENSIBLE BUSINESS REPORTING LANGUAGE) MODE Applicability 1. All companies listed in India. 2. Indian subsidiaries of listed companies; 3. All companies having a paid up capital of Rs.5 crore and above 4. All companies having a turnover of Rs.100 crore and above. Exemption- 1.Banking Companies 2.Insurance Companies 3.Power Companies 4.Non Banking Financial Companies Steps for filing Financial Statements – Step 1 (Preparation of Financial Statement) Begin with Company’s financial Statements. Step 2 (Mapping/Tagging) Map Company’s each financial statement element to a corresponding element in published taxonomy. Mapping: Mapping is the process of comparing the concepts in the financial statements to the elements in the published taxonomy, assigning a taxonomy element to each financial statement concept. Mapping is done by tagging/linking of the XBRL taxonomy elements with the various accounting heads in the books of accounts of the company. This would result in mapping of the various taxonomy elements with the accounting heads so that the accounting information can be converted into XBRL form. Taxonomy: Taxonomy can be referred as electronic dictionary of the reporting concepts. It includes terms such as net income, EPS, cash etc. Taxonomy may represent hundreds or even thousands of individual reporting concepts. Concepts/Reporting concepts refer to various accounts heads in which financial data is displayed Step 3 (Instance Document) Creation of instance document. Instant Document: An instance document is a XML file that contains business reporting information and represents a collection of financial facts and report-specific information using tags from the XBRL taxonomy. Note: Separate instance documents need to be created for the following: 1. Stand Alone Balance sheet of the company 2. Stand Alone Profit and Loss Account of the company 3. Consolidated Balance sheet Compiled by: CS. Amit Walia F.C.S., L.L.B., L.I.I.I. 4. Consolidated Profit and Loss Account of the company. The manner of creation of instance document has not been specified but it seems that the same will be done at the press of a button as is done while filing online Income Tax returns wherein an xml file is generated on the press of a button which is further filed with the department. Step 4 (Validation): Once the instance document is prepared, it needs to be ensured that it is a valid instance document and all the information has been correctly captured in the instance document. It shall be done in the following manner. 1. There shall be a tool provided at the MCA portal for validating the generated XBRL instance document. 2. Download the tool. 3. Validate the document using the tool. Following validations shall be performed by the tool- • Validating that the instance document is as per the latest and correct version of taxonomy prescribed by MCA. • All mandatory elements have been entered. • Other validations as per taxonomy Step 5 (Pre-scritiny) Perform pre-scrutiny of the validated instance documents through the same tool. Step 6 (Filling of Forms) • Fill up the form 23AC and Form 23ACA. • Attach the validated and pre-scrutinised instance document for Balance sheet to Form 23AC. • Attach the validated and pre-scrutinised instance document for Profit and Loss account to Form 23ACA. Note: Separate instance documents need to be attached with respect to Standalone financial statements and consolidated financial statements. Step 7 (Form Submission) • Complete the Forms. • Perform pre-scrutiny of the form • Sign the form • Upload the form as per the normal e-form filing process. July, 2011 10 NIRC-ICSI Newsletter
COMPLIANCE CHECKLIST FROM 10 TH JULY TO 10 TH AUGUST, 2011 Compliance Checklist Sr. Activities Sections/Rules/ Acts/Regulations, Compliance To whom to No. Clauses, etc. etc. Due Date be submitted 1. Monthly Excise Return Rule 12 Central Excise, 10 th July Superintendent of Rules, 2002 Central Excise 2. File TDS/TCS quarterly statement in Section 192 to 195 Income Tax Act, 15 th July Income-Tax Form24 Q/26Q/ for April-June 1961 Authorities 3. Submit quarterly Corporate Clause 49 Listing Agreement 15 th July Stock Exchanges Governance Compliance Certificate 4. Annual Return on foreign Liabilities A.P (DIR Series) FEMA 15 th July RBI & Assets Rep orting by Indian Circular No. 45 companies 5. File liquidity return in Form Para 2 & 3 RBI (NBFC) Returns 15 th July RBI NBS-3(NBFC) Specifications, 1997 6. File a quarterly result on frauds Master Circular Department of Non outstanding dated 01/07/2010 Banking Supervision 15 th July RBI 7. Submit a case wise progress report Master Circular Department of Non on frauds involving Rs.1 lakh and more dated 01/07/2010 Banking Supervision 15 th July RBI 8. Submit shareholding pattern as at Clause 35 Listing Agreement 21 st July Stock Exchanges the end of the previous quarter 9. Submit quarterly audit report on Regulation 55A SEBI(Depositories 30 th July Stock Exchanges reconciliation of capital, updation of and Participants) register of members and Regulations, 1996 dematerializations 10 Income Tax Return for Non- Corporates Section 139(1) Income Tax Act 31 st July Income tax & Individuals Who are under non- Authorities audited u/s 44AB 11 Furnish Unaudited quarterly financial Clause 41 Listing Agreement 14th August Stock Exchanges results in the prescribed format 12. Issue TDS Certificate in form 16A to Section 203 Income Tax Act, 15th July Income-Tax vendors 1961 Authorities 13. Intimation of date of Board Meeting Clause 41 Listing Agreement 7 days in Stock to consider quarterly results advance Exchanges 14. Issue press release about Board Clause 41 Listing Agreement Simultaneo- One National & one Meeting to consider quarterly results meeting usly after regional newspaper Board 15. Intimation of quarterly results Clause 41 Listing Agreement Within 15 Stock Exchanges minutes of Board Meeting 16. Publish quarterly Results Clause 41 Listing Agreement Within 48 One English and hours of BM one regional newspaper July, 2011 11 NIRC-ICSI Newsletter
Page 1 and 2: July, 2011 1 NIRC-ICSI Newsletter
Page 3 and 4: From the Chairman Dear Professional
Page 5 and 6: Article RAISING OF EQUITY AND LISTI
Page 7 and 8: Article • Effective communication
Page 9: Article huge challenge. The investo
Page 13 and 14: PROFESSIONAL DEVELOPMENT & TRAINING
Page 15 and 16: Students 6-14.6.2011 20 th Student
Page 17 and 18: PUBLIC RELATIONS COMMITTEE Sl. No.
Page 19 and 20: Delhi Study Group Meetings DELHI ST
Page 21 and 22: Forthcoming Programs TWO DAY WORKSH
Page 23 and 24: July, 2011 23 NIRC-ICSI Newsletter

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