Ministry of Corporate Affairs has issued circular dated 16th
October, 2012 to point out the mistakes and defaults made in XBRL filings for
the year 2010-11. It has requested the respective institutes to give training
or issue guidelines for it members to let them learn the proper use of XBRL to
make disclosures which must not be diluted or misrepresent the facts about the
company’s financials.
It has also pointed out few major mistakes made in the XBRL
Filings for the year 2011-12. Please follow the link to read the circular http://www.mca.gov.in/Ministry/pdf/General_Circular_33_2012.pdf
The initiative taken by MCA is really noteworthy. Instead of accusing companies by letting them know about their mistakes, the MCA has come forward with an assuring gesture which suggested the stakeholders that MCA is there to offer its helping hand in correcting the mistakes done in past and to help them make sure that these mistakes are not repeated again.
ReplyDeleteYes Rohan...It is.
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