DataTracks: ready with the new Taxonomy for Commercial and Industrial (C&I) companies, India

DataTracks, a leading provider of high-quality XBRL services and software has incorporated the latest taxonomy for Commercial and Industrial (C&I) companies based on notified provision of the Companies Act, 2013. Developed under the auspices of the Ministry of Corporate Affairs (MCA), the taxonomy has been designated for use in XBRL tagging.

New Taxonomy for Commercial and Industrial (C&I) companies, India

The Taxonomy Development and Review Committee of XBRL India released the draft version of the taxonomy in June 2015. It is now finalized for use by MCA through notification as intended earlier. The Ministry has replaced the 23AC/23ACA forms with the new form AOC-4 and the electronic version of AOC-4 and AOC-4 XBRL forms are now available on the MCAs portal for filing. The taxonomy is modeled on the new AOC-4 Form.

The broad changes in the MCA taxonomy include:

  • Addition of new extended link roles on Corporate Social Responsibility and Secretarial Audit Report
  • Additional disclosure requirements in Boards report
  • Modifications in the Auditors Report owing to the introduction of Companies (Auditors Report) Order (CARO) 2015 in place of CARO 2003

DataTracks provides compliance reporting solutions to enterprises in India. Being a pioneer in XBRL technology, DataTracks provides XBRL solutions using in-house software developed by professionals with accounting as well as XBRL technology expertise.

As a company that caters to a number of regulatory regimes in various countries, we understand the importance of quality, speed and the need to stay up-to-date on all regulations that impact compliance reporting, making that our priority said Balaji Muthukrishnan, VP, Operations.

Customer expectations of an easy-to-use, scalable and customizable application for XBRL compliance are always high. We at DataTracks take great pride in providing exactly what the market is craving “ a comprehensive, easy-to-use tagging tool through our suite of leading solutions, focused on helping our clients.

The detailed changes to the taxonomy have been published on the MCAs portal. Kindly follow our website for more updates or contact us to know more about the solution.

About DataTracks: DataTracks Services Limited is a global leader in the preparation of financial statements in XBRL and iXBRL formats for filing with regulators. DataTracks prepares more than 12,000 XBRL statements annually for filing with regulators such as SEC in the United States, HMRC in the United Kingdom, Revenue in Ireland and MCA in India.

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Media contact: T R Santhanakrishnan, +91 (44) 22541812

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