Looking back at Updates to C&I Taxonomy and Business Validation Rules
In October 2019, the MCA released updates to the C&I Taxonomy and corresponding business validation rules, making it “Final Business Rules based on XBRL C&I taxonomy 2016 v1.3”. Subsequently, MCA’s validation tool was also upgraded to V4.8.
Often, only developers of XBRL tools dive deep into these updates. For the benefit of everyone dealing with XBRL conversions, we have come up with a snapshot of rules and elements that were updated in the October release.
- There were 3 new line items introduced; 1 decimal type and 2 boolean type.
- Changes to 7 business rules were made. 5 changes were made to specific rules for elements and 2 to mandatory line items
The following are changes to specific rules
|Tab||Element||New Business Rule|
|Specific Rule for Elements||CashandCashEquivalents||Mandatory if “DateofStartOfReportingPeriod” is on or after 1 April 2018|
|Specific Rule for Elements||WhetherCompanyHasPublishedSustainabilityReportForTheFinancialYear||Mandatory if “DateofStartOfReportingPeriod” is on or after 1 April 2018|
|Specific Rule for Elements||NameOfMainProductOrService||Mandatory if “DateofStartOfReportingPeriod” is on or after 1 April 2018|
|Specific Rule for Elements||DescriptionOfMainProductOrService||Mandatory if “DateofStartOfReportingPeriod” is on or after 1 April 2018|
|Specific Rule for Elements||NICCodeOfProductOrService||Mandatory if “DateofStartOfReportingPeriod” is on or after 1 April 2018|
|Mandatory Line Items||NumberOfEmployeesinTheCompanyAtTheEndOfTheFinancialYear||Mandatory if “DateofStartOfReportingPeriod” is on or after 1 April 2018|
|Mandatory Line Items||DetailsOfMaterialContractsArrangementsTransactionsAtArmsLengthBasisTable||WhetherApprovalTakenfromBoardMaterialContractsArrangementsorTransactionsWithRelatedParty|
- The following are changes to mandatory line items
|Table Name||Mandatory elements|
Such changes, though minute may have ultimately delayed delivery commitments, especially when using a software and waiting for software upgrades to be rolled out.
Engaging a team such as DataTracks who have expertise in handling various taxonomies across the globe and experience in handling turnarounds of less than a day can help can help ease the stress of meeting filing deadlines without compromising on quality, and at competitive rates.
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DataTracks, a global leader in regulatory compliance reporting solutions, has been in business since 2005 and has helped prepare more than 172,000 reports since inception. DataTracks provides fully assisted services in selected regulatory regimes where inputs provided by clients in traditional formats are converted to HTML, XML, XBRL or iXBRL formats.