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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.

  1. There were 3 new line items introduced; 1 decimal type and 2 boolean type.
#prefixElementType
3614in-caNumberOfEmployeesInTheCompanyAtTheEndOfTheFinancialYearxbrli:decimalItemType
3615in-caWhetherCompanyHasPublishedSustainabilityReportForTheFinancialYearxbrli:booleanItemType
3616in-caWhetherApprovalTakenFromBoardForMaterialContractsorArrangementsorTransactionsWithRelatedPartyxbrli:booleanItemType

 

  1. 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

TabElementNew Business Rule
Specific Rule for ElementsCashandCashEquivalentsMandatory if “DateofStartOfReportingPeriod” is  on or after 1 April 2018
Specific Rule for ElementsWhetherCompanyHasPublishedSustainabilityReportForTheFinancialYearMandatory if “DateofStartOfReportingPeriod” is  on or after 1 April 2018
Specific Rule for ElementsNameOfMainProductOrServiceMandatory if “DateofStartOfReportingPeriod” is  on or after 1 April 2018
Specific Rule for ElementsDescriptionOfMainProductOrServiceMandatory if “DateofStartOfReportingPeriod” is  on or after 1 April 2018
Specific Rule for ElementsNICCodeOfProductOrServiceMandatory if “DateofStartOfReportingPeriod” is  on or after 1 April 2018
Mandatory Line ItemsNumberOfEmployeesinTheCompanyAtTheEndOfTheFinancialYearMandatory if “DateofStartOfReportingPeriod” is  on or after 1 April 2018
Mandatory Line ItemsDetailsOfMaterialContractsArrangementsTransactionsAtArmsLengthBasisTableWhetherApprovalTakenfromBoardMaterialContractsArrangementsorTransactionsWithRelatedParty

 

  1. The following are changes to mandatory line items
 Table NameMandatory elements
DetailsOfMaterialContractsArrangementsTransactionsAtArmsLengthBasisTableNameOfRelatedParty
NameOfRelatedPartyRelationship
DescriptionOfNatureOfMaterialContractsArrangementsTransactionsWithRelatedParty
DurationOfMaterialContractsArrangementsTransactionsWithRelatedParty
WhetherApprovalTakenfromBoardMaterialContractsArrangementsorTransactionsWithRelatedParty

 

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.

Write to us on enquiry@datatracks.in or contact us on +91 44 4208 1719 for a non-obligatory fee quote.

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.