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XBRL: Computer language for Business Reporting

XBRL stands for eXtensible Business Reporting Language. It offers benefits in terms of cost savings, greater efficiency, data reusability, improved analysis and reliability to all those involved in supplying or using financial data.

 

Ministry of Corporate Affairs (MCA) has made it mandatory for the listed Companies (including their subsidiaries) and Companies with a paid up capital of Rupees Five Crores and above or turnover of  Rs Hundred Crore and above to file their financial statements in XBRL Form for the year 2010-11 on or before Nov 30,2011.

 

For XBRL filing the companies are required to understand XBRL Taxonomy, carry out tagging, perform validation and create and an Instance document.  The objective of the training is to familiarize you with this complete process of preparation and filing of XBRL returns.

Revised Schedule VI: Precursor to Ind AS 

MCA circular dated 28 Feb 2011 mandate Companies to present their financial statements as per the Revised Schedule VI. It harmonizes and synchronizes the general presentation and disclosure requirements under Old Schedule VI with those prescribed in Ind AS (Equivalent to IFRS) which India will adopt soon. Specific exemption is given for Banking, Insurance and Companies engaged in generation and supply of electricity 

Revised Schedule applicable to all companies applying Indian GAAP – however certain concepts such as current / non-current classification are adopted from Ind-AS / IFRS. This will require companies following Indian GAAP to also familiarize themselves with Ind-AS and IFRS, though these standards may never be adopted or adopted much later by these companies.

IFRS |Ind AS: Global business language

Ministry of Corporate affairs (MCA) vide his press release dated 22 January 2010 had announced the roadmap for phase wise convergence with International Financial Reporting Standards (IFRS). Thereafter on 25 February 2011, MCA notified 35 Ind AS (Indian Accounting Standards equivalent to IFRS) for this changeover. However the date of implementation of Ind AS is yet to be announced.

The key challenges that would be faced by Indian companies in implementing Ind AS are namely– Revenue recognition, fair valuation, assets componentization, financial instruments, control definition and voluminous disclosure requirements.

Our training program would provide an overview of the important Ind AS, differences between Ind AS and existing accounting standards, key implementation issues on convergence and forthcoming IFRSs.

Schedule

November 18, 2011 — 9:00 am to
November 19, 2011 — 6:00 pm

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Venue

Hotel Residency Towers
Chennai, Tamil Nadu
India

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