Banks, non-banking financial panies (NBFCs), power and insurance firms have been given time beyond September to file aounts in a new puterized format patible with global standards.

panies above a certain size have to mandatorily file their financial statements for 2010-11 in the extensible Business Reporting Language—or XBRL, a puter language for reporting financial statements—from 15 July. They can file the statements till September without paying a late fee, aording to notifications by the rporate affairs ministry.

But the four sectors mentioned above “need different business rules and taxonomy and, therefore, the ministry has given them more time,” said a ministry official who did not want to be identified.

A final glossary, or taxonomy, and classification of terms related to the implementation of XBRL will be circulated by 20 May.

For other sectors, the ministry had sought ments from the public on a draft glossary and classification developed by it with help from Institute of Chartered Aountants of India, the aounting regulator.

Filing in XBRL has been made mandatory for panies with annual revenues exceeding Rs.100 crore or with paid-up capital of Rs.5 crore in the first phase. Use of this language will later be made applicable to all 900,000 panies registered in India.

The official mentioned earlier said among the four sectors granted more time, the power sector would be the first to adopt XBRL, and insurance the last. This is “because these sectors are erned by different regulators and, therefore, they will also have a say in implementing XBRL, developing taxonomy and business rules,” he said, without specifying a timeframe. Banks and NBFCs are regulated by the Reserve Bank of India, insurance firms are erned by the Insurance Regulatory Development Authority and power utilities by the Central Electricity Regulatory mission.

Migrating to XBRL will help panies report their aounts in a format similar to international financial reporting standards, notified in February by the ministry for implementation in India. Besides, a mon platform of data can be created for use by various regulators.

“It is a bit intriguing to learn that power sector is not included in mandatory filing starting July 15,” said Harriet Mossop, associate director and national leader, XBRL services in India, at nsultancy firm Ernst and Young. “Maybe because of reporting plexities this sector needs extended taxonomy, which is not happening initially.”

Extended taxonomy allows use of interchanging terms such as sales with revenue and provides some flexibility.

The power sector has been lobbying to be excluded from nverging to standards similar to IFRS saying that would lead several utilities to losses because of what is called a regulatory asset and related crucial aounting difference.

Indian financial reporting standard allows for later adjustments against tariff and fuel prices and foreign currency fluctuations, among other things. But under global standards, these ponents are charged to the profit and loss aount.

“The present taxonomy applies only to panies and, therefore, banks and the non-banking sector need different taxonomy,” said Vinod Kashyap, director, NextGen Knowledge Solutions Pvt. Ltd, a pany engaged in training in XBRL. “A generic training and awareness programme should ntinue till the ernment extends XBRL to all sectors so that no sector lags behind.”