New Delhi, Jul 2 .To memorate its 63rd foundation day, the Institute of Chartered Aountants of India (ICAI) today formed a high powered Group of its members to address various issues relating to black money stashed abroad and nsider ways and means to bring it back.

"In the wake of the ongoing demand from various groups and political parties to bring the black money stashed in the overseas market, ICAI has nstituted a Group to provide necessary inputs and suggestions on effectively addressing the issue of menace of black money and related issues in view of the public interest involved," ICAI Vice-President Jaydeep N Shah said at the function anised to celebrate the foundation day here.

Mr Shah said the inputs and suggestions given by the Group will be submitted to the ernment.

Mr Shah said ICAI has also prepared a format for the disclosure of the entire ine and expenditure of political parties.

"The report on the Uniform Aounting and Auditing Framework for Political Parties has been submitted to the Election mission," he said.

"The implementation of the remendations, by appropriately amending the relevant laws would go a long way in bringing about aountability of political parties," he said.

The issue of black money has created a huge furore in public life and pelled the ernment to set up a Group relating to the Central Board of Direct Taxes (CBDT) to bring out the quantum of black money generated. It will also suggest ways and means to unearth it.

However, the effort by the ICAI in this regard will ntribute to the knowledge in the field, as there is acute dearth of such efforts. The Aountants with their specialised knowledge and skills can help enriching the efforts in unearthing black money.

Mr Shah said that in order to cate members on eXtensible Business Reporting Language (XBRL) and providing hands-on training on the process, XBRL India has planned a chain of workshops to be anised at various locations across the untry.

During the first phase, workshops are to be anised to provide training on XBRL filings in selective big cities using the resources of the Information Technology Training Centres of the Institute. Three leading panies having expertise in XBRL filings will be the knowledge partners for this initiative.

This training will help members to understand XBRL, which is emerging as the most popular reporting language across the world.

The Ministry of rporate Affairs has mandated certain class of panies to file their financial statements in XBRL format for the year ended March 31, 2011.

XBRL is a freely available, market-driven, open, and global standard for exchanging business information.

XBRL allows information modelling and the expression of semantic meaning monly required in business reporting.