The Minister of State in the Ministry of rporate Affairs Shri R.P.N. Singh today informed the Rajya Sabha that the Ministry has set up a mittee in November 2011 prising of XBRL experts and representatives from the rporate sector as well as the Institute of Chartered Acuntants of India (ICAI) with the following terms of references:

i.Identification of class of panies and various reports to be filed in XBRL in Phase-wise manner.

ii.Development of Taxonomies to be used by rporates for their regulator filings to ernment agencies.

iii. Extensions in Taxonomies and XBRL Assurance framework.

iv. Training, awareness and capacity building of stakeholders.

v. Framework for nsumption & dissemination of XBRL data.

Information regarding setting up of the mittee and its terms of reference has also been put on the Ministry’s web: for information of the general public, and for their suggestions and ments. In response to this, a large number of suggestions have been received regarding.

i.New acunting ncepts (elements) in the taxonomy,

ii.Approach that may be adopted in development of applicable taxonomies,

iii.Approach that may be adopted for resolving technical issues like ‘extensions’ in taxonomies and rendering of XBRL documents,

iv.Phase wise verage of new panies/filing in XBRL,

v. Framework for nsumption and dissemination for XBRL data, etc. 

These suggestions have been shared with the mmittee for examination and possible inrporation in the roadmap for future implementation of XBRL by the Ministry.

The Minister was replying to a question whether ernment has formed a mittee to develop the roadmap for future implementation of eXtensible Business Reporting Language (XBRL); the details of terms of references of the said mittee and the suggestions invited from various stakeholders.