Tuesday, 24 June 2014

Circular 10/2014 dated 07.05.2014 has put a great responsibility on Practicing Professional authenticating any document being filed with MCA and suggests for strict action in case of wrong authentication(Circular)
XBRL filing for year 2014 is around the corner and you must be gearing up for the same. Since Companies Act, 2013 has strict penal provisions, it becomes responsibility of professionals and corporate to adopt strict vigilance while submitting any document with MCA
XBRL Conversion is a specialized task of professionals but QUALITY TAGGING remains a matter of concern even in 4th year of XBRL Filing and any wrong information filed with MCA in XBRL format due to incorrect/incomplete tagging could have serious and long term repercussions on company/professional.
Circular 33/2012 dated 16/10/2012 - Quality of XBRL filing certified by Professional Member As through random scrutiny of XBRL filing of Financial Statements reveals significant variation in XBRL filing due to incorrect mapping of data despite of availability of correct tags and professionals have certified the authenticity of incorrect data ,for which they liable to be penalized.
Hence in light of above circulars sticker compliance need to follow while converting financial statement into XBRL mode. .

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