Last date extension

Last date for filing financial statements in XBRL mode for phase-I class of companies (excluding exempted class) has been extended up to 31.12.2011 or within 60 days of their due date of filing, whichever is later. For details kindly see General Circular No:69/2011 available on MCA portal under News & Events and under heading Act, Bills and Rules

FDI in Retail India

When Petrol price or Lorry freight charges increase retailers increase their commodity prices apparently. But when prices come down 'even occasionally' they never bring down the price. For eg. In Newspapers we see daily market prices of Fruits, Vegetables, Flowers, Chicken, Egg etc. Do we buy them in the retail shops at those prices? NO? Retailers blame transport, Freight charges, their own expenses, Shop expenditures, Taxes, and whatever they know. But the truth is the Government fixed prices published on Newspapers are the real prices including Taxes, Profits and every extras. 

Government evaluates weekly inflation prices only at the real market rate and not with the prices we buy from retailers. So the inflation rate we see in weekly updates are not the real ones. Almost more than 1% is a hidden burden of inflation on the Consumer. 

Is anyone ready for a solution with a regulating authority? Already there are so many regulatory authorities from every state to control prices in the consumer market, But it is of no use. Even if any policy is framed to make the regulation serious, the local retailers association with politicians and local departmental store owners make them dumped. 

Lorry freight is increased Rs 10 for the same route if petrol price goes up Re 1 per litre, Does the same Lorry freight come down if the perol price is decreased Re.1 again by the Petroleum corporation. So the increased is increased. So the Inflation is not going to be inversed at any cost. 

In Newspaper Chicken price changes everyday, the farm price for poultry ranges from Rs 35 to Rs 45 every week, but the local chicken mart never bring down their fixed price from Rs 130 to Rs 140. 

So they need a proper competition which could imply the right price to the consumer. Will FDI in retail sector help to do so? There are chances. If an FDI like Walmart is regulated by the Governemnt to imply the correct market price that will direct the local competitors to apply the same and will help inflation down.

The current politics in Parliament is truly a drama, Bharti-Walmart treaty for an FDI retail India is not a new topic to any of the politicians.

Important Message from MCA regarding filings by Nov 31 2011

As per Circular No. 57/2011, a company is allowed to file the financial statements in XBRL mode without any additional fee up to 30th November, 2011 or within 60 days from the due date, whichever is later. In case of a company whose financial year is ending on 31-03-2011 and if its date of AGM is 30th September 2011, then its Due date for filing financial statements is 30 days from the AGM date i.e. upto 30th October, 2011.

Hence, as per the time lines provided in the circular, the company can file its financial statements in XBRL mode without additional fees upto 30th November, 2011 or 60 days from its due date of filing, which is 29th December, 2011 (i.e. 60 days from due date of filing- 30th October, 2011) whichever is later
Similarly, In case of a company whose financial year is ending on 30-06-2011 and if its date of AGM is 31st December 2011, then its Due date for filing financial statements would be 30 days from the AGM date i.e. upto 30th January, 2012. Hence, the company can file its financial statements in XBRL mode without additional fees upto 60 days from its due date of filing, which is 30th March, 2012.

XBRL India – Is Ministry of Corporate Affairs (MCA) getting it right?

Got to see an interesting post at http://techdarshan.com/2011/11/27/xbrl-india-is-ministry-of-corporate-affairs-mca-getting-it-right/. Seems that is True. Companies in India are not at all aware of the Business rules being updated by MCA and how can they produce filings with the guidelines followed properly?  

Should we outsource XBRL?

Many of the questions companies have regarding their options revolve around matters of cost and control, as well as where they are on the filing schedule. MCA updates Business rules every phase. The standard procedure to be followed is yet to become under practice. Although each company only uses a subset of them, knowing which ones are appropriate from quarter to quarter and year to year requires expertise. For companies who don’t want to make the investment in either training or hiring, outsourcing can be attractive. Through outsourcing, these companies pay for a service but escape the associated costs of internal IT, building subject matter expertise, and staffing investments.

The flipside of course is relinquishing control to an outside entity and the assuming the logistical challenges of adding days or weeks to the end of the quarterly close process.

To file your XBRL without any tension and burden of Investment in IT & Infrastructure choose Goodnews Technologies.

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We Goodnews Technologies are looking after a solution to create ordinary documents in XBRL format. We almost got a solution today without any Taxonomy in our tool. At the same time we are looking for better solutions for an XBRL report for every document like just turning a Doc format to PDF so that many people can get used to it for easy access to every specific points. For Instance take a document on Memorandum of Understanding (MoU) for every specific instructions to be applied or every terms and conditions to be created for various companies can be done easily if they are tagged in individual unique tags. If any of you got solutions please discuss.