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.

XBRL for India: Filing of Balance Sheet in XBRL Format

XBRL for India: Filing of Balance Sheet in XBRL Format: Ministry of Corporate Affairs (MCA) decided to get the filing of Balance Sheet and Profit & Loss A/c in XBRL format . The Financial stat...

MoU in XBRL Format?

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.

Filing of Balance Sheet in XBRL Format

Ministry of Corporate Affairs (MCA) decided to get the filing of Balance Sheet and Profit & Loss A/c in XBRL format.  The Financial statements to be filed will be based on taxonomies of XBRL as per the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006.

Circular has been passed by MCA with the annexure for easy understanding of the stake holders.

Coverage in Phase I

2. The following class of companies have to file the Financial Statements in XBRL Form only from the year 2010-2011 :-

(i) All companies listed in India and their subsidiaries, including overseas subsidiaries;

(ii) All companies having a paid up capital of Rs. 5 Crore and above or a Turnover of Rs. 100 crore or above.

Additional Fee Exemption

3. All companies falling in Phase -I are permitted to file upto 30-09-2011 without any additional filing fee.

XBRL stands for eXtensible Business Reporting Language.  It is a open standard, free of license fees.

Goodnews Technologies launches XBRL filing solution to help companies file financial statements

Goodnews Technologies highly expertise in XML programming now enters into Financial service rendering over the mandate from the Ministry of Corporate affairs to file Financial statements in XBRL format.

The XML based language of business reporting in XBRL format is well adapted with an application to tag financial data in XBRL formats. Goodnews Technologies has also recently partnered with Maia-Intelligence an Business Intelligence software provider and has adapted PostXBRL for its finacial services to get instance documents for the MCA filings.

Goodnews has adapted experienced XBRL Research analysts for its financial services who were already well experienced in SEC filings in USA. Chartered Accountants are well trained to this new technology to provide XBRL services to the customers. For an Instant quote: Goodnews Technologies at xbrl@goodnewstech.in. Website: www.goodnewstech.in 

Does Cost Matter?

In XBRL conversion we can see so many hesitations and procrastination in the industry still even after the deadline given by Ministry of corporate affairs is very short. Customers who are aware of that think that quality conversion is not a matter but the price matters to them. But yet the days to come when XBRL becomes a mandate need in day-to-day business. My friend in USA says, even a memo pad of a corporate can be created in XBRL format for an unique approach. Goodnews Technologies recently had an SEC filing and in that the customer likes to get even the small details of the company tagged with the same importance given to their financial data. The days are yet to come when XBRL becomes a mandate choice to the corporates in India. I just remember of my Auditor's chat yesterday where he was sharing a goodnews that in the coming year 2012     MCA may ask for XBRL reports also from small companies too. At that time will XBRL tagging prices come low or high? Let us see in the days to come.