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With the relaxation in the rule, companies will be able to retain their balance sheet version of definitions and accounting elements known as ‘extensions’ in the XBRL format. This implies that the ministry of corporate affairs (MCA) will accept headings used in annual reports that are different from those in the XBRL format, such as ‘sources of funds’.
There are several such elements that are part of the XBRL format but not of annual reports. For example, in the new format, the companies must club ‘trade receivables’ and ‘unbilled revenues’ under one head of ‘trade and other receivables’. But these two are added to show gross amount under a single head. Experts say this can also lead to loss of information.
“This can be a serious impediment to comparability and analysis,” said Infosys CFO V Balakrishnan. However, the ministry is considering allowing ‘extensions’ only in some segments of the balance sheet, such as revenue or expenditure.
“Once companies get complete freedom to define their own elements, it will be easy for them to conceal information. This obviously will have huge tax and cost implications,” MCA joint secretary Avinash Srivastava said. The official quoted earlier said, “This will allow us to keep a check as well as give the companies more freedom in business reporting.”
The government has made it mandatory for all listed companies and their subsidiaries with paid up capital of Rs 5 crore and above, or a turnover of Rs 100
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