MCA Finds Inaccuracies in cos’ Financial Disclosures

The ministry of corporate affairs (MCA) has raised concerns about "misleading" inaccuracies in financial disclosures made by some companies in filings made through the new reporting format XBRL. Concerned over the inaccuracies, that were noticed during a random scrutiny, the ministry has flagged the issue with representative bodies of chartered accountants, cost accountants and company secretaries. To ensure better transparency, the companies are now required to furnish financial statements in the eXtensible Business Reporting Language (XBRL) format, replacing the PDF format.

Financial Express, New Delhi, 19-10-2012