The ministry of corporate affairs is planning to introduce ?Next Generation MCA21? that would be many steps ahead of the previous MCA21.
According to the MCA sources, it is being planned that the present MCA21 will be merged with the next generation MCA21.
The e-governance project, MCA21, was introduced in the year 2006 to enable all companies and their professionals to file their statutory documents online to registrar of companies (ROC). It also enabled the registrars to maintain the documents in e-form instead of physical and hard copies.
At present, the data filed in the scanned PDF format cannot be collated as MCA21 provides only the registry functions where the documents filed by the companies are stored.
In case of MCA21, the information of only one company can be accessed at a time but in the case of the next generation MCA21, the information of a number of companies can be collated, analyzed and retrieved at the same time. This will be of a great help to the stakeholders as it would become easier for them to gather information about many companies.
The next generation MCA21 after being implemented would make use of extensible business reporting language (XBRL), which would make filing of documents much easier for companies, and at the same time the stakeholders would be able to receive the financial data in a customized manner. They would also come to know the profitability of a particular industry segment.
Anurag Goel, secretary ministry of corporate affairs said, ?XBRL is very important for the future as it would be useful for the next generation MCA21 which we would be developing?. The government has the largest database of more than 8, 00, 000 companies including the private companies. XBRL would be beneficial for those who collect business data including governments, regulators, economic agencies, stock exchanges, financial information companies and the like and those who produce or use it, including accountants, auditors, company managers, financial analysts, investors and creditors.
XBRL allows the users of financial statement information to electronically retrieve data with greater assurance of accuracy. ICAI president, Ved Jain said, ?This move will give corporates a taste of the XBRL technology and address their concerns, if any.?
Seeing the rising importance of XBRL as an effective means of communicating financial information and the plethora of benefits it has to offer, ICAI constituted the XBRL group in 2007 for undertaking the development and promotion of XBRL in India.?
