The first phase of creating an XBRL taxonomy for India is complete, with IRIS Business Services having submitting the draft general purpose financial reporting XBRL taxonomy for commercial and industrial companies to the ICAI.

This draft taxonomy covers the financial statements, viz., Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement and the related non-financial information. The draft taxonomy has been developed conforming to Indian Accounting Standards and Company Law while adapting the architectural features of the IFRS general purpose taxonomy 2006.

ICAI has invited comments on the draft taxonomy by October 28, 2008. The taxonomy may be viewed at
http://icai.org/post.html?post_id=3424

The Institute of Chartered Accountants of India constituted a Group on XBRL in January 2007, under the chairmanship of the President, ICAI. The main objective of the Group was to establish a forum for the development of XBRL in India including its promotion and to develop taxonomy for XBRL based reporting bearing in mind the peculiarities of the Indian Accounting Standards. As part of this initiative, the ICAI had, earlier this year, awarded IRIS the prestigious contract to create the XBRL taxonomy for India.

About IRIS

IRIS Business Services is a leading business and financial information and research provider based out of Mumbai (India), and one of the world's largest provider of XBRL based solutions and services.

IRIS offers a suite of XBRL enabled software products for XBRL enabled workflow and reporting, XBRL conversion software and services, taxonomy development and training / consulting services.

IRIS' XBRL based filing solution has been adopted by the Bombay Stock Exchange and National Stock Exchange, as well as by the Reserve Bank. IRIS has also created the XBRL taxonomy for the Institute of Chartered Accountants of India.

Liv Watson, one of the founders of XBRL, has recently joined IRIS on its Board of Directors to take the firm's XBRL offerings global.