With companies changing their outlook towards social problems and resolving them, the government is making efforts to amend the reporting norms for these spendings under Corporate Social Responsibility (CSR).
The Corporate Affairs Ministry, which is implementing the Companies Act, is in the process of making amendments to AOC-4 XBRL form — which is used to submit annual financial statements.
Talking to stakeholders, the ministry said “AOC-4 (XBRL) for filing annual financial statements is being amended to include mandatory CSR/CARO related details.” Xtensible Business Reporting Language (XBRL) is used for communicating financial and business data electronically.
However, companies would be required to submit their financial statements in the revised form, expected to be made available next month. .
Over 1,900 companies shelled out a total of Rs 8,029 crore towards CSR activities in 2014-15, Minister of state for corporate affairs, Arjun Ram Meghwal informed the Rajha Sabha in July.
This article was taken from here.