Many holes in company disclosures

The Ministry of Corporate Affairs (MCA) has raised concerns about "misleading" inaccuracies in financial disclosures by some companies in filings made through the new reporting format.

The Ministry of Corporate Affairs (MCA) has raised concerns about "misleading" inaccuracies in financial disclosures by some companies in filings made through the new reporting format. The MCA has flagged off the issue with representative bodies of chartered accountants, cost accountants and company secretaries.

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Companies are now required to furnish financial statements in the extensible business reporting language (XBRL) format, replacing the PDF format.