How often is taxonomy upgraded in countries where XBRL is established? How often is it expected that the MCA taxonomy would be upgraded?
U.S. taxonomy is the most advanced taxonomy in XBRL as on date. XBRL has additional feature of extensibility where companies can introduce their own specific elements in the taxonomy. As and when the creators of taxonomy feel that enough new elements have been suggested by companies which are actually generic ones, it includes them in the base taxonomy and the taxonomy changes. However, in India, MCA has currently chipped of the Extensibility part. So, companies need to match their data to the elements currently present in the taxonomy. Looking at this, chances are, that the taxonomy will remain more or less same till the creators come up with the idea of extending it themselves.
