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MCA issues Corrigendum to its circular on XBRL reporting

MCA issues corrigendum on filing of Balance Sheet and Profit & Loss Account in extensible Business Reporting Language (XBRL) mode

The Ministry of Corporate Affairs has issued a corrigendum after noticing some errata on the circular issued on March 31st, 2011 regarding the filing of Balance Sheet and Profit & Loss Account in extensible Business reporting language (XBRL) mode. Accordingly, the circular No. 9/2011 has been rectified as under:

As per the Original Circular, the coverage in Phase I stated as follows:

Coverage in Phase I 2. The following class of  companies have to file the  Financial Statements in XBRL Form only from the year 2010-2011 :- (i) All companies listed in India and their subsidiaries, including overseas subsidiaries; (ii) All companies having a   paid up capital of Rs. 5 Crore and above or a Turnover of  Rs 100 crore or above .

However, In the said circular for clauses (i) and (ii) of paragraph 2 under the Heading Coverage in Phase I, the following shall be substituted and read as:

(i) All companies listed in India and their subsidiaries, having paid up capital of Rs. 5 Crore and above or a turnover of Rs. 100 Crore or above, excluding banking companies, insurance companies, power companies. Non Banking Financial Companies (NBFCs) and overseas subsidiaries of these companies.

The implication is that only listed Companies in India and their subsidiaries having paid up capital of Rs. 5 Crore and above or a turnover of Rs. 100 Crore or above, excluding banking companies, insurance companies, power companies. Non Banking Financial Companies (NBFCs) and overseas subsidiaries of these companies are covered under Phase 1. In the earlier circular, even unlisted Companies were covered under Phase 1.

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