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MCA XBRL Filings enabled from 14th Oct, 2012

Final version of the MCA XBRL Validation Tool (for Financial Statements based upon new Schedule VI of the Companies Act, 1956) has been released. XBRL filings of financial statements for accounting year commencing on or after 01.04.2011 have been enabled on MCA website with effect from 14.10.2012. Stakeholders are also advised to refer to the ˜Filing Manual™ available on the XBRL portal for filing the financial statements in XBRL format.

Applicability

As you are aware that as per General Circular No. 16/2012 dated 6th July, 2012 issued by the Ministry of Corporate Affairs (MCA), the following select class of companies are required to file their Balance Sheet and Profit & Loss Account in XBRL mode for the financial year commencing on or after 1.4.2011 :

(i) all companies listed with any Stock Exchange(s) in India and their Indian subsidiaries; or

(ii) all companies having paid up capital of Rupees five crore and above; or

(iii) all companies having turnover of Rupees one hundred crore and above; or

(iv)all companies who were required to file their financial statements for FY 2010-11, using XBRL mode.

You may note that in case of consolidated financials, you will be required to separately convert and file both the stand-alone financials and consolidated financials and file both the documents in the XBRL forms.

Timelines for Filing

All companies referred above, will be allowed to file their financial statements in XBRL mode without any additional fee/ penalty upto 15th November, 2012 or within 30 days from the date of their AGM, whichever is later.

Tags: Taxonomy for XBRL ReportingxbrlXBRL Reporting

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