Companies to use their own XBRL accounting terms from next fiscal year

The government will allow companies to use their own accounting terms in the new reporting format from the next fiscal year, accommodating an industry request that the new rule be relaxed to make data comparison easy for shareholders. At present, there is a difference in the way a firm's financial data is presented in the… Read More

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Form 23AC XBRL and 23ACA XBRL released by MCA for filing of B/S & P&L in XBRL mode

After releasing the Revised Taxonomy and MCA validation tool some time back, MCA has released XBRL filing form nos. 23AC XBRL and 23ACA XBRL by introducing Companies (Filing of Documents and Forms in eXtensible Business Reporting Language) Rules, 2011 effective from today i.e. 6th October, 2011. The existing Form 23AC and Form 23ACA are not to be… Read More

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XBRL update – MCA validation tool to be released soon

The XBRL Taxonomy recently released by MCA for the First Phase of Financials for FY ended 31st March, 2011 is final and no further changes are expected for Phase I. The MCA Validation Tool for validating XBRL instance documents as per the final taxonomy is ready to be released. If you wish to test and… Read More

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Web Seminar on XBRL on 11th July 2011 – ICSI

FIRST MCA-ICSI WEB SEMINAR  ON XBRL   ICSI Head Quarters, New Delhi (Under the aegis of Ministry of Corporate Affairs) On 11th July, 2011 2.00 P.M. ONWARDS Dear Professional Colleague, The ICSI is organizing MCA-ICSI WEB SEMINAR ON XBRL at ICSI Head Quarters, New Delhi on Monday, July 11, 2011 from 2.00 pm to 4.00 pm. The programme… Read More

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How to File Annual Accounts in XBRL Format

A step by step guide on How to File  Balance Sheet and Profit and Loss Account in XBRL Format As such, now following class of companies are required to file their Balance Sheet and Profit and Loss Account in XBRL Format:- Listed Companies and their subsidiaries; Companies having paid up capital of Rs. 5 Crores… Read More

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XBRL goes Topsy Turvy – Unlisted Companies again in the ambit

MCA has issued General Circular 37 dated 7th June, 2011 on XBRL which supercedes its earlier two circulars on the subject. The implication of the above circular no. 37 is that even unlisted companies having a paid-up capital of Rs. 5 crores or more OR a turnover of Rs. 100 crores or more come under… Read More

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Revised Notification and FAQs for filing Balance Sheet & Profit & Loss in XBRL mode

Gen. Circular 37/2011 dated 7th June, 2011, GOI; MCA CLR Note: MCA has issued a circular with regard to the filing of Balance Sheet and Profit & Loss Account in the extensible Business Reporting Language (XBRL) mode, framing a FAQs (Frequently Asked Questions)  for easy understanding of the shareholders. All Regional Directors; All Registrar of… Read More

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Final Taxonomy and Business rules for XBRL reporting

MCA website is likely to have options for XBRL reporting by 15th of July. Specific notification will be made to enable stakeholders for early filing. you can download the Final Taxonomy and Business rules for XBRL reporting by clicking at the Download links below. MCA had vide a  corrigendum recently clarified that in Phase I,… Read More

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Minister of Corporate Affairs -Murli Deora’s Msg on XBRL – Its rationale and benefits

May, 2011 Message from the Minster of Corporate Affairs, Shri Murli Deora on XBRL Consider the enormity of the data-over 8 and a half lac companies, over hundred online services offered to them, over sixty e-forms.hundreds of data fields and crores of pages of pdf attachments. If this speaks about something, it is the challenge before the Regulator,… Read More

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National seminar on XBRL by ICSI – An emerging professional oppurtunity

ICSI is organising a national seminar on XBRL -An Emerging Professional Oppurtunity wherein the topic of discussion will be on the overview of XBRL; applications, adoption & Indian regulatory requirements; taxonomy and instance reporting; tools & report creation. This seminar will be evidencing the honourable presence of Mr. D.K. Mittal, the Secretary to Government of India, MCA… Read More

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ICAI inviting experts for XBRL

In the recent times, XBRL has emerged as a novel way of electronic communication of financial and business data which is revolutionizing business reporting around the world. Considering the benefits attached with implementing XBRL in the preparation, analysis and communication of business information, the regulators in India have also decided to implement XBRL in their… Read More

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Download Draft XBRL Taxonomy

Exposure Draft on XBRL taxonomy for Commercial and Industrial (C&I) entities on which comments, if any, are invited by MCA by 30th April, 2011. Ministry of Corporate Affairs (MCA) has come out with an Exposure Draft on XBRL taxonomy for Commercial and Industrial (C&I) entities for filing their Balance Sheet and Profit and Loss Account.… Read More

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Getting Ready for XBRL reporting

While MCA has already proved its metal by digitizing the entire filings to be done with the Registar of Companies, it is now getting ready for XBRL reporting of annual accounts, whcih may prove to be yet another milestone in Corporate Compliance Filings, following International Standards. As per General Circular No. 09/2011 issued by MCA on 31st March, 2011, Companies… Read More

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