Use of XBLR Format for Financial Statements

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Use of XBLR Format for Financial Statements:
The Ministry of Corporate Affairs (MCA) vide its circular no. 37/2011 dated 07/06/2011 has mandated
certain class of companies to file Balance sheets and Profit and loss account along with Directors’ and Auditors’ Report for the year 2010-2011 onwards by using the XBRL Taxonomy. The Financial Statements required to be filed in XBRL format would be based upon the existing Schedule VI of Companies Act, 1956 and the currently prevailing Indian Accounting Standards. The Taxonomy Business Rules, validity tools, etc. required for the preparation of the above documents in XBRL format as per the existing Schedule VI, of Companies Act, 1956 and the currently prevailing Indian Accounting Standards have been prepared and hosted on the website of the Ministry at http://www.mca.gov/. i n. Thi s new requirement covers the entire annual financial statements and quarterly
filings as per Clause 41 of the SEBI listing agreement and goes beyond into certain aspects of business information, directors’ report and auditors’ report (including clauses as per Companies Auditors’ Report
Order).
APPLICABILITY Phase I Companies: The following classes of companies have to file the financial statements
using XBRL from the year 2010-2011:
1. All companies listed in India and their Indian subsidiaries;
2. All companies having a paid up capital of Rs. 5 Crore and above;
3. All companies having a turnover of Rs 100 Crore and above.Banking companies, insurance companies, power companies and Non Banking Financial Companies (NBFCs) are exempted from XBRL filings till further orders.
Filing Deadlines:
A filing deadline of 30th September,2011, has been notified. However,where companies hold the Annual
General Meeting in the month of September 2011, they would be required to file the information using
XBRL within 30 days from the date of adoption in the General Meeting. Failure to adhere to the timeline may
result in imposition of additional filing fees.
Meaning of XBRL:
XBRL stands for eXtensible BusinessReporting Language. It is a computer language used for the electronic
communication of business and financial data which is revolutionizing business reporting around the world.
Who developed XBRL:
XBRL is an open, royalty-free software specification developed through a process collaboration between accountants and technologists from all over the world. Together they formed XBRL International which comprises of almost 650 members including global companies, accounting professionals, technology professionals,government officials and financial services bodies.
 
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