Filing of balance sheet and profit and loss account in (XBRL) mode
The MCA has issued General Circular 37/2011 dated June 7, 2011 and has stated that in supersession of MCA’s Circular no. 9/2011 dated March 31, 2011 and 25/2011 dated May 12, 2011, it is now mandated that certain class of companies should file their balance sheets and profit and loss account alongwith director’s and auditor’s report for the year 2010-11 onwards by using the XBRL taxonomy. The Taxonomy Business Rules, Validity tools, etc. required for preparation of these documents in XBRL format have been prepared and hosted on the website of the Ministry at www.mca.gov.in. The frequently asked questions (FAQs) about XBRL have been framed by the MCA and are annexed as Annexure I with this circular for the information and easy understanding of the stakeholders. To enable filing on XBRL by stakeholders, the MCA-21 portal will have XBRL filing module by July, 2011 and the actual date will be informed separately. The coverage would be as under:
Coverage in Phase I
Following class of companies have to file the financial statements in XBRL form only from the year 2010-2011:
• all companies listed in India and their Indian subsidiaries;
• all companies having a paid-up capital of R5 crore and above;
• all companies having a turnover of R100 crore and above.
However banking companies, insurance companies, power companies and Non Banking Financial Companies (NBFCs) are exempted for XBRL filing for the time being.
Additional Fee Exemption
It is clarified that all companies covered by Phase-I and whose balance sheets are adopted in the annual general meeting held before September 30, 2011 are permitted to file upto September 30, 2011 without any additional filing fee. However, where companies hold the annual general meeting in the month of September 2011, they will file the balance sheet within 30 days from the date of adoption in the general meeting as per section 220 of the Companies Act.
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