Hello All,
Please find Short Summary on MCA - XBRL Circular dt 31.03.2011.
SUMMARY:-
1. Certain companies to file Financial Statements - B/S & P/L for 2010-11 in XBRL Mode.
2. Applicable to Companies having Paid Up Share Capital of Rs.5 Crore & above or Turnover of Rs.100 Crore and above.
3. Companies falling under above category are required to file upto 30-09-2011 without any additional fee.
XBRL:( eXtensible Business Reporting Language )
It is basically a language for electronic communication of business and financial data.
It is the Standard way of Storing, Recording and transmitting business information.
Benefits :
Helps in Preparation, Analysis and Communication of Business Information.
Cost Saver ,
Time Efficient
Accurate & Reliable.
Comparision of financial statements
Benefits to Company ( Specific) :
Analysis of financial data.
Meet requirenments of Regulators, lenders, consumers
Assembling of Data from different company divisions quickly, cheaply, efficiently.
Generation of various types of reports like internal management reports, regulatory filings etc
Training on XBRL :- List of Contacts given in Ciruclar for training on XBRL
XBRL Reference :- https://www.xbrl.org/in/
regards
Santosh Shah
CAclubindia
