Sandip Kumar Sen (Sr.Manager(F&A)) (114 Points)
03 September 2011My Company is a State owned Power Distribution Company, publish Accounts as per Schedule-VI of Companies Act,1956. As per notification of MCA Power company is exempted for submission of Annual Return in XBRL mode. As my company maintained Schedule-VI then Whether the exemption is allowed to my company or not.
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 03 September 2011
As such, following class of companies are required to file their Balance Sheet and Profit and Loss Account in XBRL Format:-
However, banking, insurance, power Companies and NBFCs are exempt for XBRL Filing.
Each company has to follow schedule VI for preparing its annual accounts But,your Company is exempted to file balance sheet in XBRL format.
Arun
(CEO)
(26 Points)
Replied 05 September 2011
Hi Sandip,
I will be happy to assist you for any queries related to XBRL filing.
Arun Bhatnagar
President & CEO
Softpark 21
https://www.softpark.com
arun @ softpark.com
Mob:09811030288
Priya Sharma
(Company Secretary & Student.MBA)
(998 Points)
Replied 05 September 2011
Kindly Correct me Sir(s)
Any Company which is preparing ist Annual Accounts as per the provisions of any other act i.e, any co which is not following SCHDULE VI of the Companies Act, 1956, is not required to file its Balance sheet and P/L in XBRL mode because such companies have separate acts to be followed for preparation of annual accounts. For example an electricity co is not covered under XBRL because it has separate Electricity Act.
However in ur case since you are following Schedulre VI of the Companies Act 1956, for the preparation of Annual Accounts, I think you are covered under XBRL net.
Regards
Priya
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 06 September 2011
it does not have that link with Schedule VI, under next phase all other companies will also cover under XBRL.
CA.JASPAL SINGH
(COMPANY SECRETARY)
(132 Points)
Replied 01 November 2011
I agree with CS Priya Sharma. A Company following Schedule VI is covered under XBRL filing and is reqruired to file the same.
Bank, Insuranse and Power Companies are covered under seperate Statute and as such is required to comply with the Provisions of respective Statute. And as such are exempted but Power company folowing Schedule VI is not exempted.
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