Jaideep (Service) (1368 Points)
05 April 2011
Dear All
It has been decided by the Ministry of Corporate Affairs to mandate certain class of companies to file balance sheets and profit and loss account for the year 2010-11 onwards by using XBRL taxonomy.
Please find attcahment.
Regards
Jaideep Pandya
Shridhi Jain
(Company Secretary)
(1678 Points)
Replied 05 April 2011
Thanks Jaideep. This is very useful information....
Shridhi Jain
(Company Secretary)
(1678 Points)
Replied 05 April 2011
I have read this but unable to understand and how to imply...??
Jaideep
(Service)
(1368 Points)
Replied 05 April 2011
Dear Shridhi
Please find below some highlights which will help you;
It has been decided by the Ministry of Corporate Affairs (MCA) to mandate certain class of companies to file balance sheets and profit and loss account for the year 2010-11 onwards by using XBRL taxonomy.
Taxonomy can be referred as an electronic dictionary of the reporting concepts. Taxonomy consists of all the data definitions, the basic XBRL properties and the interrelationships amongst the concepts
XBRL is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world.
The Financial Statements required to be filed in XBRL format would be based upon the Taxonomy on XBRL developed for the existing Schedule VI, as per the existing, (non converged) Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006.
This Circular is applicable to all companies listed in India and their subsidiaries, including overseas and Companies having a paid up capital of5 Crore and above or a Turnover of100 crore or above.
There are a number of ways to create financial statements in XBRL:
· XBRL-aware accounting software products are becoming available which will support the export of data in XBRL form. These tools allow users to map charts of accounts and other structures to XBRL tags.
· Statements can be mapped into XBRL using XBRL software tools designed for this purpose.
· Data from accounting databases can be extracted in XBRL format. It is not strictly necessary for an accounting software vendor to use XBRL; third party products can achieve the transformation of the data to XBRL.
· Applications can transform data in particular formats into XBRL. The route which an individual company may take will depend on its requirements and the accounting software and systems it currently uses, among other factors.
Ministry of Corporate Affairs would be shortly developing its webpage on XBRL with list of contact persons for training purposes. No worry...............
Thanks & Regards
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 05 April 2011
SOON THE FACILITY WILL BE AVAILABLE ON MCA WEBSITE.
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 05 April 2011
THE ABOVE CIRCULAR SAYS AS UNDER:-
i HAVE OBJECTION ON IT, HOW THE COMPANIES CAN FILE ITS BALANCE SHEET UPTO 30TH SEPTEMBER. THE COMPANY CAN ONLY FILE ITS BALANCE SHEET AFTER ITS ADOPTION IN AGM FOR WHICH DUE DATE IS 30TH SEPTEMBER ITSELF.
I HAVE ASKED RESPECTIVE PERSON FOR CLARIFICATION.
Naveen Garg
(CA )
(96 Points)
Replied 06 April 2011
Hi All,
Agreed Ankur,
In my views at least dates should be same as of 23AC & 23 ACA.
This is just the begining of XBRL in India, hope MCA will define all the things in a very structured manner.
Things willbe very clear afterlaunch of there website for the same.
For XBRL updates in India you can join the"XBRL in INDIA" group on linkedin. Link for the same is
https://www.linkedin.com/groups/XBRL-in-INDIA-3691371?mostPopular=&gid=3691371
The above group is for updates and discussin on XBRL in INDIA.
Same group is available on face book where we used to do interactive session on XBRL.
CA NAVEEN GARG
+919910332115, +919871013210
www.linkedin.com/in/naveen2115
Naveen Garg
(CA )
(96 Points)
Replied 09 April 2011
Hi Ankur,
I got the following answer from the MCA on the same:
"Companies that are due to file BEFORE Sep.2011 will be allowed to do so upto 30th Sep.without paying addl.fees.A co. that is due to file after Sep would obviously file in due course."
Thanks & Regards CA Naveen Garg
manish gupta
(intern)
(23 Points)
Replied 15 April 2011
Hi Ankur, Naveen,
As per the notification issued by MCA on XBRL, all the listed companies and their subsidiaries including oversea subsidiaries are required to file there accounts in XBRL format.
My question is how the subsidiaries incorporated outside India will file there accounts in India as they are not liable to companies act.
Looking forward to your reply.
Regards
Manish Gupta
Naveen Garg
(CA )
(96 Points)
Replied 17 April 2011
Hi Manish,
This is not a case only in XBRL. Section 212 of Companies Act deal with this situation. Section 212 of the Companies Act, 1956 obliges the holding companies to attach the financial statements (such as balance-sheet, profit and loss account, and reports of the board of directors and auditors, etc.) of its subsidiaries along with its own balance-sheet.
Solution is that :
Without questioning the provisions of the law in the courts, a company can pray for exemption. This would reduce time and cost. The Indian holding company could apply to the Central Government — Section 212(8) — for exempting it from complying with the above provision, with justifications.
As per my views same will be applicable in XBRL filing.
Thanks & Regards
CA Naveen Garg
https://in.linkedin.com/in/naveen2115
MCA Taxonomy and XBRL Instance Document
MCA has provided the Taxonomy which forms the basis for tagging financial and business information in XBRL. This Taxonomy is an electronic classification system of tags defining thousands of business reporting concepts (including Text) and their relationships.
XBRL Instance Document is the end result of how a preparer creates XBRL data. It contains report information typically complied from internal ERP or Financial reporting systems that have been marked up or tagged in XBRL.
eXBace promises to be web-enable the business reporting process for preparers, regulators and users. It significantly improves the efficiency and effectiveness of the business reporting processes of Organizations.
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