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. 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. The said Taxonomy is being hosted on the website of the Ministry at www.mca.gov.in shortly. The Frequently Asked Questions ( FAQs ) about XBRL have been framed by the Ministry and they are being annexed as Annexure I with this circular for the information and easy understanding of the stakeholders.
Coverage in Phase I
2. The following class of companies have to file the Financial Statements in XBRL Form only from the year 2010-2011 :-
(i) All companies listed in India and their subsidiaries, including overseas subsidiaries;
(ii) All companies having a paid up capital of Rs. 5 Crore and above or a Turnover of Rs 100 crore or above .
Additional Fee Exemption
3. All companies falling in Phase -I are permitted to file upto 30-09-2011 without any additional filing fee.
Training Requirement
4. Stakeholders desirous to have training on the XBRL or on taxonomy related issues, may contact the persons as mentioned in Annexure II.
Encl. : Annexure I & II (Refer attached file)
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