Budget Books

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

1.  Applicability of XBRL (Extensible Business Reporting):

General Circular No. 16/2012 Dated: 06.07.2014.

Vide Companies (Filing of documents and forms in Extensible Business Reporting Language) Rules, 2011 notified vide GSR No. 748E dated 5.10.2011, following class of companies are required to file their Balance Sheet and Profit & Loss Account and other documents as required u/ s 220 of Companies Act, 1956 with the Registrar of Companies for the financial year ending on or after 31 st March, 2011 in XBRL format.

a) All companies listed with any Stock Exchange(s) in India.

b) Subsidiaries on any company listed with any Stock Exchange(s) in India.

c) All companies having Paid up Capital of Rupees 5 Crore (five crore) and above.

d) All companies having Turnover of Rupees 100 Crore (one hundred) crore and above.

Companies Exempt from XBRL requirements:

a) Banking Companies- That are regulated by RBI

b) Insurance Companies- That are regulated by IRDA

c) Power Companies

d) Non-Banking Financial Companies


1. If a Company had done voluntary filing in XBRL mode last year (FY 2010-11), though the same was not required to be done by the company. Whether now it is compulsory for the company to file its financial statements in XBRL

Sol: MCA recommends that a company which has done filing in XBRL mode last year on voluntary basis should continue to do so in subsequent years as well. However in case the company does not want to voluntarily file in XBRL for FY 2011-12, then it may request for exemption from the Ministry

2. Does the subsidiary of a subsidiary of a listed company also need to file in XBRL?

Sol: Yes, all Indian subsidiaries (including subsidiary of a subsidiary) of a listed company are mandated to file their financial statements in XBRL.

3. Is the consolidated financial statement of a listed holding company alone is required to be filed in XBRL or the subsidiaries also need to file their financials in XBRL?

Sol: The listed holding company has to file its standalone and consolidated financial statement (if applicable) in XBRL. Its Indian subsidiaries also need to file their financial statements in XBRL. 

4. What about non exempt subsidiary of exempt holding company?

Sol: Non-exempt subsidiaries of exempt parents (e.g. shared service center or broking subsidiary of a bank) are covered since such companies file Schedule VI financial statements and are covered by the current taxonomy.

Found Circular for the same on


2. Applicability of CARO:

CARO came into force on 1-7-2003. It applies to all Companies, including foreign Companies defined u/s.591 of the Companies Act (Act). It is, however, provided that this order will apply to following companies:

a) All companies listed with any Stock Exchange(s) in India.

b) All Public Limited Companies.

c) Private Limited Company if fulfill any of below mentioned condition:

- Its paid up capital and reserves exceed Rs.50 lacs;

- Its turnover exceed Rs.5 Crores;

- Its outstanding loan from any bank or financial institution exceeds Rs.25 lacs.

Companies Exempt from CARO requirements:

a) A banking company

b) An insurance company

c) A company registered u/s.25 of the Act

d) A Private Limited Company if satisfy all criteria given above.

Found Circular for the same on


3. Applicability of CASH FLOW STATEMENT:

Before applicability of Companies Act-2013

a) All companies whose equity or debt securities listed with any Stock Exchange(s) in India or outside India.

b) Company which is in the process of listing their equity or debt securities as evidenced by the board of Director’s resolution in this regard.

c) A Bank includes Co-operative Bank.

d) Financial Institutions.

e) Insurance Company.

f)  whose turnover (excluding other income) exceed rupees fifty crore in the immediately preceding accounting year;

g) which have borrowings (including public deposits) in excess of rupees ten crore at any time during the immediately preceding accounting year;

h)  Holding or Subsidiary company of a company which is not a small and medium-sized company.

Under Companies Act-2013

As per Provisions of sub section 40 of Section 2 of Companies Act, 2013 financial statements would include Cash Flow Statements. Therefore as per 2(40) “EVERY COMPANY” required to prepare “CASH FLOW STATEMENT” along with Balance Sheet & Statement of Profit & Loss.

All the company except mentioned below required to prepare Cash Flow Statement for the Financial year 01st April, 2014 to 31st March, 2015.

To read the full article: Click Here


Published by

CS Divesh Goyal
(Practicing Compnay Secretary)
Category Corporate Law   Report

5 Likes   170 Shares   60603 Views


Related Articles


Popular Articles

IIM Indor
caclubindia books

CCI Articles

submit article