Applicability of revised schedule vi and xbrl on companies ?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 April 2012 Hello everyone !!!
coluld you please tell me the applicabilty of revised schedule VI on companies ??
and XBRL is applicable for which companies and from when?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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14 April 2012 The applicability of revised Schedule VI is from Financial year 2011-12, that means for books of account finalised for financial year ending 31-3-2012 the revised Schedule VI is applicable. The Concerned notification is available for download at MCA website
Notificate no.S.O.447(E) dated 28-2-2011

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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14 April 2012 The MCA vide general circular no 37/2011, dated 7-6-2011 has mandated the following class of companies to file financial statements in XBRL format for FY 2010-11:
1) All companies listed in India and their Indian subsidiaries
2) All companies having a paid up capital of Rs.5 crore and above
3) All companies having a turnover of Rs.100 crore and above.

However Banking companies, Power companies, Insurance companies and NBFC's are exempted from XBRL Filing till further order.

See the notification from below link in this regard---

http://www.mca.gov.in/Ministry/pdf/Circular_37-2011_07jun2011.pdf

Querist : Anonymous

Querist : Anonymous (Querist)

14 April 2012 thank you Gupta sir.
Can you please tell me the reasons and effect of these applicabilties on companies?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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14 April 2012 Schedule VI will result in increase in the transparency and more reliability on financial statements.

For XBRL benefits check out the below link--

http://taxguru.in/company-law/xbrl-applicable-listed-companies-companies-paid-capital-rs-5-crore-turnover-rs-100-crore.html

Querist : Anonymous

Querist : Anonymous (Querist)

14 April 2012 thank you gupta sir..

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