Form XBRL
This query is : Resolved
24 May 2011
hi Good evening all,
Q1.i want to know about form XBRL which is applicable to certain companies
Q2. Is there proper circular or notification issued in this regard yet?
Q3. Is it is applicable for Financial statements 2010-11?
Q4. where i can get its format?
Thanking you
Anurag Hans
Student final year
ICAI
Q1.i want to know about form XBRL which is applicable to certain companies
Q2. Is there proper circular or notification issued in this regard yet?
Q3. Is it is applicable for Financial statements 2010-11?
Q4. where i can get its format?
Thanking you
Anurag Hans
Student final year
ICAI
24 May 2011
A1)XBRL is a language for the electronic communication of business and financial data which is revolutionising business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data.
XBRL stands for eXtensible Business Reporting Language. It is one of a family of "XML" languages which is becoming a standard means of communicating information between businesses and on the internet.
XBRL is being developed by an international non-profit consortium of approximately 450 major companies, organisations and government agencies. It is an open standard, free of licence fees. It is already being put to practical use in a number of countries and implementations of XBRL are growing rapidly around the world.
A2) General Circular No. 09/2011
Link for Circular---
http://www.mca.gov.in/Ministry/pdf/xbrl_31mar2011.pdf
A3) 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.
Coverage in Phase I
The following class of companies has 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.
For more information on XBRL see General Circular No 09/2011 from below link---
http://www.mca.gov.in/Ministry/pdf/xbrl_31mar2011.pdf
XBRL stands for eXtensible Business Reporting Language. It is one of a family of "XML" languages which is becoming a standard means of communicating information between businesses and on the internet.
XBRL is being developed by an international non-profit consortium of approximately 450 major companies, organisations and government agencies. It is an open standard, free of licence fees. It is already being put to practical use in a number of countries and implementations of XBRL are growing rapidly around the world.
A2) General Circular No. 09/2011
Link for Circular---
http://www.mca.gov.in/Ministry/pdf/xbrl_31mar2011.pdf
A3) 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.
Coverage in Phase I
The following class of companies has 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.
For more information on XBRL see General Circular No 09/2011 from below link---
http://www.mca.gov.in/Ministry/pdf/xbrl_31mar2011.pdf
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25 May 2011
one more question,
Q. is there any format or procedure has been notified by government yet?
Q. is there any format or procedure has been notified by government yet?
25 May 2011
All updates given by MCA in mention in Circular. Please check from the link mentioned above. Also see notifications from below link---
http://www.mca.gov.in/
http://www.mca.gov.in/
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