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MCA Circular: Correction to Circular on XBRL Filing B.S and P/L

SANTOSH SHAH (Company Secretary) (754 Points)

13 May 2011

Dear Members

Please find attached MCA Circular 25/2011 Dated 12.05.2011 which is Corrigendum to Circular No.09/2011 dt 31.03.2011.

Kindly take note of the same.

Filing of B/S & P/L in XBRL Mode

The filing of B/s & P/L in XBRL Mode is applicable to :

1. All companies Listed in India and its Subsidiaries

2. Paid up share capital of 5 Cr & Above or Turnover of100 Crore or Above

Exception:-

The above mode of filing is not applicable to :

1. Banking Companies

2. Insurance Companies

3. Power Companies

4. NBFC

5. Overseas Subsidiaries.

regards

Santosh Shah

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16 Replies

Suresh Prasad (www.aubsp.com) (15630 Points)
Replied 13 May 2011

Nice post jee....!!!!!!!!!!!!!!

Filing of Balance Sheet and P/L Account in XBRL Mode

XBRL could help detect corruption in government schemes

1 Like

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vinay (CS) (65 Points)
Replied 13 May 2011

as i got from this circuler is that it is applicable to only listed companies having paid up capital 5 crore and above or turnover of Rs. 100 crore or above

mean to say that it is applicable only to listed companies.

please clarrify

SANTOSH SHAH (Company Secretary) (754 Points)
Replied 13 May 2011

Originally posted by : vinay
	as i got from this circuler is that it is applicable to only listed companies having paid up capital 5 crore and above or turnover of Rs. 100 crore or above mean to say that it is applicable only to listed companies. please clarrify

Yes Vinay. Only Listed Companies & its subsidiaries with the above PSC or Turnover Limit.

regards

Santosh Shah

CS Ankur Srivastava (Company Secretary & Compliance Officer) (17853 Points)
Replied 13 May 2011

Thanks for sharing and clarifying....

nilesh (service) (21 Points)
Replied 11 June 2011

Dear Members,

No, it is applicable to all companies having paidup share capital of Rs.5crs and more and having the turnover of Rs.100crs and more. And not only listed companies are covered as mentioned by some of our dear members.

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Deepak Sahni (CA in Practice) (65 Points)
Replied 17 June 2011

Originally posted by : nilesh
	Dear Members, No, it is applicable to all companies having paidup share capital of Rs.5crs and more and having the turnover of Rs.100crs and more. And not only listed companies are covered as mentioned by some of our dear members.

How DO You Know Brother?????

Yogesh Shah (Managing Corporate Finance) (1051 Points)
Replied 18 June 2011

Hi Guys,

Nilesh is right. One of our client is a public company and not listed. Paid up capital is also less than 5 crores. But still we got the e-mail from MCA that this company is required to report under XBRL since its turnover is around 400 crores means exceeding 100 crores limit.

Hence, all three conditions are separate and if any one is fulfilled, company shall have to report under XBRL.

Guys ... does anybody know practical things about XBRL. I am totally blank about its practical aspect means how to tag, how to apply taxonomy? etc. etc. ... If anybody knows about this, please reply.

vinay (CS) (65 Points)
Replied 20 June 2011

Dear all,

a new circular has been issued in this regard by MCA superceeding earlier two circulars

In first circular Dated 31 March 2011 Ministry of Corporate Affairs included three types of companies
I) listed company,
ii) Company having paid up capital of 5 crore and
iii) Company having turnover of 100 crore,

By circular Dated 12 May 2011 Ministry of Corporate Affairs decided to change the applicability of XBRL and it was decided that XBRL format will be applicable only on listed company which is having paid-up capital of 5 crore or more.

By circular Dated 7 June 2011 Ministry of Corporate Affairs superseded the earlier circulars Dated 31 March 2011 and 12 May 2011 and Ministry of Corporate Affairs decided to change the applicability of XBRL and it was decided that XBRL format will be applicable on these company i) listed company, ii) company having paid up capital of 5 crore and iii) company having turnover of 100 crore.

Attached File : 522121 744119 circular dated 7 june 2011.pdf downloaded: 581 times

Yogesh Shah (Managing Corporate Finance) (1051 Points)
Replied 20 June 2011

Originally posted by : Yogesh Shah
	Hi Guys, Nilesh is right. One of our client is a public company and not listed. Paid up capital is also less than 5 crores. But still we got the e-mail from MCA that this company is required to report under XBRL since its turnover is around 400 crores means exceeding 100 crores limit. Hence, all three conditions are separate and if any one is fulfilled, company shall have to report under XBRL. Guys ... does anybody know practical things about XBRL. I am totally blank about its practical aspect means how to tag, how to apply taxonomy? etc. etc. ... If anybody knows about this, please reply.

[With respect to my this reply]

What we have to do now? Whether we require to intimate ROC or MCA that our client is no longer covered under XBRL category? or shall we just ignore MCA's e-mail?

vinay (CS) (65 Points)
Replied 20 June 2011

Mr. Yogesh , your client have to report thier financial data in XBRL format because his turnover is more than 100 crore

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Yogesh Shah (Managing Corporate Finance) (1051 Points)
Replied 22 June 2011

Hi Mr. Vinay,

If you refer the latest MCA circular, where they have mentioned that unlisted companies now are not required to report under XBRL. What about this?

From said circular, it is clear that 5 crores paid up cap and/or 100 crores turnover limits are only for listed companies. And our client is unlisted company.

vinay (CS) (65 Points)
Replied 23 June 2011

Dear sir,

please read cicular 37/2011 dated 12 june 2011 that i have attached in earlier file there is clearly mentioned that it will be applicable on three type of companies, in earlier circular it was applicable to only listed companies but by this new circular it is applicable on three type of companies and accordingly MCA has mark the mail to those companies.

CS Premjith (Company Secretary) (499 Points)
Replied 17 September 2011

superb...

(Guest)

Now as per MCA specifications, XBRL filing of financial statements is mandatory for certain class of companies.

MCA Taxonomy and XBRL Instance Document

MCA has provided the Taxonomy which forms the basis for tagging financial and business information in XBRL. XBRL Taxonomy is an electronic classification system of tags defining thousands of business reporting concepts (including Text) and their relationships.

Valid Up to 30th September, 2011
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