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Short Summary on MCA Circular on XBRL

SANTOSH SHAH (Company Secretary) (749 Points)

06 April 2011  
 Hello All,
 
 Please find Short Summary on MCA - XBRL Circular dt 31.03.2011.
 
SUMMARY:-
 
 
1. Certain companies to file Financial Statements - B/S & P/L for 2010-11 in XBRL Mode.
 
2. Applicable to Companies having Paid Up Share Capital of Rs.5 Crore & above or Turnover of Rs.100 Crore and above.
 
3. Companies falling under above category are required to file upto 30-09-2011 without any additional fee.
 
 
 
XBRL:( eXtensible Business Reporting Language ) 
 
It is basically a language for electronic communication of business and financial data. 
It is the Standard way of Storing, Recording and transmitting business information.
          
 
Benefits :
 
 Helps in Preparation, Analysis and Communication of Business Information.
 Cost Saver ,
 Time Efficient
 Accurate & Reliable.
 Comparision of financial statements
                  
 
Benefits to Company ( Specific) :
 
 Analysis of financial data.
 Meet requirenments of Regulators, lenders, consumers
Assembling of Data from different company divisions quickly, cheaply, efficiently.
Generation of various types of reports like internal management reports, regulatory filings etc   
 
 
 
Training on XBRL :- List of Contacts given in Ciruclar for training on XBRL
 
 
XBRL Reference :-  https://www.xbrl.org/in/

 

regards

Santosh Shah


 1 Replies

Madan (XBRL Expert) (28 Points)
Replied 19 January 2012

The following components of Annual reports need to be filed in XBRL Format:

(a) Balance Sheet
(b) Profit and Loss Statement
(c) Cash Flow Statement
(d) Schedules related to Balance Sheet and Profit and Loss Statement
(e) Notes to Accounts
(f) Statement pursuant to Section 212 of the Companies Act, 1956 relating to subsidiaries

Please refer to MCA website for full details


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