XBRL in India
Via Ministry's General Circular No: 16/2012 dated 06.07.2012, MCA has mandated certain class of Companies to file Financial Statements in XBRL mode commencing F.Y.2010-11 as detailed below:
Filing of Balance Sheet and Profit and Loss Account in Extensible Business Reporting Language (XBRL) Mode for financial year commencing on or after 1.4.2011.
Vide Companies (Filing of documents and forms in Extensible Business Reporting Language) Rules, 2011 notified vide GSR No. 748E dated 5.10.2011, select 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 31st March, 2011.
It has now been decided by the Ministry to mandate the following select class of companies to file their Balance Sheet and Profit & Loss Account in XBRL mode for the financial year commencing on or after 1.4.2011:
XML (eXtensible Markup Language) is a standard created by W3C (World Wide Web Consortium) which allows a user to describe the structure of data. Once the data has been marked up, computer programs and software can intelligently process this data.
- (i) all companies listed with any Stock Exchange(s) in India and their Indian subsidiaries; or
- (ii) all companies having paid up capital of Rupees five crore and above; or
- (iii) all companies having turnover of Rupees one hundred crore and above; or
- (iv) all companies who were required to file their financial statements for FY 2010-11, using XBRL mode.
However, Following Companies are exempt from filing financial statements in XBRL Mode :
Due Date for filing XBRL with MCA
Last date of filing XBRL with MCA(without penalty) would be later of following 2 dates :
- Upto 15 November, next to end of Financial Year, or
- Within 30 days from the date of Annual General Meeting(AGM)