08 October, 2012

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XBRL Filing Updates : MCA

1)XBRL Filings for F.Y. 2011-12 would be enabled w.e.f 14th October, 2012

Beta version of XBRL Validation Tool (for Financial Statements) has been released by Ministry of Corporate Affairs (MCA). MCA has requested the Stakeholders to provide their comments/feedbacks on this Validation Tool by 10th October, 2012 at pankaj.srivastava@nic.in, nimesh.m@tcs.com and dipak.arora@tcs.com.
 
The Final Validation Tool and subsequent XBRL filings of financial statements for F.Y. 2011-12 on MCA website would be enabled with effect from 14th October, 2012.
Source- MCA


2)XBRL filing due date extended to 15h November, 2012

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

GENERAL CIRCULAR NO. 16/2012, DATED 6-7-2012
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:
(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, banking companies, insurance companies, power companies and Non-Banking Financial Companies (NBFCs) are exempted from XBRL filing till further orders.

Additional Fee Exemption:
All companies referred to in Para-2 above, will be allowed to file their financial statements in XBRL mode without any additional fee/penalty upto 15h November, 2012 or within 30 days from the date of their AGM, whichever is later.


Source : MCA

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