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The Ministry of Corporate Affairs has vide Notification No 17/161/2012 dated 12th October 2012 amended the Companies (Filing of Documents and Forms in Extensible Business reporting Language) Rules 2012 to come into force with effect from 14th October 2012. As per the new Rules, the following class of companies have to file their Balance Sheet Profit and Loss Account and any other document as required under section 220 of the Companies Act, 1956 with the Registrar using the Extensible Business Reporting Language (XBRL) taxonomy given in Annexure II for the financial year commencing on or after 1st April, 2011 with e-Form No. 23AC-XBRL and 23ACA-XBRL specified under the Companies (Central Government) General Rules and Forms, 1956 namely:-
(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 covered under rule 3 i.e, all companies who were required to file their financial statements for FY 2010-11 using XBRL.
Provided that the companies in Banking, Insurance, Power Sectors and Non-Banking Financial companies are exempted for Extensible Business Reporting Language (XBRL) filing for the financial year commencing on or after 1st April, 2011.
Final version of the MCA XBRL Validation Tool (for Financial Statements based upon new Schedule VI of the Companies Act, 1956) has been released. XBRL filings of financial statements for accounting year commencing on or after 01.04.2011 have been enabled on MCA website with effect from 14.10.2012. Stakeholders are also advised to refer to the ‘Filing Manual’ available on the XBRL portal for filing the financial statements in XBRL format. Tool available on http://xbrltool.mca.gov.in/XBRL/XBRL_TOOL/ MCAXBRLValidationTool_Version_2.0.zip
All XBRL filing companies are allowed to file their financial statements without any additional fee/ penalty upto 15th November 2012 or within 30 days of the date of their AGM, whichever is later.
In Annexure 1 to the general Circular No 33/2012, the MCA has illustrated the common errors that were observed on a close scrutiny of the XBRL filings for 2011, which need to be taken care of by certifying Chartered Accountants, Cost and Works Accountants and Company Secretaries.
