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The Ministry of Corporate Affairs has issued the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2011 on 5th October 2011. They shall be applicable to:
(i) all companies listed with any stock ex-change(s) in India and their Indian subsidiaries; or
(ii) all companies having paid-up capital of rupees five crore or above; or
(iii) all companies having turnover of rupees hundred crore or above.
It is 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 2010-11.
XBRL reports (instance documents) would be an attachment to the new e-forms. The MCA has also released a revised validation tool aligned to the recently revised taxonomy and business rules. This validation tool provides a human-readable output for companies to review in addition to conducting validation checks on the XBRL output.
The XBRL filing should include the directors’ report except the management discussion and analysis and the corporate governance report. These are required to be attached in pdf format. Chartered accountants, company secretaries and cost accountants in whole-time practice are required to certify the financial statements prepared in XBRL mode for filing on the MCA-21 portal. The certificate wordings are a part of the new e-Forms.
The Annexure for Extensible Business Reporting Language (XBRL) Taxonomy for Balance Sheets and Profit and Loss Accounts as required u/s.220 of the Companies Act, 1956 from the year 2010-11 can be accessed at IMCA website.
