Ministry of Corporate Affairs (MCA) decided to get the filing of Balance Sheet and Profit & Loss A/c in XBRL format. The Financial statements to be filed will be based on taxonomies of XBRL as per the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006.
Circular has been passed by MCA with the annexure for easy understanding of the stake holders.
Coverage in Phase I
2. The following class of companies have to file the Financial Statements in XBRL Form only from the year 2010-2011 :-
(i) All companies listed in India and their subsidiaries, including overseas subsidiaries;
(ii) All companies having a paid up capital of Rs. 5 Crore and above or a Turnover of Rs. 100 crore or above.
Additional Fee Exemption
3. All companies falling in Phase -I are permitted to file upto 30-09-2011 without any additional filing fee.
XBRL stands for eXtensible Business Reporting Language. It is a open standard, free of license fees.
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