XBRL |
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XBRL - A Briefing |
- XBRL allows "information modeling" for the purposes of business reporting;
- XBRL is "XML" based;
- It uses the XML syntax and related XML technologies such as "XML Schema", "Xpath", and "Namespaces" to articulate this semantic meaning;
- One use of XBRL is to define and exchange financial information, such as a financial statement.
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Companies Covered in Phase I (MCA Circular 37/2011, 7.6.2011) |
- All Companies Listed in India and their Indian Subsidiaries;
- All Companies having Paid up Capital > Rs. 5 Crores;
- All Companies having Turnover > Rs. 100 Crores
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Companies Not Covered in Phase I
(MCA Circular 37/2011, 7.6.2011) |
- Banking Companies;
- Insurance Companies;
- Power Companies;
- NBFC
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Additional Fee Exemption
(MCA Circular 37/2011, 7.6.2011) |
- All Ph I Companies whose:
- B/S are adopted in AGM held before 30.9.2011: are permitted to file up to 30.9.2011, without any additional fee;
- For Other Companies: within 30 days from adoption in AGM (Section 220).
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What need to be Filed in XBRL Filing (MCA Circular 37/2011, 7.6.2011) |
- Balance Sheet;
- Profit & Loss Account;
- Auditor's Report;
- Director's Report
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MCA Circular 14/2011, 8.4.2011 |
- CA/ CS/ CWA are now to be responsible for submitting /certifying documents (to be signed digitally by them); and
- System would accept most of these documents online without approval by Registrar of Companies or other officers of the Ministry;
- To ensure that the data integrity is maintained at all times, there will be checking of such submissions to guard against fraudulent filing;
- Action would also be taken on receipt of any complaint, anonymous or otherwise, against such professionals in the prescribed manner;
- Principle of Natural Justice would be followed.
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XBRL Conversion Outsourcing Services |
- Mapping of Account heads in financial statement to corresponding element in Taxonomy (including as per Revised Schedule VI)
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Creation of Instance Document for Balance sheet and Profit and Loss Account
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Reviewing and verifying the Instance Document
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Validating the Instance Document
Pre-scrutiny of validated Instance Document through the tool
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Mailing to the Client an "Attachable Instance Document" to the Form 23AC and Form 23ACA
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Minimum time required for XBRL Conversion is three days per company |
ENQUIRY FORM |
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