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