XBRL e-Form 23AC and 23ACA
Beginning FY 2010-2011 onwards, the Ministry of Corporate Affairs (MCA) has mandated certain class of companies to file their Financial Statements of Balance Sheet and Profit & Loss in “eXtensible Business Reporting Language(XBRL) Format only”.
As per MCA, the following class of companies should file their Financial Statements in XBRL format.
(i) All companies listed in India and their Indian subsidiaries; or
(ii) All companies having a paid up capital of Rs. 5 Crore and above; or
(iii) All companies having a Turnover of Rs 100 Crore or above; or
(iv) All companies who were required to file their financial statements for FY2010-11, using XBRL mode.
However, banking companies, insurance companies, power companies and Non-Banking Financial Companies(NBFCs) are exempted from XBRL filing till further orders.
For this, the MCA have come up with Form 23AC (Balance Sheet) and 23ACA (Profit & Loss) in Electronic format (e-Form 23AC and 23ACA) through which the financial statements can be submitted. Note that the traditional Form 23AC and 23ACA shall continue to be there for filing by companies to which XBRL filing is not applicable; and for filing of earlier year’s documents.
e-Form 23AC and 23ACA which are in PDF format provide option to attach the XBRL Instance Document (XML file) for Balance Sheet and Profit & Loss statement respectively. In other words, the XML Instance Document for Balance Sheet and Profit & Loss statement can be attached in the PDF files 23AC and 23ACA respectively.
The e-Forms 23AC and 23ACA need to be digitally signed by the authorized signatories of the company. Also these forms are also required to be certified by a practicing professional (i.e a member of ICAI/ICSI/ICWAI). Once these e-Forms are completed with all the information, the same can be uploaded on the MCA website for submission.
For FY 2011-2012 , All companies referred above, will be allowed to file their financial statements in XBRL mode without any additional fee / penalty up to 15h November, 2012 or within 30 days from the date of their AGM, whichever is later.