Nov 272012
 

1. Whether the existing e-forms are to be used for filing Cost Audit Report / Compliance Report in XBRL mode?

No, the existing forms are not to be used for filing Cost Audit Report/ Compliance Report. For this, new Form 23CAR-XBRL and 23CR-XBRL will be shortly made available on the MCA portal.

2. By when can we file the Form 23CAR-XBRL and 23CR-XBRL for Cost Audit Report & Compliance Report?

All cost auditors and companies can file their Cost Audit Reports / Compliance Reports by 31st December 2012, in XBRL mode by using e-Form 23CAR-XBRL and 23CR-XBRL, without any penalty, up to 31stDecember 2012 or 180 days from the end of the financial year, whichever is later.

3. Do we have the option to file detailed Cost Audit Report/ Compliance Report with the form as PDF attachment instead of XBRL format?

No, the PDF formats of Cost Audit Report / Compliance Report are not allowed to be attached. Only the XBRL instance documents of Cost Audit Report / Compliance Report needs to be attached with the Form 23CAR-XBRL and 23CR-XBRL respectively.

4. Whether the instance documents attached with Form 23CAR-XBRL and 23CR-XBRL needs to be digitally signed. If yes, by whom?

No, the instance documents attached with the e-Forms are not required to be digitally signed. Only the e-Form 23CAR-XBRL for filing the Cost Audit Report need to be digitally signed by the Cost Auditor [or by the lead Cost Auditor as the case may be as well as by one director and another director/ manager/company secretary of the company.

The e-Form 23CR-XBRL for filing the Compliance Report need to be digitally signed by the Cost Accountant who has certified such Compliance Report of the company as well as by one director and another director/manager/ company secretary of the company.

5. While filing the Form 23C in MCA-21 portal, there was some mistake pertaining to the name of the firm. Can I still file the Cost Audit Report for the company?

Yes, you can still file the Cost Audit Report in the XBRL format provided the Form 23C belongs to the same company and same cost auditor.

6. Does Government allow re-filing of the revised Cost Audit Report / Compliance Report in case of any errors in the original filings?

For the current year, the MCA-21 system would allow re-filing of the revised Cost Audit Report/ Compliance Report of the company only in case of an error in the original fillings.

7. Does Government allow multiple filings of the Cost Audit Report / Compliance Report for the same company?

For each company, only one consolidated Cost Audit Report/ Compliance Report for the company as a whole is required to be filed in the XBRL format.

8. What shall be the process for uploading the filled Form 23CAR-XBRL and 23CR-XBRL on MCA portal?

The process for uploading the filled Form 23CAR-XBRL and 23CR-XBRL is same as the process of filing of any other e-form, for example, Form 23C or Form 23D or earlier e-form for filing cost audit report with pdf attachment.

9. How to view the Cost Audit Report / Compliance Report submitted in XBRL format on MCA Portal?

TThe Cost Audit Report / Compliance Report filed by the company are not public documents and cannot be viewed in public domain by anyone.

Oct 052012
 

Source: Sensys Technologies Pvt. Ltd.
Friday 5th October 2012, 11.25 AM (IST)

Sensys Technologies Announces Launch of InstantXBRL 2012.
XBRL Filing Made Simple as per MCA Mandate.

Mumbai, India, Friday 5th October 2012.

Sensys Technologies Pvt. Ltd. is an eminent software development company in HR, Finance & Taxation arena. The company has been striving to meet modern day finance, taxation & accounting related needs in order to give a new trend-setting dimension to the business and boost the growth of the company. We aim at achieving complete client satisfaction & are building this company for the long term – a profitable company that is highly relevant to its clients, supportive of its people, and respected in the marketplace. Sensys Technologies is poised as an instrumental solution provider for every HR, Accounts and pool of professionals working for companies.

Sensys Technologies today announced the launch of InstantXBRL 2012. InstantXBRL software is working out solutions to bring transformation in the field of financial transaction in eXtensible Business Reporting Language (XBRL).  Earlier everything used to be manually filed. InstantXBRL is now helping professionals to transform statement data such as balance sheet, profit and loss statement, auditor’s report into an electronic media in the XBRL Format. The electronically transmitted financial data in XBRL format works as per the MCA Mandates.

Now Corporates, Chartered Accountants, Company Secretaries, Professionals find this tool as a dependable means for easy filing of Finacial Staments in XBRL format. In view to speeding up business reporting and analysis InstantXBRL in fact saves time from re-entry of data as it has Excel Template or Tagging by Drag & Drop facility from existing financial statements.  To get abreast with the latest business working ambience, all the business reporting including balance sheets, profit and loss statement is being done with InstantXBRL.

Today, experts who analyze, interpret or process internal management reports, financial statements in the financial fields prefer to avail themselves of InstantXBRL software and can be completely dependent for business reporting in XBRL. They can go for InstantXBRL to file their XBRL efficiently, more presentable & as per the MCA mandates in a given time-frame.

Core Functionalities:

– As per Revised Schedule VI & Cost Audit requirements.
3 ways to do Data Entry
a. Excel Template or
b. Tagging by Drag & Drop or
c. Direct Data entry

- Includes

- Balance Sheet and Profit & Loss (Form 23AC and 23ACA)
– Cost Audit Report & Compliance Report in XBRL format.
– Inbuilt Validations.


For more information and to take a free demo, please visit

http://www.sensysindia.com

http://www.instantxbrl.com

Media contact details

Safique Mohamed
+91 9769468105 / 91 9867307971
+91 22 66278651 / 52
Email: sfm@sensysindia.com

Sep 112012
 

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 FY 2011-2012 , All companies referred to in 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.

Sensys is leading provider of  the XBRL Software & Conversion Services.
To know more about Sensys XBRL Software & Services, Please visit http://www.instantxbrl.com