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.
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