MCA Mandate

Ministry of Corporate Affairs (MCA) has announced that the following companies have to file financial reports for the year 2010-11 and onwards using XBRL:

All companies listed in India and their Indian subsidiaries,

All companies having paid up capital of 5 Crore and above,

All companies having turnover of 100 Crore and above

Exceptions include banking, insurance and power companies, and NBFCs. These companies are not within the scope of Phase 1, even if they meet any of the criteria given above. The companies operating in these sectors will file their financial reports in XBRL from FY 2011-12.

All companies falling in Phase 1 class of companies (excluding exempted class) are permitted to file XBRL format without any additional fee up to 30 November 2011 or 60 days of their due date whichever is later.

Financial Statements required to be filed in XBRL format would be based upon the Taxonomy on XBRL developed for the existing Schedule VI, as per the existing

Accounting Standards.

Click here to read MCA’s Circular

Voluntary filing

Voluntary filing is encouraged. Thus, a Associates not currently meeting the threshold can still file using XBRL instead of the usual pdf submission.

Definition of exempted companies

Any Associates not filing financial statements in compliance with Schedule VI of the Companies Act is exempt. For example, companies governed by the Electricity Act, Banking Regulation Act, Insurance Act, etc are exempt in the current phase.

There shall be a separate set of Form 23AC and Form 23ACA available on the MCA portal for filing in XBRL form.

Existing 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.