1. Whether the existing Form 23AC and Form 23ACA are to be used for filing balance sheet and profit and loss account in XBRL mode?
No, the existing Form 23AC and Form 23ACA are not to be used for filing balance sheet and profit and loss account in XBRL mode. For this, new Form 23AC-XBRL and 23ACA-XBRL have been made available on the MCA portal.
2. By when can we file the Form 23AC- XBRL & ACA- XBRL? Will I be charged additional fees if my financial year is 2010-2011?
MCA has given exemption of additional fee for filing the financial statements in XBRL mode for the financial year 2010-11. The company can file the Form 23AC-XBRL and Form 23ACA- XBRL without additional fees up to 30th November 2011 or 60 days from due date of filing, whichever is later.
3. Do we have the option to file detailed balance sheet and profit and loss account with the form as PDF attachment instead of XBRL format?
No, the PDF attachment of balance sheet and Profit and loss account is not required to be attached. Only the XBRL instance documents of balance sheet and profit and loss account needs to be attached with the Form 23AC-XBRL and Form 23ACA- XBRL respectively.
4. How to convert the balance sheet and profit and loss account in the XBRL format?
Companies have the option to create their own XBRL documents in house or to engage a third party to convert their financial statements into XBRL form.
The first step in creation of an instance document is to do tagging of the XBRL taxonomy elements with the various accounting heads in the books of accounts of the company.Once the tagging of financial statement elements with the published taxonomy elements is done, the next step is to create the instance document. An instance document is a XML file that contains business reporting information and represents a collection of financial facts and report-specific information using tags from the XBRL taxonomy.
The XBRL instance document needs to be created using a software tool for conversion.
For detailed process in respect of creation of instance document, refer the Filing Manual available on XBRL portal of the Ministry. (www.mca.gov.in/XBRL)
5. Whether it is required to validate the instance document created before uploading the same on MCA portal?
Yes, validating the instance document is a pre requisite before filing the balance sheet and profit & loss account on MCA portal. A tool has been provided on the MCA XBRL portal for validating the generated XBRL instance document. You are required to download the tool from the portal and validate the instance document before uploading the same. The MCA XBRL validation tool can be downloaded from the XBRL website of the Ministry.(www.mca.gov.in/XBRL)
6. Only ‘Commercial and Industrial (C&I)’ appears under ‘Type of industry’ field in the XBRL forms?
As per MCA’s circular, C&I companies which are meeting the criteria have been mandated for filing their annual accounts in XBRL mode for the financial year 2010-11.Please note that Banking companies, insurance companies, power companies and NBFCs registered with RBI are exempted from XBRL filing for this financial year as separate taxonomies are under development for these type of companies.
7. Whether the instance documents attached with Form 23AC-XBRL and Form23ACA-XBRL needs to be digitally signed. If yes, by whom?
No, the instance documents attached with Forms are not required to be digitally signed. Only the eForms 23AC-XBRL and 23ACA-XBRL need to be digitally signed by the authorized signatories of the company. Also note that the forms are also required to be certified by a practicing professional (i.e. a member of ICAI/ ICSI/ ICWAI).
8. What shall be the process for uploading the filled Form 23AC-XBRL and 23ACA-XBRL on MCA portal?
The process for uploading the filled Form 23AC-XBRL and 23ACA- XBRL is same as the existing process for uploading the Form 23AC and Form 23ACA on the MCA portal.