New norms have been put in place for Extensible Business Reporting Language (XBRL) filing with effect from 6th October, 2011 for select class of companies. For the financial years 2010-11 and 2011-12 a total of  2,90,39 and 2,57,86 companies respectively have filed their Balance Sheet using the revised XBRL norms. Giving this information in written [...]

While the filing of the financial statements in XBRL format had begun for a class of companies, NBFCs were kept outside the purview, despite the fact that these companies also followed the Schedule VI format. Owing to peculiar nature of business as compared to the other Commercial and Industrial companies, a need was felt to [...]

Towards a service to our members, the Institute has provided FREE OF COST to its members an XBRL Software Tool for creation of Instance Documents of Cost Audit Report and Compliance Report using Costing Taxonomy and Business Rules published by the Ministry of Corporate Affairs for e-filing of these reports in XBRL Format. The Software Tool can be downloaded from the Institute website.

General Circular No.38 /2012 , Dated 23.11.2012 In continuation of General Circular No. 30/2012 dated 28.09.20 12 on the subject cited above, I am directed to say that Due date of filing of e-forms 23AC(Non-XBRL) and 23ACA (Non XBRL) as per new schedule VI (applicable for the accounting year commencing on or after 1.4.2011 ) has been extended upto 24.11.2012 for Companies holding AGM or whose due date for holding AGM is on or after 2 1.09.2012.

The MCA XBRL Validation Tool (for costing taxonomy) has been developed and is currently under testing. The tool is likely to be released on 24th November, 2012. Filing of the Cost Audit Report and Compliance report on the MCA portal shall be enabled thereafter.

Banking regulators control and monitor the financial state of affair of the banks through reporting mechanism. With the formation of European Union, banks operating in European region are expected to report under multi regulatory environment, where such reporting becomes complex and dynamic, requiring banks to submit reports in a timely manner with more granularities, supported by intensive information. Identifying data synergies and taking leverage of that can help such banks in effective and correct compliance.

The following enhancements have been released in the validation tool. These enhancements do not impact the instance documents which have already been filed on the MCA21 portal. This version of the tool needs to be downloaded by only those stakeholders who are facing the below mentioned issues.

The Ministry of Corporate Affairs has pressed upon for the need to improve the quality of xBRL (Extensible Business Reporting Language) filings. In a letter sent to the Presidents of ICAI and ICSI the ministry said it is the bounden duty of these institutes to improve the quality of XBRL filing for the financial year (FY) 2011-12 to be undertaken by its members.

MCA asks institutes to impart training to its professionals to improve quality of XBRL filings. You are aware that XBRL filing of financial statements by a select class of companies for FY 2010-11 was mandated vide Ministry of Corporate Affairs Notification GSR No. 748(E), dated 5-10-2011. T

Kindly note that all eligible companies may file their financial statements (based upon new Schedule VI) in XBRL till 15th November, 2012 or within 30 days from date of its AGM, whichever is later, without any additional fees. For further details, visit MCA website www.mca.gov.in