XBRL

On 1 April 2011, the Ministry of Corporate Affairs (MCA) in India posted a circular on its website mandating a certain class of companies (Phase 1) to file balance sheets and profit and loss accounts for the year 2010-11 onwards by using eXtensible Business Reporting Language (XBRL). The financial statements required to be filed in XBRL format will be based upon the taxonomy on XBRL developed for the existing Schedule VI and non-converged accounting standards notified un.. Full Article

In the recent times, XBRL has emerged as a novel way of electronic communication of financial and business data which is revolutionizing business reporting around the world. Considering the benefits attached with implementing XBRL in the preparation, analysis and communication of business information, the regulators in India have also decided to implement XBRL in their reporting. Full Article

Exposure Draft on XBRL taxonomy for Commercial and Industrial (C&I) entities on which comments, if any, are invited by MCA by 30th April, 2011. Ministry of Corporate Affairs (MCA) has come out with an Exposure Draft on XBRL taxonomy for Commercial and Industrial (C&I) entities for filing their Balance Sheet and Profit and Loss Account. Comments, if any, are invited on the same by 30th April, 2011. Full Article

As per General Circular No. 09/2011 issued by MCA on 31st March, 2011, Companies are required to file their financial statements in the XBRL format with the Registrar of Companies (RoC) for the year ended 31 March, 2011 as per the following criteria: (i) All companies listed in India & their subsidiaries in India and abroad; & (ii)All companies having a Paid up Capital of Rs. 5 Crores & more or a Turnover of Rs. 100 Crores & above Full Article

eXtensible Business Reporting Language (XBRL) is an open technology standard which makes it possible to store business and financial information in a computer-readable format. Many countries and/or financial regulators have approved, or are in the process of implementing, requirements around XBRL as the electronic financial reporting standard. These include the US, Japan, UK, Netherlands, Australia & China to name a few. On 1 April 2011, the Ministry of Corporate Affairs.. Full Article

General Circular No. 09/2011, Dated the 31.03.2011- It has been decided by the Ministry of Corporate Affairs to mandate certain class of companies to file balance sheets and profit and loss account for the year 2010-11 onwards by using XBRL taxonomy. The 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, (non converged) Accounting Standards notified under the Co.. Full Article

The ministry of corporate affairs is planning to introduce extensible business reporting language (XBRL) for its MCA 21 portal, which is the database for 9 lakh companies in India. This means that the companies will also have to file their documents in the XBRL format, which would inturn increase their compliance cost. At present, XBRL is being followed in many countries including the US, where after a period of voluntary compliance with XBRL, they are now moving toward.. Full Article

XBRL (eXtensible Business Reporting Language) is an electronic format for communication of business and financial data which is revolutionising business reporting around the world. XBRL is one of a family of "XML" languages which is becoming a standard means of communicating information between businesses and on the internet. XBRL provides major benefits in the preparation, analysis and communication of business information. Full Article