Company Law India: Read latest Company law news & updates, acts, circular, notifications & articles issued by MCA amendment in companies Act 2013. Article on Loans Company formation XBRL, Schedule VI IFRS.
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Filing of Balance Sheet and P&L Account in XBRL XBRL filing is mandated for select class of companies vide “Companies (Filing of Documents and Forms in eXtensible Business Reporting Language) Rules, 2011”. For details visit, Ministry website http://www.mca.gov.in under the head “Notifications” Requisite eForms 23AC-XBRL and 23ACA-XBRL are now available on the MCA portal. For XBRL Taxonomy, Business rules, Filing Manual and Validation Tool, visit http://www.mca.gov.in/XBRL
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.
1. Creation of XBRL instance document 2. Download XBRL validation tool 3. Load the instance document 4. Validate the instance document
A company cannot, directly/indirectly, a. Make loan to any other body corporate b. Give guarantee/provide security in connection with any loan by any other person c. Acquire securities in any manner of any other body corporate exceeding 60% of its paid-up capital and free reserves or 100% of its free reserves whichever is more.
COMPULSORY TRANSFER TO RESERVES – No amount need be transferred to Reserves if the dividend declared does not exceed 10%. No dividend can be declared and paid in excess of 10% unless minimum amount prescribed as under is transferred to Reserves.
Section 58A of Companies Act, 1956 has put restrictions on acceptance of deposits by any company subject to rules being prescribed. Accordingly, Companies (Acceptance of Deposits) Rules, 1975 were prescribed which lay down various regulations and procedures for acceptance of deposits by companies.
The ICAI has issued Guidance Note on Certification of XBRL Financial Statements *, providing guidance to the practitioners in certification of XBRL formatted statements. Various MCA circulars require financial statements prepared in XBRL mode for filing on MCA-21 portal to be certified by, inter alia, a Chartered Accountant.
To alter the provisions of the memorandum, with respect to the place of registered office of a company from one state to another (subject to confirmation by CG) or its objects and change of registered office within a state but to the jurisdiction of another registrar (subject to confirmation from regional director).
Form 23AC-XBRL – Form for filing XBRL document in respect of balance sheet and other documents with the Registrar. Form 23ACA-XBRL – Form for filing XBRL document in respect of Profit and Loss account and other documents with the Registrar
The Ministry of Corporate Affairs, on the request of the Professional Institutes, decided to re-open the registration process of CFCs and decided to allow enrollment of more CFCs so that the involvement of professional in XBRL filing and peak filing can be expanded to a large extent. The registration process is re-opened for a period of 2 months from October 1, 2011.
