Consultancy on XBRL Filing
Ministry of company affairs (MCA), India, vide its circular dated 7 June 2011 and 7 July 2011 has mandated certain companies to file its Financial statements for Year ending on 31 March 2011 in XBRL.
What is XBRL and how it works
- XBRL stands for Extensible Busin
- ess Reporting Language
- XBRL is a XML (Extensible Markup Language) based, computer-readable financial reporting language
- XBRL is a royalty free open specification developed by XBRL international Inc.
- It is used to express business reporting content
- XBRL facilitates the automatic exchange and reliable extraction of business information across diverse software applications
- XBRL can be compared to a Bar code
- Instead of treating financial information as a block of text, XBRL provides a tag for each individual item of data - making it crunchable
- This allows data to be treated intelligently
How the reporting to various government authorities will change with the introduction of XBRL
| S No |
Authority |
Current Filing |
Future Filing |
| 1 |
Ministry Company Affairs (MCA) |
MCA 21 |
MCA 21 (XBRL taxonomy based) |
| 2 |
Securities Exchange Board of India (SEBI) |
Corporate Filing and Dissemination System (CFDS or Corp filing) |
Corp filing (XBRL taxonomy based) |
| 3 |
Reserve Bank India (RBI) |
Online Returns Filing System (ORFS) in the year 2004 for commercial banks. |
(XBRL taxonomy based) |
Who needs to file under XBRL?
Ministry of company affairs (MCA) vide its circular dated 6 July 2012 mandated the following class of companies to file its financial statements for financial years commencing on or after 1 April 2011 in XBRL.
- All companies listed with any stock exchange(s) in India and their Indian subsidiaries; or
- All companies having paid up capital of Rs 5 crore and above; or
- All companies having turnover of Rs 100 crore and above; or
- All companies who were required to file their financial statements for FY 2010-11, using XBRL mode
Documents required to be filed with MCA under XBRL:
- Balance sheet (Revised Schedule VI)
- Profit Loss Account(Revised Schedule VI)
- Cash flow statements
- Notes to Accounts of financial statement(Revised Schedule VI and Accounting standards etc.)
- Auditor's Report
- Director's Report
XBRL Filing Date
30 November 2011 or 60 days from due date whichever is later.
XBRL - Tentative timelines
| Activity |
Expected Due Date |
Responsibility |
Status |
| Taxonomy release date |
29 June 2012 |
MCA |
Completed |
| Business rules |
3-4th week of july2012 |
MCA/TCS |
WIP |
| MCA Validation tool |
3rd week of August 2012 |
MCA/TCS |
WIP |
| MCA 21 Filing - XBRL |
First week of September 2012 |
MCA/ Filers |
(XBRL taxonomy based) |
XBRL Certification by Professional
MCA vide its circular dated 7 July 2011 required the statutory auditor to certify the XBRL output for filing. This has now been extended to all professionals like any Practicing CA's and CS's vide circular dated 28 July 2011.
GKS Consulting Pvt. Ltd. can provide all of your company's required XBRL filings (Financials and Notes to Financials - with detailed tagging) in guaranteed compliance with current SEC and U.S. GAAP or IFRS Taxonomies.
With GKS Consulting Pvt. Ltd. your company does not need to buy software, continually hire and train new personnel or pay accountants or consultants astronomical fees for XBRL Conversion. We will work for you and with you, cutting out the hundreds of man hours associated with XBRL conversion and service throughout each Fiscal Year.
