XBRL stands for eXtensible Business Reporting Language, a language for the electronic communication of business and financial data that has revolutionized business reporting around the world. Its major benefits include ease in preparation, analysis and communication of business information by the corporates. It offers cost savings, greater efficiency, improved accuracy as well as reliability to all those involved in supplying or using financial data.. More information on XBRL can be found at http://www.xbrl.org.
The Ministry of Corporate Affairs (MCA) implemented filing requirements for various classes of companies to file their financial statements for the year ended 2010-11 or thereafter, in XBRL format.
With increased coverage, it is hoped that the XBRL data thus collected would significantly enhance the Ministry's capabilities in policy formulation and regulatory functions for advantage of corporates as well as public and investors at large.
Directors of the companies will continue to be responsible for the correctness and accuracy of FS in XBRL format filed with MCA. They are therefore advised to check the information to be filed before authorizing their company or authorized persons to submit the information on behalf of the company to MCA.
Vide General Circular No: 16/2012 dated 6th July 2012, Ministry of Corporate Affairs has decided that companies falling in the following categories will have to file their Balance Sheet and Profit & Loss Account under section 220 of the Companies Act, 1956 using the Extensible Business Reporting Language (XBRL) taxonomy for financial year commencing on or after 01.04.2011:-
However, banking companies, Power companies, Non Banking Financial Companies (NBFC) and Insurance companies are exempted from XBRL filing till further order.
We invite you to discover how XBRL Experts can assist you with all of your MCA filing and XBRL tagging needs.
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As directors are responsible for the correct representation and accuracy of the information filed, it is often something that they or the business owner works on personally. However, the filing process can be time-consuming and daunting, taking up valuable time that could have been spent on core business functions.
Outsourcing the filing to a professional accounting services firm gives directors and business owners peace of mind, knowing that their company's compliance needs are in good hands. Outsourcing helps eliminate the hassle of figuring out how to use the online filing system, selecting the required information for disclosure, entering the information manually, and reviewing the financial statements.
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