Archive for the ‘XBRL’ Category


Notification, [F No 17/161/2012-CL V], dated 30th November, 2012 

G.S.R. 869(E).- In exercise of the powers conferred by sub-section (1) of section 642 read with section 610B of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2011, namely:-

1. (1) These rules may be called the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Second Amendment Rules, 2012.

    (2) They shall come into force with effect from the, 2nd December, 2012.

2. In the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2011, –

(a) for rule 4, the following rules shall be substituted, namely:-

“4. Filing of Balance Sheet and Profit and Loss Account with Registrar for financial year commencing on or after1st April, 2011.- The following class of companies have to file their Balance Sheet, Profit and Loss Account and any other document as required under section 220 of the Companies Act, 1956 with the Registrar using the Extensible Business Reporting Language (XBRL) Taxonomy given in Annexure II for the financial year commencing on or after 1st April, 2011 with e-form No. 23AC-XBRL and 23ACA-XBRL specified under the Companies (Central Government) General Rules and Forms, 1956 namely:-

(i) all companies listed with any Stock Exchange(s) in India and their Indian subsidiaries; or

(ii) all companies having paid up capital of rupees five crore and above; or

(iii) all companies having turnover of rupees one hundred crore and above; or

(iv) all companies covered under rule 3;

Provided that the companies in Banking, Insurance, Power Sectors and Non-Banking Financial companies are exempted for Extensible Business Reporting Language (XBRL) filing for the financial year commencing on or after 1st April, 2011.”

(b) after rule 4, the following rules shall be inserted, namely:-

“5. Filing of cost audit report with Central Government.- Every cost auditor or every lead cost auditor on behalf of all the cost auditors of a company, has to file its cost audit report and other documents as required under sub-section (4) of section 233B of the Act, and rules made thereunder with the Central Government using the Extensible Business Reporting Language (XBRL) Taxonomy given in Annexure III for the financial year commencing on or after the 1st day of April, 2011 (including the overdue reports relating to any previous financial year) with the Form I-XBRL specified under the Companies (Cost Audit Report) Rules, 2011.”

“6. Filing of compliance report with Central Government.- Every company has to file its compliance report and other documents as required under clause (d) of sub-section (1) of section 209 of the Act, and rules made thereunder with the Central Government using the Extensible Business Reporting Language (XBRL) Taxonomy given in Annexure III for the financial year commencing on or after the 1st day of April, 2011 with the Form A-XBRL specified under the Companies (Cost Accounting Records) Rules, 2011, Cost Accounting Records (Telecommunication Industry) Rules, 2011, Cost Accounting Records (Petroleum Industry) Rules, 2011, Cost Accounting Records (Electricity Industry) Rules, 2011, Cost Accounting Records (Sugar Industry) Rules, 2011, Cost Accounting Records (Fertilizer Industry) Rules, 2011, and Cost Accounting Records (Pharmaceutical Industry) Rules, 2011.”

(c) after Annexure II, the following Annexure shall be inserted, namely:-

“Annexure III

Extensible Business Reporting Language (XBRL) Taxonomy for Compliance Report and Cost Audit Report as required under section 209(1) (d) and 233B of the Companies Act, 1956 and rules made thereunder.”

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Click here to download the complete text of the above Notification in PDF Format.

Source: Ministry of Corporate Affairs.


Filing of Balance Sheet and Profit and Loss Account in Extensible Business Reporting Language (XBRL) Mode for financial year commencing on or after 01.04.2011.

General Circular No. 16/2012, No. 17/161/2012-CL-V, dated July 6, 2012.

To

All Regional Directors

All Registrars of Companies

Vide Companies (Filing of documents and forms in Extensible Business Reporting Language) Rules, 2011 notified vide GSR No. 748E dated 5.10.2011, select class of companies are required to file their Balance Sheet and Profit & Loss Account and other documents as required u/ s 220 of Companies Act, 1956 with the Registrar of Companies for the financial year ending on or after 31st March, 2011.

2. It has now been decided by the Ministry to mandate the following select class of companies to file their Balance Sheet and Profit & Loss Account in XBRL mode for the financial year commencing on or after 1.4.2011:

(i) all companies listed with any Stock Exchange(s) in India and their Indian subsidiaries; or

(ii) all companies having paid up capital of Rupees five crore and above; or

(iii) all companies having turnover of Rupees one hundred crore and above; or

(i) all companies who were required to file their financial statements for FY 2010-11, using XBRL mode.

However, banking companies, insurance companies, power companies and Non-Banking Financial Companies (NBFCs) are exempted from XBRL filing till further orders.

3. The applicable taxonomy as per Schedule VI of the Companies Act, 1956 has already been placed on the Ministry’s website www.mca.gov.in. The Business Rules, validation tools, etc. required for preparing the financial statements in XBRL format, as per the revised Schedule-VI and Accounting Standards, are under preparation and would soon be made available by the Ministry. The actual date for enabling XBRL filing will be intimated separately.

4. Additional Fee Exemption: All companies referred to in Para-2 above, will be allowed to file their financial statements in XBRL mode without any additional fee/ penalty upto 15th November, 2012 or within 30 days from the date of their AGM, whichever is later.

5. Training Requirement: Stakeholders are advised to visit the Ministry’s website www.mca.gov.in/XBRL/index.html regularly to have training in XBRL on taxonomy related issues.

Yours faithfully,

(Sanjay Shorey)

Joint Director

Click here to download the complete text of the above Circular in PDF Format- General Circular No. 16/2012 dated 06.07.2012.

Source: Ministry of Corporate Affairs.


Filing of Cost Audit Report (FormI) and Compliance Report (FormA) in the eXtensible Business Reporting Language (XBRL) mode.

52/17/CAB2011 Dated June 29, 2012

To,

The President,

Institute of Cost Accountants of India,

12, Sudder Street,

Kolkata – 700 016

In continuation of MCA’s General Circular No. 8/2012 dated 10th May, 2012, it has been decided that filing of Cost Audit Reports and Compliance Reports with the Central Government in the XBRL mode shall be allowed after 31st July, 2012. The Institute is requested to circulate this for the information of all concerned.

Click here to download the complete text of the above Circular in PDF Format- General Circular No. 8/2012 dated 29.06.2012.

Source: Ministry of Corporate Affairs.


General Circular No. 8/2012, 52/17/CAB-2011, dated May 10, 2012

It has been decided by the Ministry of Corporate Affairs to mandate the cost auditors and the companies to file Cost Audit Reports (Form-I) and Compliance Reports (Form-A) for the year 2011-12 onwards (including the overdue reports relating to any previous year) by using the XBRL taxonomy. These reports, required to be filed in the XBRL format, would be based on the Taxonomy on XBRL being developed for the formats (Form-I & Form-A) given in the following Rules:

(i) Companies (Cost Accounting Records) Rules, 2011

(ii) Cost Accounting Records (Telecommunication Industry) Rules, 2011

(iii) Cost Accounting Records (Petroleum Industry) Rules, 2011

(iv) Cost Accounting Records (Electricity Industry) Rules, 2011

(v) Cost Accounting Records (Sugar Industry) Rules, 2011

(vi) Cost Accounting Records (Fertilizer Industry) Rules, 2011

(vii) Cost Accounting Records (Pharmaceutical Industry) Rules, 2011

(viii) Companies (Cost Audit Report) Rules, 2011

2. Hence, all cost auditors and companies, which are liable to file Cost Audit Reports (Form-I) and Compliance Reports (Form-A), are requested to file their reports with the Central Government after 30th June, 2012 in the XBRL mode by which time the relevant taxonomy together with Form-I &, Form-A in XBRL format is likely to be ready and notified.

3. The Institute is requested to circulate this General Circular for the information of all concerned.

Click here to download the complete text of the above Circular in PDF Format- General Circular No. 8/2012 dated 10.05.2012.

Source: Ministry of Corporate Affairs.

Future Implementation of XBRL

Posted: 06/05/2012 in News, XBRL

The Ministry of Corporate Affairs has set up a Committee to develop the roadmap for future implementation of Extensible Business Reporting Language (XBRL). This Committee comprises of XBRL experts and representatives from the corporate sector as well as the Institute of Chartered Accountants of India (ICAI). The terms of reference of the Committee are as under:

i. Identification of class of companies and various reports to be filed in XBRL in Phase-wise manner.

ii. Development of Taxonomies to be used by Corporates for their regulatory filings to government agencies.

iii. Extensions in Taxonomies and XBRL Assurance framework.

iv. Training, awareness and capacity building of stakeholders

v. Framework for consumption & dissemination of XBRL data.

Accordingly,   information regarding setting up of the Committee and its terms of reference have also been put on the Ministry’s website: http://www.mca.gov.in for information of the general public, and for their suggestions and comments. In response to this, a large number of suggestions have been received regarding;

i. new accounting concepts (elements) in the taxonomy,

ii. approach that may be adopted in development of applicable taxonomies,

iii. approach that may be adopted for resolving technical issues like ‘extensions’ in taxonomies and rendering of XBRL documents,

iv. phase wise coverage of new companies/filings in XBRL,

v. framework for consumption and dissemination of XBRL data, etc.

These suggestions have been shared with the Committee for examination and possible incorporation in the roadmap for future implementation of XBRL by the Ministry.

Source: Press Information Bureau.