File financial statements in e-format, firms told

File financial statements in e-format, firms told

All listed firms, as well as those with Rs 100 crore and more in turnover, have been asked to file 2011-12 financial statements with the Registrar of Companies in the global electronic reporting format — XBRL.

The Extensible Business Reporting Language is a globally accepted standardised language in electronic format to facilitate easy and quick dissection of bulk documents.

The Ministry of Corporate Affairs has decided to mandate select class of companies to file their balance sheets and Profit & Loss Accounts in XBRL mode for the fiscal starting on or after April 1, 2011, an official statement said.

“All companies listed with any Stock Exchange(s) in India and their Indian subsidiaries (and) all companies having paid up capital of Rs 5 crore and above” have been mandated to file their Balance Sheet and Profit & Loss Account in XBRL mode for the fiscal starting on or after April 1, 2011.

The rule is also applicable to companies having turnover of Rs 100 crore and above as well as those who were required to file their financial statements for fiscal 2010-11.
However, banking, insurance, power and non-banking financial companies are exempted from XBRL filing till further orders.

The ministry further said the companies will be allowed to file their financial statements in XBRL mode without any additional fee/penalty up to November 15, 2012 or within 30 days from the date of their AGM, whichever is later.

“The actual date for enabling XBRL filing will be intimated separately,” it added.

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