Balance Sheets, Profit and Loss Accounts Now in XBRL Format

India’s Ministry of Corporate Affairs has decided to get the filing of Balance Sheet and Profit and Loss accounts in extensible business reporting language (XBRL) format. The financial statements to be filed will be based on taxonomies of XBRL as per the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006.

The Circular has been approved by the Ministry of Corporate Affairs.

Coverage in Phase I
The following classes of companies have to file the financial statements in XBRL form only from the year 2010-2011:

• All companies listed in India and their subsidiaries, including overseas subsidiaries
• All companies having a paid up capital of Rs. 5 crore and above or a turnover of Rs. 100 crore or above

Additional fee exemption
All companies falling into Phase I are permitted to file upto September 30, 2011 without any additional filing fee.

Training requirements
Stakeholders can attend the training on XBRL or on taxonomy related issues. All the training related matters will be taken care of by the following authorities:

Smt. Nirupama Kotru, Director
Ministry of Corporate Affairs
5th Floor, ‘A’ Wing, Shastri Bhavan,
Dr.R.P. Road, New Delhi
Contact No. 011-23384470
Email: nirupama.kotru@mca.gov.in

Dr. Avinash Chandra, Technical Director
The Institute of Chartered Accountants of India,
‘ICAI Bhawan’, Post Box No. 7100,
Indraprastha Marg, New Delhi-110002.
Contact No. 011-3011456, 30110427
Email: avinash@icai.org

Shri Pankaj Srivastava, Joint Director
Ministry of Corporate affairs
5th Floor, ‘A’ Wing, Shastri Bhavan,
Dr.R.P. Road, New Delhi
Contact No. 011-23384657
Email : pankaj.srivastava@nic.in
iss.pankaj@gmail.com

Dr. Surinder Pal,
Secretary, Committee on Members in Industry (CMII),
The Institute of Chartered Accountants of India,
‘ICAI Bhawan’, Indraprastha Marg, New Delhi-110002.
Contact No. 011-30110450

Mr. N.K. Bansal, Secretary,
Continuing Professional Education (CPE),
The Institute of Chartered Accountants of India,
‘ICAI Bhawan’, Indraprastha Marg, New Delhi-110002.
Contact No. 0120-3045957

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