MCA’s Statutory Report (in XBRL format) now available in Tally.ERP 9!
With an interactive checklist, Tally.ERP 9 makes generating MCA-compliant XBRL reports simple. What’s more, it reduces the chances of errors and allows the reuse of all configuration and mapping.
Who needs to file?
Ministry of Corporate Affairs (MCA), 7th June 2011: The following class of Companies are mandated to file their financial statements in XBRL format from Financial Year 2010-11 onwards:
- All listed companies including their Indian subsidiaries (but excluding overseas subsidiaries)
- Companies having a paid up capital of 5+ crore
- Companies having a turnover of 100+ crore
MCA also proposes to include all companies from this Financial Year onwards.
- MCA has published a library (taxonomy) of elements which can be mapped with the various accounting heads in the chart of accounts (CoA) of the company
- The taxonomy elements also include non-financial data (Director’s details, Auditor’s report,
- Director’s report, etc.) which needs to be filled
- Creation of the instance documents (report in XBRL format)
- Validating the instance documents with the free validation tool provided by MCA
- Uploading the validated instance documents on the MCA portal. along with the prescribed forms (Form 23AC and Form 23ACA)
Note : Through their General Circular No. 69/2011, dated 30th November 2011 the last date for filing in XBRL format has been extended up to 31.12.2011 or within 60 days of the due date of filing, whichever is later
What is XBRL?
XBRL stands for eXtensible Business Reporting Language. XBRL is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world. It is one of a family of “XML” languages which is becoming a standard
means of communicating information between businesses and on the internet.