At present companies file their annual returns and balance sheets with the MCA by filing up an e-form.
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The Ministry of Corporate Affairs (MCA) has asked companies to file balance sheet for the fiscal ending March, 2011 by using a standardised electronic format XBRL.
"Certain class of companies are required to file balance sheets and profit and loss account along with Director's and Auditor's Report for the year 2010-11 onwards by using XBRL taxonomy," an official statement said.
The MCA had earlier exempted NBFCs, banking, insurance and power companies from filing their annual documents, including profit and loss accounts, in the XBRL format.
The companies which will be required to file in XBRL form are those which are listed in India and their subsidiaries, having paid up capital of Rs 5 crore and above, or a turnover of Rs 100 crore or above.
eXtensible Business Reporting Language (XBRL) is a computer software. To enable filing in this format, the MCA-21 portal would be updated with XBRL filing module by July, 2011, the statement added.
At present, companies file their annual returns and balance sheets with the MCA by filing up an e-form. Use of XBRL format would allow the users of financial information to electronically retrieve data with greater accuracy and also ensure greater transparency and improvement in corporate governance.
Companies that consider March 31 as the closing day for a given fiscal can file their balance sheets in the new format by September, without paying an additional fee.
However, companies which hold the Annual general Meeting in the month of September, 2011 would have to file the balance sheet within 30 days from that date, the statement added.
