Mandate to certain class of companies to file balance sheets and profit and loss account for the year 2010-11 onwards by using XBRL taxonomy
April 22, 2011
Ministry of Corporate Affairs vide General Circular No. 09/2011 dated 31st March, 2011 has mandated certain class of companies to file balance sheets and profit and loss account for the year 2010-11 onwards by using XBRL taxonomy. The Financial Statements required to be filed in XBRL format would be based upon the Taxonomy on XBRL developed for the existing Schedule VI, as per the existing, (non converged) Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006. The class of Companies are specified as under: 1. All companies listed in India and their subsidiaries, including overseas subsidiaries; 2. Companies having a paid up capital of Rs. 5 Crore and above or a Turnover of Rs 100 crore or aboveThese Companies will be permitted to file the Financial Statements upto 30-09-2011 without any additional filing fee.