What documents need to be filed with MCA in XBRL format?
Should the XBRL documents submitted to MCA be certified by an auditor?
What steps are involved in filing XBRL documents with MCA?
From when can we file XBRL documents with MCA?
The XBRL filing is mandatory for company falling under the criteria will have to do filing of their Balance Sheet and Profit and loss account from Financial Year ending on 2011. .
Generally last date for filing Balance Sheet in XBRL Mode is within 30 Days of the Annual General Meeting of the company.
An accounting taxonomy is a dictionary of standardized accounting terms to present financial information in a precise and universally consistently understood manner. Taxonomies capture the concepts and the relationships that exist amongst financial data disclosed. A typical taxonomy includes schema (defining elements), presentation structure, calculation structure and labels.
XBRL documents for MCA should be based upon XBRL Taxonomy developed by MCA for the existing Schedule VI, as per the existing (non converged) Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006.
Taxonomies for Indian companies are developed based on the requirements of
XBRL is a collection of standardized, machine-readable “tags” for line items in financial statements, including footnotes and schedules. Using XBRL, each line in a financial statement is assigned a standardized data tag. XBRL is a standards-based way to communicate business and financial information. These communications are defined in the taxonomies. Taxonomies capture the definition of individual reporting concepts as well as the relationships between concepts and other semantic meaning.