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XBRL Reporting
What is this site all about ?
XBRL or eXtensible Business Reporting Language is a computer language which is:
- an open technology standard for reporting and analyzing business and financial information
- software agnostic, or independent
- accounting framework neutral
- being adopted world over by regulators, governments, central banks
Applicability
As per the latest circular from Ministry of Corporate Affairs, Government of India, the following companies have to file their financial statements in XBRL format from the year 2010-2011
- All companies listed in India and their Indian subsidiaries
- All companies having a paid up capital of Rs 5 Crores and above
- All companies having a turnover of Rs 100 crores and above
- Banking, insurance, power and non-banking financial companies (NBFCs) are exempted until further orders
How does it affect you... ??
As a Company required to file your documents in XBRL template, you need to convert your financial statements as per the taxonomy suggested by the Ministry of Company Affairs and file it as part of your filings with the MCA.
