2012 XBRL UPDATES

XBRL 2012 Statutory Requirements

•      Ministry of company affairs (MCA) vide its circular dated 6 July 2012 mandated the following class of companies to file its Financial statements for financial years commencing on or after 1 April 2011 in XBRL

•      All companies listed in India and their Indian subsidiaries (foreign subsidiaries are not currently included)

ü All companies having a paid up capital of Rs.5 crore and above

ü All companies having a turnover of Rs.100 crore and above

ü All companies who were required to file their financial statements for FY 2010-11, using XBRL mode (Even if they do not fall in any of the other categories above)

•      Banking companies, insurance companies, power companies and Non banking financial companies(NBFCs) are exempted for XBRL filing, till further orders (All the other taxonomies are under preparation and shall be released for public consumption in due course)

•      All companies referred above, will be allowed to file their financial statements in XBRL mode without any additional fee/ penalty up to 15th November, 2012 or within 30 days from the date of their AGM, whichever is later.

•      The applicable taxonomy as per Schedule VI of the Companies Act , 1956 has already been placed on the Ministry’ s website www.mca.gov.in .

•      The Business Rules, validation tools, etc. required for preparing the financial statements in XBRL format, as per the revised Schedule-VI and Accounting Standards, are under preparation and would soon be made available by the Ministry.

•      The actual date for enabling XBRL filing will be intimated separately

•      The Documents to be filed under XBRL are as follows:

ü Balance sheet (Revised Schedule VI)

ü Profit Loss Account(Revised Schedule VI)

ü Cash flow

ü Notes to Accounts of financial statement(Revised Schedule VI and Accounting standards etc)

ü Auditor’s Report

ü Director’s Report

ü General Information o Company Information, signatures to balance sheet etc.. Please note that conceptually no additional documents are required to be filed in the current year.

•      The applicable taxonomy as per Schedule VI of the Companies Act , 1956 has already been placed on the Ministry’ s website www.mca.gov.in .

•      The Business Rules, validation tools, etc. required for preparing the financial statements in XBRL format, as per the revised Schedule-VI and Accounting Standards, are under preparation and would soon be made available by the Ministry.

•      The actual date for enabling XBRL filing will be intimated separately

•      The Documents to be filed under XBRL are as follows:

ü Balance sheet (Revised Schedule VI)

ü Profit Loss Account(Revised Schedule VI)

ü Cash flow

ü Notes to Accounts of financial statement(Revised Schedule VI and Accounting standards etc)

ü Auditor’s Report

ü Director’s Report

ü General Information o Company Information, signatures to balance sheet etc.. Please note that conceptually no additional documents are required to be filed in the current year.

Salient Features of 2012 XBRL

•      Extended Link roles and Elements in accordance with revised schedule VI.

•      More focus on common practice elements. 

•      Introduction of a concept called ‘ Dimensions’ to replace ‘Tuples’. Dimensions is meant to capture multiple element data. Dimensions have been extensively used.

•      Strong business rules to ensure quality output

•      Detailed link bases released as part of the taxonomy:

•      Presentation link base – Presentation of XBRL taxonomy

•      Calculation Link base – Calculation requirements embedded in the taxonomy

•      Definition Link base – Defining the meaning of each element in the taxonomy

•       Label Link Base - Explaining the beginning and end of the period specific elements

•       Reference Link Base – Giving reference of relevant requirement of Law/ Schedule VI/ Accounting standards etc In the previous year only Presentation and Calculation link bases had been defined