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Circular No: 57/2011, Dated: 28.07.2011
No. HQ/MCA/DigitisedBS/AR/2009
Sub: Filing of Balance Sheet and Profit and Loss Account in eXtensible Business Reporting Language (XBRL) mode.
The Para 3 of the Circular no. 37/2011 dated 07.06.2011 may be read as under: ‑
“All companies falling in Phase-I class ofcompanies (excluding exempted class) are permitted to file their financial statementswithout any additional fee up to 30.11.2011 or within 60 days of their due date, whichever is later.”
2. Further, in supersession of Para 2 (i) of Ministry’s Circular No. 43/2011 dated 07.07.2011, it is informed that the verification and certification of the XBRL document of financial statements on the e-forms would continue to be done by authorized signatory of the company as well as professional like Chartered Accountant or Company Secretary or Cost Accountant in whole time practice.
Companies that are using XBRL
ReplyDeleteand see its potential are eager for the platform to emerge past its growing pains. They are calculating the cost of submitting their financial data in two completely separate formats to accommodate dual reporting regimes. Some are frustrated by naysayers, like the Financial Executives International’s Committee on Corporate Reporting, who are telling the SEC to curtail or halt XBRL adoption. CCR sent an unsolicited comment letter to the SEC asking that companies be allowed additional time to complete the filing, and that they be permitted to do less detailed tagging.