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What are SEC Which companies should file in XBRL format with MCA?, and why are they important?
The MCA requirement of filing annual reports in XBRL format applies to :
1. All public companies listed in a stock exchange in India and their Indian subsidiaries
2. All private companies with a turnover of Rs 100 crores or more or paid up capital of Rs 5 crores or more (other than banking companies, insurance companies, power companies and NBFCs)
The mandate for filing applicable to companies meeting the criteria above was released by MCA in March 2011. For updated information, please visit the MCA website
What documents need to be filed with MCA in XBRL format?
As per the mandate issued in 2011, certain components of Annual reports are required to be filed in XBRL format. The mandated components include:
- Balance Sheet
- Profit & Loss Statement
- Cash Flow Statement
- Schedules related to Balance Sheet and Profit and Loss Statement
- Notes to Accounts
- Statement pursuant to Section 212 of the Companies Act, 1956 relating to subsidiaries
Recent Circular (Financial Year 2011-12):
The Ministry of Corporate Affairs (MCA) has recently issued a circular specifying additional reports to be filed in XBRL format for the financial year 2011-12. The newly mandated reports are:
- Cost Audit Report (Form I)
- Compliance report (Form A)
The MCA circular emphasizes that these reports, including overdue reports pertaining to previous years, are to be submitted in XBRL formats.
What taxonomy should be used in preparing XBRL documents for filing with MCA?
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
• Schedule VI of Companies Act, • Accounting Standards, issued by ICAI • SEBI Listing requirements
What is the deadline for filing XBRL documents with MCA?
The Ministry of corporate Affairs (MCA) has mandated all companies with investment of 5 crores and above and yearly turnover of above 100 crores to file their financial statements in Form AOC-4 XBRL format Within 30 days of the AGM or before the deadline of 30th Oct for FY22-23.
What are the penalties for non-filing of AOC-4, and who is liable?
The Ministry of corporate Affairs (MCA) has mandated all companies with investment of 5 crores and above and yearly turnover of above 100 crores to file their financial statements in Form AOC-4 XBRL format Within 30 days of the AGM or before the deadline of 30th Oct for FY22-23.
- Company: Faces a fine of Rs.1,000 for each day of default (up to a maximum of Rs.10,00,000).
- Directors, CFO, and Authorized Director: Liable to a minimum fine of Rs. 1 lakh and a maximum of Rs. 5 lakhs, or imprisonment for up to 6 months.