Ministry of Corporate Affairs' Requirements
In 2011, MCA mandated that Companies in India that meet any of the following criteria need to file their financial statements and other documents under section 137 of the Act with the Registrar in e-form AOC-4 XBRL
- All companies incorporated under the Companies Act, 1956 and having a paid up capital of Rs 50 million or more, or a turnover of Rs 1,000 million or more
- All companies that are listed in an Indian stock exchange and their Indian subsidiaries irrespective of their capital or turnover
Banking companies, Insurance companies, Power companies and Non-banking financial companies are exempt from this requirement.
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Frequently Asked Questions
The MCA requirement of filing annual reports in XBRL format applies to :
- All public companies listed in a stock exchange in India and their Indian subsidiaries
- 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
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.
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
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.
Getting started with DataTracks is simple. Reach out to us, and our team will guide you through the onboarding process. We’ll discuss your specific requirements, gather the necessary financial data, and initiate the XBRL conversion and tagging process to ensure a hassle-free MCA compliance experience for your organization.
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