The Union Ministry of Corporate Affairs has so far received 25,590 filings of corporate financial statements in the new prescribed format. This represents 89.79 per cent conformity to the XBRL reporting norms, set by the Ministry last year for 2010-11 financial statements.
XBRL filing was made mandatory for financial reporting (balance-sheets as well as profit and loss accounts) for around 28,500 select companies in the first phase through the Companies (filing of documents and forms in extensible business reporting language) Rules, 2011.
Mr Nesar Ahmad, President of the Institute of Company Secretaries (ICSI) told Business Line here on Tuesday that the Ministry confirmed receiving a total of 25,590 filings as to date.
The last extended deadline for such filings was December 31, 2011. The current filings are being made with additional fee.
ICSI, along with two other professional bodies — the Institute of Chartered Accountants of India and the Institute of Cost and Works Accountants of India — are involved in the Ministry's initiative in streamlining as well as bringing about transparency in corporate reporting. The Ministry identified XBRL as a highly “useful tool” for regulatory filings.
All listed companies and their subsidiaries (including overseas ones) having a paid-up capital of Rs 5 crore and above or a turnover of Rs 100 crore and above are liable to file in XBRL form from FY 2010-11.
The ICSI is also represented on a Ministry-formed committee to develop the roadmap for future implementation of XBRL.
The committee is to identify other classes of companies for inclusion into the mandatory XBRL filing format for future phases. The panel's other terms of reference include development of taxonomies (classification-specific formats) to be used by companies for regulatory filings to government agencies and the creation of a framework for consumption and dissemination of XBRL data.
XBRL, built on XML, a standard reporting language, allows accountants and regulatory bodies to identify items that are unique to the business reporting environment in a consistent way.
Keywords: Union Ministry of Corporate Affairs, filings of corporate financial statements, Institute of Cost and Works Accountants of India, Institute of Chartered Accountants of India, Institute of Cost and Works Accountants of India