Vide MCA General Circular No: 16/2012 dated 06.07.2012, a select class of companies

1. all companies listed with any Stock Exchange(s) in India and their Indian subsidiaries; or
2. all companies having paid up capital of Rupees five crore and above; or,
3. all companies having turnover of Rupees one hundred crore and above; or
4. all companies who were required to file their financial statements for FY 2010-11, using XBRL.

and whose accounting year commences on or after 01.04.2011 are mandated to file their financial statements in XBRL using the taxonomy based upon new Schedule VI of the Companies Act, 1956. However, Banking, Power, NBFC and Insurance Companies are exempted from XBRL filing till further order.

Companies (with accounting year commencing before 01.04.2011) mandated as per MCA Notification dated 05.10.2011 shall file their financial statements in XBRL using the earlier C&I Taxonomy (based upon old Schedule VI).

Indian subsidiaries of a listed company are required to file in XBRL format, irrespective of their paid up capital or turnover.

If the holding company is mandated to file in XBRL, details of all subsidiaries (including foreign subsidiaries) need to be given as per “Notes - Subsidiary information” in the XBRL instance document of the holding company.

In case of Indian subsidiaries, their financial statements are not required to be separately attached in the e-form of the holding company. SRN details of the e-Form 23AC or e-Form 23AC-XBRL, as applicable, filed by Indian subsidiary needs to be mentioned in the instance document of the holding company. In case these e-Forms have not been filed by Indian subsidiaries, then reason of not filing also needs to be provided (For e.g: Different financial year followed by subsidiary, Extension of Financial Year or AGM taken by subsidiary, etc.)

In case of foreign subsidiaries, annual accounts need to be attached as a separate PDF document in the e-Form 23AC-XBRL of the holding company. In the XBRL document, in the element, you may mention 'Whether subsidiary has filed balance sheet' as NO and reason for not filing can be mentioned as 'Not applicable as it is a foreign subsidiary'.

Note: Attaching of annual accounts of foreign subsidiaries is not required in case exemption u/s 212 has been taken by the holding company.

There is no separate element for unclassified shares in the taxonomy. It needs to be provided either as equity or preference shares only. Necessary details/ clarifications can be provided as a footnote.

As per Circular No. 16/2012, a company is allowed to file the financial statements in XBRL mode without any additional fee up to 15th November, 2012 or within 30 days from the date of AGM, whichever is later. In case of a company whose financial year is ending on 31-03-2012 and if its date of AGM is 30th September 2012, then its last date for filing XBRL forms is 30 days from the AGM date i.e. upto 30th October, 2012. Hence, as per the time lines provided in the circular, the company can file its financial statements in XBRL mode without additional fees upto 15th November, 2012.

Similarly, In case of a company whose financial year is ending on 30th June, 2012 and if its date of AGM is 31st December 2012, then its due date for filing financial statements would be 30 days from the AGM date i.e. upto 30th January, 2013. Hence, the company can file its financial statements in XBRL format without additional fees upto 30th January, 2013.

All NBFCs that are registered with RBI or exempt from registration with RBI but registered with other regulators like SEBI, IRDA, National Housing Bank, etc are exempted from XBRL filings for the Financial Year 2011-12.

Gross turnover (i.e. inclusive of duties and taxes) is to be considered for determining Rs. 100 crores turnover threshold for eligibility of a company for XBRL filings in FY 2011-12.

Companies that are engaged in generation or transmission or distribution of electric power as per their object clause are classified as power companies for XBRL filings. Such companies are exempted from XBRL filings of their Financial Statement for FY 2011-12 irrespective of whether they prepare their accounts as per Schedule VI of the Companies Act, 1956 or not. Companies producing electric power for their captive consumption are not exempted from XBRL filings in FY 2011-12.

Standalone financial statement of the holding company is to be filed mandatorily in XBRL. It will also contain details on information of its subsidiaries as per “Notes - Subsidiary Information”. Consolidated financials, if applicable, may also be filed with MCA as the taxonomy has elements for consolidation as well.

The details in ‘Notes - Related party’ are applicable for the previous year in case the same are entered for the current year. However, in case the related party was not a related party in the previous year then, the company can enter zero (0) in respect of the financial elements for that related party. In element for CIN of related party, CIN as per the current year should be entered. Suitable footnote with respect to the same should also be included in the instance document.

Above shall also be applicable for cases where the related party was related for the previous year and is no more a related party in the current year.