Financial Statements : FY 2011-12

Policy Specific FAQs


11. Is the consolidated financial statement of a listed holding company alone is required to be filed in XBRL or the subsidiaries also need to file their financials in XBRL?
12. If Subsidiary company has a different accounting year ending from holding company, will the subsidiary still be required to file XBRL document?
13. What is the definition for exempted class of companies? How does a company classify into Power, Banking, Insurance and NBFC?
14. Why these class of companies have been exempted?
15. Who will certify the XBRL filing?
16. Does the subsidiary of a subsidiary of a listed company also need to file in XBRL?
17. What would be situation if holding and subsidiary company fall in different sector?
18. My company had done voluntary filing in XBRL mode last year (FY 2010-11), though the same was not required to be done by the company. Whether now it is compulsory for the company to file its financial statements in XBRL for FY 2011-12, if the company is otherwise not mandated for XBRL filings?
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11. Is the consolidated financial statement of a listed holding company alone is required to be filed in XBRL or the subsidiaries also need to file their financials in XBRL?
The listed holding company has to file its standalone and consolidated financial statement (if applicable) in XBRL. Its Indian subsidiaries also need to file their financial statements in XBRL.

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12. If Subsidiary company has a different accounting year ending from holding company, will the subsidiary still be required to file XBRL document?

If the subsidiary company meets the eligibility criteria as per MCA’s general circular no. 16/2012 dated 06.07.2012, it has to file its financial statement in XBRL.




13. What is the definition for exempted class of companies? How does a company classify into Power, Banking, Insurance and NBFC?
All Banking companies (that are regulated by RBI) and all Insurance companies (that are regulated by IRDA) have been exempted from XBRL filing of their Financial Statements for FY 2011-12 till further order. 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. Further, NBFCs and Power companies are exempted from XBRL filing for Financial Year 2011-12 irrespective of whether Schedule VI is applicable to them or not.

14. Why these class of companies have been exempted?
As per section 211, the financial reporting requirements of Banking, Insurance, NBFC and Power companies are different from the Schedule VI of the Companies Act, 1956, and thus, the applicable taxonomy for these companies are different from C&I Taxonomy (that is based on Schedule VI). The taxonomies applicable to these companies are under development.

However, as the C&I Taxonomy 2012 is based upon reporting requirement as per Schedule VI of the Companies Act, 1956, any exempted class of company that has prepared its Financial Statement as per Schedule VI may voluntarily file in XBRL if it finds that appropriate taxonomy elements are available in the taxonomy.
15. Who will certify the XBRL filing?
The certification of XBRL filing would be done by the professional as was done for XBRL filings for FY 2010-11. The professional may use the MCA XBRL Validation Tool to satisfy himself about the authenticity, accuracy and completeness of XBRL document vis-a-vis the audited financial statements of the company. Professionals may refer the Guidance provided by the professional institutes for certification of XBRL financial statements. MCA XBRL Validation Tool also provides for printable ‘human readable’ form of XBRL documents that may be used by professionals & companies to satisfy themselves about correctness of the filings.
16. Does the subsidiary of a subsidiary of a listed company also need to file in XBRL?
Yes, all Indian subsidiaries (including subsidiary of a subsidiary) of a listed company are mandated to file their financial statements in XBRL for FY 2011-12. It may be noted that listed holding company would provide subsidiary details in its standalone instance document, and its subsidiaries would separately file their financial statements in XBRL using e-forms 23AC-XBRL and 23ACA-XBRL.

17. What would be situation if holding and subsidiary company fall in different sector?
Applicability of XBRL filing would be as under


18. My company had done voluntary filing in XBRL mode last year (FY 2010-11), though the same was not required to be done by the company. Whether now it is compulsory for the company to file its financial statements in XBRL for FY 2011-12, if the company is otherwise not mandated for XBRL filings?
As per MCA circular, all companies who were required to file in XBRL mode last year (FY 2010-11) are mandatorily required to file in XBRL mode this year as well. MCA recommends that a company which has done filing in XBRL mode last year on voluntary basis should continue to do so in subsequent years as well. However in case the company does not want to voluntarily file in XBRL for FY 2011-12, then it may request for exemption from the Ministry.