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Circular on filing Balance Sheet in XBRL mode

Date: 11th, June 201

GENERAL CIRCULAR 37/2011, DATED 7-6-2011


In supersession of this Ministry's Circular No. 9/2011, dated 31-3-2011 and 25/2011 dated 12-5-2011, Ministry of Corporate hereby mandated certain class of companies to file Balance sheets and Profit and loss Account along with Director's and Report for the year 2010-11 onwards by using XBRL taxonomy. The Taxonomy Business Rules, Validity tools etc. required preparation the above documents in XBRL format as the existing Schedule VI and Accounting Standards notified (Accounting Standards) Rules, 2006 have been prepared and hosted on the website of the Ministry at Asked Questions (FAQs) about XBRL have been framed by the Ministry and they are being annexed as Annexure I the information and easy understanding of the stakeholders. To enable filing on XBRL by stakeholders, MCA-21 portal will have filing module by July, 2011. Actual date will be informed separately..

Coverage in Phase I
2. The following class of companies have to file the Financial Statements in XBRL. Form only from the year 2010-
(i)  All companies listed in India and their Indian subsidiaries;
(ii)  All companies having a paid up capital of Rs. 5 crore and above
(iii)  All companies having a turnover of Rs. 100 crore and above.

However banking companies, insurance companies, power companies and Non-Banking Financial Companies (NBFCs) are for XBRL filing, till further orders.

Additional Fee Exemption
3. All companies falling in Phase -I whose Balance Sheets are adopted in the Annual General Meeting held before 30 permitted to file upto 30-9-2011 without any additional filing fee. However, where companies hold the Annual General Meeting month of September 2011, they will file the Balance Sheet within 30 days from the date of adoption in the General Meeting as per 220 of the Companies Act, 1956.

Training Requirement
4. Stakeholders desirous to have training on the XBRL or on taxonomy related issues, may contact the persons as mentioned Annexure II.

Annexure I
Frequently Asked Questions
1. What is XBRL?
XBRL is a language for the electronic communication of business and financial data which is revolutionizing business reporting the world. It provides major benefits in the preparation, analysis and communication of business information. It offers cost greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data. XBRL eXtensible Business Reporting Language. It is already being put to practical use in a number of countries and implementations are growing rapidly around the world. 2. Who developed XBRL?

XBRL is an open, royalty-free software specification developed through a process of collaboration between accountants technologists from all over the world. Together, they formed XBRL International which is now made up of over 650 members, includes global companies, accounting, technology, Government and financial services bodies. XBRL is and will remain specification based on XML that is being incorporated into many accounting and analytical software tools and applications.

3. What are the advantages of XBRL?
XBRL offers major benefits at all stages of business reporting and analysis. The benefits are seen in automation, cost saving, more reliable and more accurate handling of data, improved analysis and in better quality of information and decision enables producers and consumers of financial data to switch resources away from costly manual processes, typically involving consuming comparison, assembly and re-entry of data. They are able to concentrate effort on analysis, aided by software validate and process XBRL information. XBRL is a flexible language, which is intended to support all current aspects of reporting different countries and industries. Its extensible nature means that it can be adjusted to meet particular business the individual organization level.

4. Who can benefit from using XBRL?
All types of organizations can use XBRL to save costs and improve efficiency in handling business and financial information. XBRL is extensible and flexible, it can be adapted to a wide variety of different requirements. All participants in the supply chain can benefit, whether they are preparers, transmitters or users of business data.

5. What is the future of XBRL?
XBRL is set to become the standard way of recording, storing and transmitting business financial information throughout the world, whatever the language of the country concerned, for a wide variety of business purposes. It will deliver savings and gains in efficiency, improving processes in companies, Governments and other organisations.

6. Does XBRL benefit the comparability of financial statements?
XBRL benefits comparability by helping to identify data which is genuinely alike and distinguishing information which is not comparable. Computers can process this information and populate both pre-defined and customised reports.

7. Does XBRL cause a change in accounting standards?
No. XBRL is simply a language for information. It must accurately reflect data reported under different standards them.

8. What are the benefits to a company from putting its financial statements into XBRL?
XBRL increases the usability of financial statement information. The need to re-key financial data for analytical and other purposes be eliminated. By presenting its statements in XBRL, a company can benefit investors and other stakeholders and will also meet the requirements of regulators, lenders and others consumers of financial information, who are increasingly demanding reporting in XBRL. This will improve business relations and lead to a range of benefits.
With full adoption of XBRL, companies can automate data collection. For example, data from different company divisions with accounting systems can be assembled quickly, cheaply and efficiently. Once data is gathered in XBRL, different types of varying subsets of the data can be produced with minimum effort. A company finance division, for example, could quickly and generate internal management reports, financial statements for publication, tax and other regulatory filings, as well as credit lenders. Not only can data handling be automated, removing time-consuming, error-prone processes, but the data can be checked software for accuracy.

9. How does XBRL work?
XBRL makes the data readable, with the help of two documents - Taxonomy and instance document. Taxonomy defines the and their relationships based on the regulatory requirements. Using the taxonomy prescribed by the regulators, companies need their reports, and generate a valid XBRL instance document. The process of mapping means matching the concepts as reported company to the corresponding element in the taxonomy. In addition to assigning XBRL tag from taxonomy, information like measurement, period of data, scale of reporting etc., needs to be included in the instance document.

10. How do companies create statements in XBRL?
There are a number of ways to create financial statements in XBRL
  • XBRL-aware accounting software products are becoming available which will support the export of data in XBRL form. tools allow users to map charts of accounts and other structures to XBRL tags
  • Statements can be mapped into XBRL using XBRL software tools designed for this purpose
  • Data from accounting databases can be extracted in XBRL format. It is not strictly necessary for an accounting software to use XBRL; third party products can achieve the transformation of the data to XBRL.
  • Applications can transform data in particular formats into XBRL. The route which an individual company
11. Is India a member of XBRL International?
India is now an established jurisdiction of XBRL International. A separate company, under section 25 has been operations of XBRL India. The main objectives of XBRL India are
  • To create awareness about XBRL in India
  • To develop and maintain Indian Taxonomies
  • To help companies, adopt and implement XBR
  • For more information, visit
12. Which taxonomies developed for Indian reporting requirements? Where can I find the taxonomies?
Taxonomies for Indian companies are developed based on the requirements of
  • Schedule VI of Companies Act,
  • Accounting Standards, issued by ICAI,
  • SEBI Listing requirements.
Taxonomies for Manufacturing and service sector (referred as Commercial and Industrial, or C&I) and Banking s by XBRL International. These taxonomies are available at

13. Where can I find more information about XBRL?
Please visit Also Ministry of Corporate Affairs would be shortly developing its webpage on  XB
persons for training purposes.

14. What are XBRL Documents?
An XBRL document comprises the taxonomy and the instance document. Taxonomy contains description and classification of business financial terms, while the instance document is made up of the actual facts and figures. Taxonomy and Instance document together up the XBRL documents.

15. What is Taxonomy?
Taxonomy can be referred as an electronic dictionary of the reporting concepts. Taxonomy consists of all the data definitions, XBRL properties and the interrelationships amongst the concepts. It includes terms such as net income, EPS, cash, etc. Each specific attributes that help define it, including label and definition and potentially references. Taxonomies may represent hundreds even thousands of individual business reporting concepts, mathematical and definitional relationships among them, along with in multiple languages, references to authoritative literature, and information about how to display each concept to a

16. What is meant by extending taxonomy?
Taxonomy is extended to accommodate items/relationship specific to the owner of the information. Taxonomy exte
(a)  Modification in the existing relationships
(b)  Addition of new elements in the taxonomy
(c) Combination both a & b

17. Are Taxonomies based on any standards?
Yes, taxonomies are based on the regulatory requirements and standards which are to be followed by  the c depending on the requirements of every country, there can be country-specific taxonomies.

18. What is an Instance document?
An XBRL instance document is a business report in an electronic format created according to the rules of XBRL. It contains facts defined by the elements in the taxonomy it refers to, together with their values and an explanation of the context in which XBRL Instances contain the reported data with their values and "contexts". Instance document must be linked to at least one which defines the contexts, labels or references.
Thus, in order to concluded the usage and explain the XBRL technology which leads to more information exchanges that effectively automated by use. This one standard approach leads to the best interest of the company or more so for the business interests globally that warrant the accuracy of all the financial data for the end users and early collaborative decisions companies or those whose interest is involved for acquisition/rights etc.

Annexure II
(i)  Smt. Nirupama Koutru, Director
Ministry of Corporate Affairs
5th Floor, 'A' Wing, Shastri Bhavan, Dr. R.P. Road, New Delhi
Contact No. 011-23384470

(ii)  Dr. Avinash Chandra, Technical Director
The Institute of Chartered Accountants of India,
'ICAI Bhawan', Post Box No. 7100, Indraprastha Marg, New Delhi-110002. Contact No. 011-3011456, 30110427

(iii)  Dr. Surinder Pal,
Secretary, Committee on Members in Industry (CMII), The Institute of Chartered Accountants of India,
'ICAI Bhawan', Indraprastha Marg, New Delhi-110002.
Contact No. 011-30110450

(iv)  Mr. N.K. Bansal, Secretary,
Continuing Professional Education (CPE),
The Institute of Chartered Accountants of India,
'ICAI Bhawan', Indraprastha Marg, New Delhi-110002.
Contact No. 0120-3045957

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