How to E-File in XBRL
The global XBRL movement has ushered in a new age of financial reporting. XBRL, often referred to as “Interactive Data”, gives the financial community a standards-based method to prepare, publish, exchange, search, and analyse financial statements of both public and private concerns across all software formats and technologies. XBRL frees data from paper-based reports and allows it to flow seamlessly between XBRL-enabled software applications. It automates financial analysis.
Computers can intelligently “read” an XBRL report to select specific data, pull it into documents and spread sheets, analyse it, exchange it with other computers, and present it in a variety of formats. XBRL data is more robust, accurate, and transparent than data in financial statements that appears in legacy electronic and paper reports. For investors and analysts, XBRL eliminates the time, labour, and errors. XBRL tags both numbers and textual information, which means not only balance statements, but information such as statement of principals. and Even footprints, appendices, and updates, is accounted for, to aid in internal audits and external research and analysis.
What is MCA Mandate?
The companies whose Balance Sheet date is 31.03.2011 or onwards, need to file their financial statements in XBRL provided they qualify the criteria laid as per Ministry’s general Circular 37/2011 dated 07.06.2011.The following class of companies have to file the Financial Statements in XBRL Form from the year 2010-2011:-