MCA XBRL Filing
MCA XBRL Filing
XBRL tagging and filing is now mandated by the SEC for companies of all sizes. For many organizations, XBRL adds another layer of reporting and complexity to their filing requirements. With the SEC enforcing XBRL requirements, it’s essential that your XBRL tagging is done properly and accurate to meet current guidelines.
The Ministry of Corporate Affairs (MCA) India, has resolved to adopt the Extensible Business Reporting Language (XBRL), as a reporting standard for all the companies in India since 2011. The ministry passed a mandate on March 31, 2011, which requires a certain class of companies to file their financial statements for the year ended March 31 2011 onward, in XBRL format, with the Registrar of Companies (RoC). The XBRL mandate has been effective since July 15, 2011 and mandatory for FY11 final accounts.
Unlike other XBRL services, everything is handled in-house by Zenhancer experts. We do not outsource any piece of the XBRL or EDGAR production process. We can take your XBRL changes over the phone and send you a proof within minutes. Our flat-rate pricing means that you will never be charged for rush orders or last minute changes
As per the mandate, in the first phase the following classes of companies need to file the financial statements in XBRL Form from the year 2010-2011:
- All companies listed in India and their Indian subsidiaries
- All companies having a paid up capital of Rs. 5 crores and above
- All companies with a turnover of Rs. 100 crores and above
The current mandate excludes banking companies, insurance companies, power companies, Non-Banking Financial Companies (NBFCs). Any Practicing Chartered Accountant or Company Secretary or Cost Accountant can certify the XBRL documents of Financial Statements which was before restricted to only Statutory Auditor of the Company. Around 30,000 Companies need to file their report to MCA in XBRL this year.
- Conversion of Financial Statements in XBRL formats
- Creation of XBRL instance document
- Mapping up financial statements with XBRL tags
- Validating the Instance Document
- Pre-scrutiny of Validated Instance Document through the Tool