Implementation Approach of XBRL in MCA
It is proposed to include all companies in a phase-wise manner to file their Balance Sheet and Profit and Loss account statements in XBRL from Financial Year 2011-12 onwards. With the development of taxonomies for Banks, Insurance, Non-Banking Finance Companies and Power sector, the companies operating in these sectors would also be filing their financial reports in XBRL. The taxonomies would be updated and maintained with applicability of revised Schedule VI from 01.04.2011. Training programs, seminars, conferences, etc would also be organized in tier-II and tier-III cities by the Ministry in association with professional institutes and industry bodies. Cost Audit Report and Compliance Report from eligible companies as per Cost Accounting Record Rules, 2011 would be captured from FY 2011-12 onwards.