XBRL (eXtensible Business Reporting Language) is a language for electronic communication of business and financial data which is revolutionising business reporting around the world. It offers major benefits to all those who have to create, transmit, use or analyse such information.

MCA Mandate
Filing of financial statements in XBRL is mandatory for select class of companies for the financial year commencing on or after April 1, 2011 as per the MCA circular 16/2012 dated July 6, 2012.

1.1 Scope of Mandate
Then mandate is applicable for companies following into either one of the following category
All companies listed with any stock exchange(s) in India and their Indian subsidiaries; or
All companies having paid up capital of Rs 5 crore and above; or
All companies having turnover of Rs 100 crore and above; or
All companies who were required to file their financial statements for FY 2010-11, using XBRL mode

1.2 Exempted Industries
Banking companies, insurance companies, power companies and Non-Banking Financial Companies (NBFCs) are exempted from XBRL filing till further orders.

1.3 Due Date of Filing
Companies will be allowed to file their financial statements in XBRL mode without any additional fee/ penalty up to 15th November 2012 or within 30 days from the date of their Annual General Meeting (AGM), whichever is later.

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