In the first phase beginning April 1,2011,select class of mpanies noted below are required to file their annual reports using XBRL.

They are:-

All Listed mpanies &their Indian Subsidiaries

mpanies with Paid up Capital >=5crores

mpanies with Turnover >=100crores

However,Banking,NBFC,Insurance &Power Sector mpanies are excluded.

In the send phase beginning April 1,2012ALL MPANIES(Including Banking,NBFC,Insurance &Power Sector mpanies)are required to file their annual reports using XBRL.

Further,the existing mmercial &Industrial (C&I)Taxonomy to be UPDATED &MAINTAINED to nform to REVISED SCHLE VIand new Taxonomy(ies)for Banking,NBFC,Insurance &Power Sector mpanies are under development.

(Source:

MCA21 XBRL Filing Process

Figure 2–MCA21XBRL Filing Process

3.Role of Finance Professionals in XBRL Filings.

XBRL provides an exciting opportunity to finance professionals in the following fields:

mpliance with the MCA Regulatory environment;

Impact assessment of XBRL on Management Information Systems;

Designing extension Taxonomies;and

Mapping (Tagging)line items in acunts masters with the XBRL Taxonomy.

Certification of XBRL Financial Statements

The responsibility of the practitioner in carrying out a certification of XBRL financial statements is to certify that the said XBRL financial statements fairly present,in all material respects,the audited financial statements of the mpany from which such XBRL financial statements have been prepared,in acrdance with the taxonomy prescribed by MCA.

In this regard,the ICAI has issued a Guidance Note on Certification of XBRL Financial Statements.The said guidance note,inter-alia,entrusts the practitioner to ensure mpleteness,auracy,mapping and structure of the XBRL financial statements.

C.nclusion

Businesses and acuntants gain significant benefits through easier preparation,analysis and mmunication of information.These benefits include st savings,greater efficiency,and improved auracy and reliability of information.

XBRL is the emerging global standard of Financial Reporting.XBRL will change the way we mmunicate with the regulators in the years to me.