The Ministry of Corporate Affairs under Circular no. 37/2011 dated 07.06.2011 mandated certain class of companies (Phase I) to file Balance Sheets and Profit & Loss Account along with Directors Report and Auditors Report for the financial year ending 2011 by using XBRL taxonomy.
All Companies falling under Phase I whose Balance Sheets are adopted in the Annual General Meeting held before 30th September 2011 are permitted to file upto 30th September, 2011 without additional fee and where the companies hold the AGM in the month of September 2011 they were allowed to file Balance Sheet within 30 days from the date of adoption in the General Meeting as per Section 220 of the Companies Act, 1956.
The Ministry vide its Circular No. 57/ 2011 dated 28.07.2011 has now modified the above circular by permitting all companies falling in phase I class of companies (excluding exempted class) to file their financial statements without additional fee upto 30th November, 2011 or within 60 days of their due date whichever is later.
Further, the Ministry of Corporate Affairs under its Circular no. 43/2011 dated 07.07.2011 mandated that besides signing by signatories as specified under Section 215 of the Companies Act, 1956 the statutory auditor has to certify financial statements prepared in XBRL mode for filing on MCA 21 portal.
A representation was made by the Institute of Company Secretaries of India to authorize Company Secretary in Practice for the purpose of verification and certification of documents of financial statements to be filed in XBRL mode by the aforesaid companies.
The Ministry vide its Circular No. 57/2011 dated 28.07.2011 has now modified Circular no. 43/2011 dated 07.07.2011 and the verification and certification of the XBRL document of financial statements on the e-forms would continue to be done by authorized signatory of the company as well as Company Secretary in whole time practice besides other professionals.
All Companies falling under Phase I whose Balance Sheets are adopted in the Annual General Meeting held before 30th September 2011 are permitted to file upto 30th September, 2011 without additional fee and where the companies hold the AGM in the month of September 2011 they were allowed to file Balance Sheet within 30 days from the date of adoption in the General Meeting as per Section 220 of the Companies Act, 1956.
The Ministry vide its Circular No. 57/ 2011 dated 28.07.2011 has now modified the above circular by permitting all companies falling in phase I class of companies (excluding exempted class) to file their financial statements without additional fee upto 30th November, 2011 or within 60 days of their due date whichever is later.
Further, the Ministry of Corporate Affairs under its Circular no. 43/2011 dated 07.07.2011 mandated that besides signing by signatories as specified under Section 215 of the Companies Act, 1956 the statutory auditor has to certify financial statements prepared in XBRL mode for filing on MCA 21 portal.
A representation was made by the Institute of Company Secretaries of India to authorize Company Secretary in Practice for the purpose of verification and certification of documents of financial statements to be filed in XBRL mode by the aforesaid companies.
The Ministry vide its Circular No. 57/2011 dated 28.07.2011 has now modified Circular no. 43/2011 dated 07.07.2011 and the verification and certification of the XBRL document of financial statements on the e-forms would continue to be done by authorized signatory of the company as well as Company Secretary in whole time practice besides other professionals.
No comments:
Post a Comment