XBRL Filing date extended to 30/11/2011 !

A sigh of relief for the companies who are required to file their Balance sheet and Profit and Loss account in XBRL mode as the Ministry of Corporate Affairs vide its general circular No. 57/2011 dated 28/7/2011 has extended the due date of filing without any additional fees up to 30-11-2011 or within 60 days of their due date, whichever is later.

Another relief for the companies provided by the same circular is that the accounts that are required to be filed in XBRL mode can be verified and certified by the authorized signatory of the company. Earlier vide general circular No. 43/2011, the statutory auditor of the company was to certify the correctness of the financial statements to be filed in XBRL mode. After this circular 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 professional like Chartered Accountant or Company Secretary or Cost Accountant in whole time practice.

Below is the circular for ready reference –

FILING OF BALANCE SHEET AND PROFIT AND LOSS ACCOUNT IN EXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL) MODE – EXTENSION OF DATE OF FILING AND VERIFICATION AND CERTIFICATION OF THE XBRL DOCUMENT OF FINANCIAL STATEMENTS BY AUTHORIZED SIGNATORY OF THE COMPANY AS WELL AS PROFESSIONAL LIKE CHARTERED ACCOUNTANT OR COMPANY SECRETARY OR COST ACCOUNTANT IN WHOLE TIME PRACTICE.

CIRCULAR NO. 57/2011, DATED 28-7-2011
The Para 3 of the Circular No. 37/2011, dated 7-6-2011 may be read as under: -

“All companies falling in Phase-I class of companies (excluding exempted class) are permitted to file their financial statements without any additional fee up to 30-11-2011 or within 60 days of their due date, whichever is later.”

2. Further, in supersession of Para 2(i) of Ministry’s Circular No. 43/2011, dated 7-7-2011, it is informed that 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 professional like Chartered Accountant or Company Secretary or Cost Accountant in whole time practice.

3. This issue with approval of Competent Authority.

_____________________________________________________________________________