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<h1>MCA mandates XBRL filing for financial statements; statutory auditors to certify. Exemptions for certain sectors until Sept 30, 2011.</h1> The circular issued by the Ministry of Corporate Affairs mandates the filing of balance sheets and profit and loss accounts in XBRL mode for financial statements closing on or after March 31, 2011. Statutory auditors must certify these XBRL-prepared financial statements for submission on the MCA-21 portal. Companies in the power, insurance, NBFC, and banking sectors, previously exempt from XBRL filing, are exempt from additional fees for delayed filing until September 30, 2011. This directive modifies previous circulars and has been approved by the competent authority.