Press Information Bureau

Government of India

Ministry of Corporate Affairs

24-January-2012 16:39 IST

The Ministry of Corporate Affairs has established anadded facility under MCA 21, integration with Trade Mark Authority recently. The added feature facilitates professional / public to cross verify Company name before applying for ROC approval.

In addition, the XBRL reporting format has been introduced for filing of financial statements [Balance Sheet and Profit & Loss Account] of select class of companies from FY 2010-11. The Ministry undertook several pro-active measures including monitoring the filing position on day-to-day basis and large scale campaign through messages on the websites of Ministry, Professional Institutes, Trade and Industry chambers. As a result, significant improvement in filings has been achieved. Over 21,500 companies have filed its financial statements in XBRL format so far, which is more than 12,500 companies in the previous month, i.e. November 2011. Efforts are being made to impart necessary training to regulators to be able to carry out necessary examination of filings in the XBRL mode.

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XBRL reporting requirement introduced under MCA system, enabling electronic filing and verification of company financial statements. The Ministry of Corporate Affairs enhanced the MCA 21 electronic filing system by integrating it with the Trade Mark Authority for company name cross verification and by introducing XBRL as the reporting format for filing Balance Sheets and Profit & Loss accounts of select companies, coupled with monitoring of compliance and regulator training to examine XBRL filings.