Ministry of Corporate Affairs (MCA) released a Notification No. GSR 397(E) [F.NO.1/19/2013-CL-V] dated 4-4-2016, wherein it has notified the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Amendment Rules, 2016.
XBRL, or Extensible Business Reporting Language, provides a common, electronic format for business reporting. Companies having paid up capital of at least Rs 500 crore or those with a turnover of Rs 100 crore or more have to follow XBRL rules.
Rule 3 of the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015 deals with filing of financial statements with Registrar. The proviso of the said Rule 3 earlier provided that the companies in Banking, Insurance, Power Sector and Non-Banking Financial companies are exempted from XBRL filing.
The said Amendment Rules have now amended this proviso to provide that apart from the companies aforementioned, now housing finance companies need also need not file financial statements under Rule 3.
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