Now, companies have time till December 15 to comply with XBRL format

NEW DELHI: Providing more time for companies, the Corporate Affairs Ministry has extended the deadline for making filings in the new reporting format, XBRL, to December 15.

XBRL or eXtensible Business Reporting Language (XBRL), that replaces PDF format, is expected to bring in more transparency when it comes to furnishing of financial statements by the companies.

"... the time limit to file the financial statements in the XBRL mode without any additional fee/penalty has been extended up to December 15, 2012 or within 30 days from the date of Annual General Meeting of the company whichever is later," the Ministry said in a circular on October 25.

The earlier deadline was November 15. The deadline is applicable for companies filing balance sheet and profit and loss account in XBRL mode for the financial year starting on or after April 1, 2011.

Among others, XBRL reporting format would be applicable for all listed companies, entities having paid up capital of Rs 5 crore and above and firms with turnover of Rs 100 crore and more.

Earlier this month, the Ministry had raised concerns about "misleading" inaccuracies in financial disclosures made by some companies in filings made through the XBRL format.

The Ministry has flagged the issue with representative bodies of chartered accountants, cost accountants and company secretaries.