The Ministry of Corporate Affairs recently extended the deadline for filing financial statements in XBRL to December 15, 2012, or within 30 days from the company’s Annual General Meeting date, whichever is later. The ministry mandated XBRL filing for financial year 2010-11. The e-forms were certified by CA/CS/CWA professionals for completeness and correctness. A random scrutiny of XBRL filings showed up significant variations from the published results due to incorrect mapping. Besides being misleading, such filings also dilute the usefulness of XBRL for stakeholders. The institutes should direct members to take steps to improve the quality of XBRL filing for FY 2011-12.
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