Simplify Financial Reporting and Compliance with our XBRL Filing Service
Ensure effortless XBRL Filing through our expert services.
Overview
XBRL is a language used globally for the electronic communication of financial data, revolutionizing how businesses operate. It enables specific companies’ financial statements to be categorized according to standards set by regulatory bodies like the Ministry of Corporate Affairs.
As per Rule 2(1) (d) of 3 of Companies (Filing of Documents and Forms in XBRL) Rules, 2015 XBRL means:
“Extensible Business Reporting Language” (XBRL), means a standardised language for communication in electronic form to express report or file financial information by the companies under the Act.”
As per Rule 3 of the Companies (Filing of Documents and Forms in XBRL) Rules, 2015, the following companies are required to file their financial statements in XBRL mode:
– Companies listed on stock exchanges in India and their Indian subsidiaries.
– Companies with a paid-up capital of Rs. 5 crore or more.
– Companies with a turnover of Rs. 100 crore or more.
– all companies which are required to prepare their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015
Provided that the companies preparing their financial statements under the Companies (Accounting Standards) Rules, 2006 shall file the statements using the Taxonomy provided in Annexure-II and companies preparing their financial statements under Companies (Indian Accounting Standards) Rules, 2015, shall file the statements using the Taxonomy provided in Annexure-II A: Provided further that non-banking financial companies, housing finance companies and companies engaged in the business of banking and insurance sector are exempted from filing of financial statements under these rules.”.
Advantages
- Offers detailed analysis on financial reporting companies.
- XBRL filing provides accuracy, transparency and reliability.
- It can be tailored to meet customised business requirement at individual organisational level.
- Save cost and improve efficiency in handling business and financial i
- XBRL benefits comparability by helping to identify data which is genuinely alike and distinguishing information which is not comparable.
Companies exempted from XBRL Filing
As per the proviso of Rule 1 of the Companies (Filing of Documents and Forms in XBRL) Rules, 2015, the following companies are exempt from filing their financial statements in XBRL mode:
– Non-banking financial companies (NBFCs)
– Housing finance companies
– Companies engaged in the business of banking and insurance
What is included in this
FAQ's
AOC 4 XBRL | Form for filing XBRL document in respect of financial statement and other documents with the Registrar |
Form I XBRL | Form for filing XBRL document in respect of cost audit report and other documents with the Central Government |
Form A XBRL
| Form for filing XBRL document in respect of compliance report and other documents with the Central Government |
As per Rule 4 of the Companies (Filing of Documents and Forms in XBRL) Rules, 2015, companies required to file cost audit reports under Section 148 of the Companies Act, 2013, must submit these reports using the XBRL taxonomy provided in Annexure III of these rules. The reports should be filed through e-Form CRA-4 as specified under the Companies (Cost Records and Audit) Rules, 2014.
According to the Ministry of Corporate Affairs (MCA) Circular No. 09/2011 dated March 31, 2011, the Ministry has clarified in its FAQ that XBRL (eXtensible Business Reporting Language) is an open, royalty-free software specification developed collaboratively by accountants and technologists worldwide. XBRL is based on XML and is integrated into various accounting and analytical software tools and applications. It will remain an open specification
“Taxonomy” in XBRL means, an electronic dictionary for reporting the business data as approved by the Central Government in respect of any documents or forms indicated in these rules.
As per rule 2 of Companies (Filing of Documents and Forms in XBRL) Rules, 2015, Companies which have filed their financial statements in XBRL mode once are required to file XBRL every year even if they do not fall into given categories.
No, only Companies falling under the category as defined under companies act, 2013 are required to file their annual financials statement in the form of XBRL.
Yes, taxonomies are based on the regulatory requirements and standards which are to be followed by the companies. Accordingly, depending on the requirements of every country, there can be country-specific taxonomies.
