Overview of XBRL Filing
XBRL is a language for the communication of financial and business data electronically used for business reporting around the world. XBRL means extensible Business Reporting Language. The XBRL filing provides benefits in analyzing, preparing, and communicating business information.
The Ministry of Corporate Affairs (MCA) introduced XBRL filing of financial statements with the Registrar of Companies (ROC) through the MCA portal. The Companies (Filing of documents and forms in Extensible Business Reporting Language) Rules, 2011 rendered that certain classes of companies have to mandatorily file their profit and loss accounts and balance sheets with the ROC using the XBRL taxonomy.
Subsequently, the Companies (Filing of documents and forms in Extensible Business Reporting Language) Rules, 2017 provided that certain classes of companies must mandatorily file their financial statements and other documents under Section 137 of the Companies Act, 2013 (‘Act’) with the ROC in eform AOC-4 XBRL.
Eligibility criteria for XBRL Filing in India
As per section 137 of the Companies Act 2013, the following companies are required to file XBRL via E FORM AOC-4
- Net worth exceeding INR 500 Crore
- Annual Turnover exceeding INR 1000 Crore
- Net profit exceeding INR 5 Crore
All Companies which are cover under (Extensible Business Reporting Language) Rules, 2011 Companies in Banking, Insurance, Power Industries, and NBFCs are exempt from XBRL Filing.
Documents required to obtain an XBRL Filing
The following company documents have to be attached with the eform AOC-4 XBRL:
- Profit and loss statement
- Balance sheet
- Cash flow statement
- Schedules related to profit and loss statement and balance sheet
- Statement of subsidiaries under Section 129 of the Companies Act, 1956
- Boards’ report, audit report and annual report
- Consolidated financial statements
- Details of comments of CAG of India
Documents Required for Filling Financial Information Through XBRL?
- Balance-Sheet
- Profit & Loss Account
- Notice of AGM, Company’s Directors’ report & Auditors’ report
- Details of shareholding of the Company for filing e-form MGT-7
- Details of Shareholders
- Documents Required for Filling Cost Audit Report Through XBRL:
- Cost Audit Report in form CRA-3
- Challan of CRA-2 filed for appointment of Cost Auditor
FAQs About XBRL Filing?
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