- FCS Vikash Verma | BBA,FCS,LL.
- | Company Law - Articles |
- 26 Apr 2022
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- 1 comment
Article explains What is XBRL, Does XBRL cause a change in accounting standards, Is India a member of XBRL International, Applicability of XBRL filing, Documents required for XBRL for MCA with FAQs.
Page Contents
Introduction of What is XBRL?:
XBRL is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world.
It provides major benefits in the preparation, analysis and communication of business information.
It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data. XBRL stands for eXtensible Business Reporting Language.
Does XBRL cause a change in accounting standards?
No.
XBRL is simply a language for information. It must accurately reflect data reported under different standards – it does not change them.
Is India a member of XBRL International?
India is now an established jurisdiction of XBRL International. A separate company, under section 25 has been created, to manage the operations of XBRL India. The main objectives of XBRL India are
- To create awareness about XBRL in India
- To develop and maintain Indian Taxonomies
- To help companies, adopt and implement XBRL
Applicability of XBRL filing
The below-mentioned class of companies shall file their financial statements and other documents under section 137 of the Companies Act, 2013 with the Registrar in E-form AOC-4 XBRL:
- All public companies listed in the stock exchange in India and their Indian subsidiaries.
- All companies with a turnover of Rs 100 crores or more.
- All companies with a paid-up capital of Rs 5 crores or more.
- All the companies which are required to prepare their financial statements in accordance with the Companies (Indian Accounting Standards) rules, 2015.
However, NBFC’s, Housing finance companies, and Companies engaged in the business of the Banking and Insurance sector are exempted from filing financial statements under these rules.
Documents required for XBRL for MCA
The following documents need to be filed in XBRL Format:
- Balance Sheet in excel format
- Profit and Loss Statement in excel format
- Cash Flow Statement in excel format
- Schedules related to Balance Sheet and Profit and Loss Statement in excel format
- Notes to Accounts in excel format
- Audit and Annual Report in word file
- Related Party Chart
- Fix Assets Chart of Last Year
- Last Year Instance file/ PDF File for reference
General Question:
Que: A company is required to file XBRL form in succeeding Years even if not falling under the prescribed Criteria of a class of companies?
Ans: Yes, the company still has to continue to file the XBRL forms in the succeeding years too.
Que: What is the website for XBRL of MCA?
Ans: https://www.mca.gov.in/XBRL/
For more queries mail at legalstickindia@gmail.com
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A company is required to file XBRL form in succeeding Years even if not falling under the prescribed Criteria of a class of companies. That means that such company has to incur expenses for purchasing software of XBRL. Don’t you think XBRL is more cumbersome from the point of view of such company? Please consider making suitable representation to MCA through ICSI Indian Institute of Corporate Affairs to countermand the requirement of XBRL filing for such companies.