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.
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.
XBRL is simply a language for information. It must accurately reflect data reported under different standards – it does not change them.
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
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:
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.
The following documents need to be filed in XBRL Format:
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?
For more queries mail at email@example.com