Article explains XBRL. XBRL stands for Extensible Business Reporting Language which is simply a language for information. It must accurately reflect data reported under different accounting standards.
Applicability of XBRL:
The following class of companies shall file their financial statements and other documents under section 137 of the Companies Act, 2013 read with Companies (Filing of Documents and Forms in XBRL) Rules, 2015 and other applicable provisions of the Companies Act, 2013 read with rules made thereunder (including any statutory modification(s) or re-enactment thereof for the time being in force with the Registrar in e-form AOC-4 XBRL:-
1. Companies listed with stock exchanges in India and their Indian subsidiaries;
2. Companies having paid up capital of five crore rupees or above;
3. Companies having turnover of one hundred crore rupees or above;
4. All companies which are required to prepare their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015
Also, the companies which have filed their financial statements in XBRL under section 137 shall continue to file their financial statements and other documents in XBRL only, though they may cease to fall under the class of companies specified above.
The companies preparing their financial statements under the Companies (Accounting Standards) Rules, 2006 shall file the statements using AS Taxonomy and companies preparing their financial statements under Companies (Indian Accounting Standards) Rules, 2015, shall file the statements using IND-AS Taxonomy.
Cost Audit Report
A company required to furnish cost audit report and other documents to the Central Government under sub-section (6) of section 148 of the Act and rules made there under, shall file such report and other documents using the Costing taxonomy for the financial years commencing on or after 1st April, 2014 in e-Form CRA-4 specified under the Companies (Cost Records and Audit) Rules, 2014.
Exemption
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.
LIST OF DOCUMENTS
1. Auditor’s report in word format
2. Final Financial Statements in word and pdf both
3. Notes forming part of Accounts in word format-Standalone
4. Notice, Director’s Report along with all annexures in word format
5. Balance Sheet, P&L, Notes in pdf of previous year
6. Form ADT- 1 along with challan
7. List of Shareholders along with PAN
8. PAN of shareholders who holds more than 5%
9. PAN of the Company
10. AOC-4 and MGT-7 of Last year
11. Apart from if any other information required upon validation, we will let you know via email
STEPS INVOLVED IN PROCESS OF XBRL
1. Avail the XBRL Tool from the authorised Vendors.
2. Create the Master Data of Company, Directors and Auditor in the tool.
3. Tag the complete Financials, Notes, Schedules, Audit Report, Directors Report, Annual Report in the XBRL Format.
4. Generate the Instance Document in XML Format
5. Download the Validation Tool from MCA and select the applicable Taxonomy.
6. Upload the instance document at validation tool and map and verify the document through validation tool.
7. Once Document verified or mapped, pre-scrutinise the same with the help of validation tool
8. Attach the pre-scrutinised instance document in Form AOC-4 XBRL and file the same with the Registrar within 30 days of Annual General Meeting.
TIMELINE
As per the Companies Act 2013, the following provisions are applicable for filing the financial statements with the Registrar:
Position of the Company Filing of financial statement with the Registrar financial statements, including consolidated financial statements along with documents which are attached to the financial statements adopted at the AGM Within 30 days of the annual general meeting with such fees or additional fees as may be prescribed,
If financial statements are not adopted at annual general meeting or adjourned annual general meeting Within 30 days of the annual general meeting.
In case of an adjourned meeting Within 30 days of the adjourned annual general meeting with such fees or additional fees as may be prescribed,
If AGM is not held Within 30 days of the last date before which the AGM should have been held and in such manner with such fees or additional fees as may be prescribed.
PENALTY
If you fail to file the copy of the Financial Statements to ROC within prescribed time limit
For Company Penalty of Rupees Ten Thousand (Rs. 10,000/-) and in case of continuing failure, with a further penalty of one hundred rupees for each day during which the failure continues subject to a maximum of two lakh rupees (Rs.2,00,000/-).
For Directors Penalty of Rupees Ten Thousand (Rs. 10,000/-) and in case of continuing failure, with a further penalty of one hundred rupees for each day after the first during which such failure continues subject to a maximum of fifty thousand rupees (Rs.50,000/-).
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