eXtensible Business Reporting Language (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. Use of XBRL has resulted in cost savings and greater efficiency to all those involved in supplying or using financial data.
XBRL FILING UNDER COMPANIES ACT, 2013
According to the provisions of the Companies Act, 2013 read with Companies(Filing of Documents and Forms in XBRL) Rules, 2015, the following class of companies shall file their financial statement with the Registrar in e-form AOC-4 XBRL-
1. All listed Companies
2. All Companies having paid up capital of rupees 5 crore or above
3. All Companies having turnover of rupees 100 crore or above
4. All Companies which are required to prepare their financial statements in accordance with Companies(Indian Accounting Standard) Rules, 2015.
EXEMPTIONS-
Following companies are exempted from XBRL Filings-
1. Non-Banking Financial Companies
2. Insurance Companies
3. Banking Companies
4. Housing Finance Companies
DOCUMENTS REQUIRED FOR XBRL FILING UNDER COMPANIES ACT, 2013-
Following documents are required-
- Financial Statements including Balance Sheet , Profit & Loss Account,Cash Flow Statement, schedules related to balance sheet and profit& loss account, Notes to accounts
- Significant Accounting Policy
- Audit Reporting including CARO Report
- Director’s Report
- AOC-1, AOC-2
- Secretarial Audit Report
- Annual Report
- Corporate Governance Report
PROCESS OF FILING THROUGH XBRL MODE-
Instance document is a business report in an electronic format created according to the rules of XBRL. It contains facts that are defined by the elements in the taxonomy it refers to, together with their values and an explanation of the context in which they are placed. XBRL Instances contain the reported data with their values and “contexts”. Instance document must be linked to at least one taxonomy, which defines the contexts, labels or references.
Author Bio
whether Company is required to file in form XBRL AOC-4 where turnover of the Company in FY 2022-23 does not exceed 100 cr. but in previous financials year 2021-22 Company turnover exceed 100 cr.? Also Reason.