XBRL stands for Extensible Business Reporting Language.The following companies are required to file Financial Statement in XBRL; (i) companies listed with stock exchanges in India and their Indian subsidiaries; (ii) companies having paid up capital of five crore rupees or above; (iii) companies having turnover of one hundred crore rupees or above; (iv) all those companies which have been mandate to prepare their financial statement with Companies (Indian Accounting Standards) Rules, 2015.
Annual return of the company along with the Financial Statements thereof (Consolidated financial statements, in case the company is a holding company) has to be registered with the Registrar of Companies within Thirty days from the date of. the accounts were approved during the Company’s annual General Meeting of the Company
Every company shall deliver to the Registrar a copy of the annual return, within sixty days after the date of the annual general meeting
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Scope of Work:
1. Preparation of Directors Report and its annexures;
2. Preparation of XBRL template (Standalone)
3. Preparation of documents for attachment in e-forms;
4. Preparation of e-forms;
5. Arranging for Certification of e-forms;
6. Resubmission of e-forms, if any.
XBRL (eXtensible Business Reporting Language) is an internationally established, flexible, Web-based computer language for the electronic transmission of business reports with focus on financial reports. It allows companies to generate their financial reports in a structured and in machine-readable form for efficient comparison across the industry. In India the Ministry of Corporate Affairs (MCA) has made it compulsory for certain classes of companies to file the annual financial statements in XBRL to improve the quality of financial reporting.
The XBRL classification used here consists of the following entities, which are required to file their financial statements, statements of profit and loss and eForm AOC-4 in XBRL format with the Registrar of Companies (ROC):
All public listed companies on Indian stock exchanges, including their Indian subsidiaries.
Organizations with an annual turnover of Rs. 100 crore or above.
Companies with capital not less than Rs. 5 million;
Business enterprises that needed to present financial statements under the Companies (Indian Accounting Standards) Rules, 2015.
The following companies are exempt from filing their financial statements in XBRL format with the ROC:
Other NBFC namelyfalse
Housing finance companies
Businesses that are in the process of offering insurance as well as in banking.
Note: The Companies that have filed their Financial Statements in XBRL format with the ROC under section 137 of the Companies Act, 2013 shall continue to file their Statements, AOC-4 and such other documents in XBRL format notwithstanding the above provisions of this rule, if they are not falling within the above stated categories.
XBRL filing offers several advantages for analysis and business reporting, including:
Automated data collection
True information
Saves the amount of time spent in reporting of the information
Enhances data analysis
Improves reporting quality
Ensures data security
Cost-effective solution
It helps to support better decisions making
XBRL taxonomy consists of simple XBRL properties, data definitions and links between the concepts.Taxonomies can represent hundreds or thousands of business reporting concepts, along with their mathematical and definitional relationships. They also provide text labels in various languages.
Companies must use the taxonomy provided by regulators to map their financial reports and generate a valid XBRL instance document. This mapping involves matching the company’s reported financial data to the appropriate elements in the taxonomy. Additional information like the reporting period, unit of measurement, and reporting scale must also be included when assigning XBRL tags in the instance document.
An XBRL instance document is an electronic business report created following XBRL rules. It contains facts defined by taxonomy elements, with explanations and values based on the context in which they are used. The instance document is linked to at least one taxonomy, which defines labels, contexts, and references.
In 2012, the MCA mandated that companies and cost auditors must file cost audit reports and compliance reports in XBRL format starting from the financial year 2011-12, based on the XBRL taxonomy.
If the activities or products of a company fall under the Cost (Accounting Records) Rules, 2011 and are included in the cost audit, a separate compliance report is not needed. However, the corporations, which meet the thresholds prescribed under the Cost (Accounting Records) Rules, 2011 are required to prepare the compliance report in XBRL format.
The compliance report has to be certified by a member of the Institute of Cost Accountants of India practicing full-time with the company or may be practicing in his independent capacity holding a full-time Certificate of Practice. The cost auditor is responsible for digitally signing and filing the company's cost audit report.
While it is the company’s duty to prepare the cost audit report in XBRL format and get it certified by the cost auditor and approved by the Board, the cost auditor is responsible for filing the report in XBRL format with the Central Government. The cost auditor must also ensure that all data and information in the XBRL document are accurate.
When filing mgt-7 form AOC-4 XBRL, the following documents must be attached:
Consolidated Profit and Loss Account
Consolidated Balance Sheet
Consolidated Cash Flow Statement
Schedules which are Profits and Loss Account and Balance sheet.
Consolidated Statement of subsidiaries being part of Annual Accounts as per section 129 of Companies Act, 2013
Consolidated Directors’ Report
Consolidated Auditors’ Report & Consolidated Accounts
Details of Comments from the Comptroller and Auditor General (CAG) of India
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All businesses who have a turnover of Rs 100 crores or exceed. All companies who possess a paid-up capital of Rs 5 crores or exceeding to it.
XBRL, or Extensible Business Reporting Language, is an open international standard for exchanging business information. It allows for the organization, sharing, and analysis of financial and business data in a structured format that machines can easily read and process. XBRL enables greater transparency and improves the efficiency of financial reporting.
Many regulatory bodies require companies to submit their annual financial statements in XBRL format. This facilitates standardized reporting, making it easier for analysts, regulators, and investors to access, compare, and analyze financial data across different companies and sectors. Compliance with these requirements ensures transparency and improves the speed of information dissemination.
Regulatory bodies, such as the U.S. Securities and Exchange Commission (SEC), adopted XBRL to enhance the efficiency of financial reporting, improve the quality of financial data, and facilitate more effective searches and comparisons. This move aims to reduce the costs of compliance for companies while providing users of financial statements with more accessible and useful information.
Publicly traded companies and certain other entities are typically required to file their financial statements in XBRL format as part of their annual reporting obligations. The specific requirements can vary by jurisdiction, so it’s essential to verify with local regulations to ensure compliance.
The benefits of using XBRL include:
Companies typically use XBRL-compliant software or tools to convert their financial statements into XBRL format. This process involves tagging individual data elements in the financial statements with standardized XBRL tags that describe their meaning and context. Many accounting software packages now include XBRL functionalities to streamline this process.
Common challenges include:
While XBRL is becoming increasingly significant, it is not expected to completely replace traditional filing formats in the near future. Instead, it serves as a complementary format that enhances transparency and analysis. Many regulatory agencies still accept traditional formats along with XBRL filings initially, as the transition to full XBRL compliance unfolds over time.
Companies facing issues with their XBRL filings should consult with their financial reporting experts, consider engaging with XBRL specialists, or reach out to the regulatory body for guidance. Many regulatory bodies also provide resources, documentation, and support to help companies navigate their XBRL requirements successfully.
More information can be found on the websites of regulatory bodies like the SEC or equivalent financial authorities in your jurisdiction. Additionally, XBRL International (http://www.xbrl.org) is a valuable resource for standards, best practices, and implementation guides related to XBRL.