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Annual Filing (XBRL-IND AS) Standalone

Annual Filing (XBRL-IND AS) Standalone

The IND AS are in essence the standards which have been aligned with the IFRS to ensure increased global comparability of reports of Indian companies. Since Indian companies are more geographically leveraged now than before, the need to harmonize, the reporting standards with international practice were felt and has led to the introduction of IND AS.

 

Mandatory applicability of IND AS to all companies from 1st April 2017, provided:It is A listed company or in the process of doing so as on the date 31.03.2016.  It’s net worth for any of the period is greater than two hundred fifty crore and lesser than five hundred crore of such period.

Net worth must be auditorized for the Total of four Financial Years: 2014-14, 2014-15,2015-16, and 2016-17.

 

 

Mandatory applicability of IND AS to all Banks, NBFCs, and Insurance companies from 1st April 2018, whose:

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Complete Date

19-12-2024
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Scope of Work:

  • 1. Preparation of Directors Report and its annexures;

     

    2. Preparation of XBRL template (Standalone) - IND AS

     

    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.

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Introduction

The XBRL-IND AS filing defined entities which file their independent IND AS financial statements prepared in accordance with the Accounting Standard issued by the Ministry of Corporate Affairs in XBRL format. It is required at the certain firms depending on their size, or their listing status or other financial measurement provided by Ministry of Corporate Affairs (MCA).

Applicability of XBRL-IND AS Filing:

The following entities are required to file their stand-alone financial statements in XBRL format under IND AS:

 

  • Companies listed on every stock exchange in India.
  • Unlisted companies that:
  1. Have a paid-up capital of ₹5 crore or more.

  2. Have an annual income of ₹100 crore or more.

  • Companies are obliged to prepare their financial statements under IND AS, irrespective of their size or listing status.

Key Points for Companies:

  • Not applicable: Companies engaged in financial services other than banking, mortgage finance, insurance, or banking are not included in the XBRL submission.

  • Ongoing compliance: Once a company files its financial statements in XBRL format, it should continue to do so in future years, even if they don’t continue to fall within the applicability.

  • Penalties: Non-compliance with XBRL filing requirements may result in penalties, as prescribed under the Companies Act, 2013.

XBRL Filing Process for Standalone IND AS:

  • Preparation of financial statements: The company should prepare its standalone financial statements in accordance with IND AS. This information must be reviewed and approved by the board of directors of the company.
  • Mapping to the XBRL Classification: A company needs to map its financial data to eligible categories in the XBRL Classification. The MCA provides IND - AS specific classifications that must be used.

The mapping process includes the following:

 

  1. XBRL tags for financial data.

  2. Include detailed information such as reporting periods, units of measure, and reporting scales.

  • Create an XBRL sample document: Once the mapping is done, an XBRL sample document is created. This document contains the financial information of the company in a machine-readable format that can be submitted to the MCA.
  • Validation of XBRL Model Documents: The model documents must be validated to ensure compliance with the prescribed XBRL code and IND AS classification. Some  instruments of validation are available in order to verify the data in terms of accuracy and organization.
  • MCA submission: A certified XBRL sample document, along with supporting documentation (auditor’s report, director’s report, etc.) is submitted to the MCA via mgt-7 form AOC-4 XBRL
  • Digital Signature: The document must be digitally signed by the director of the company, the company secretary (if applicable), and the auditor. The form is then uploaded on the MCA portal.
  • Acknowledgment of submission: After submission, an acknowledgment is generated by MCA, confirming that the independent financial statements have been successfully submitted.

Advantages of XBRL Filing (IND AS)

  • Improved accuracy and reliability: Due to the storage and processing features of storage and the storage and processing of storage and storage, enhanced financial reporting is achieved through the decrease of human error through the implementation of XBRL submissions.
  • Enhanced data analysis: Since XBRL is a machine-readable language, there is improved analysis of xbmc financial information from regulators and other stakeholders.
  • Improvements and standards:
  • Cost Reduction: XBRL makes it easy to submit papers, cuts companies’ costs and time and ultimately lowers compliance expenses.
  • Better transparency and compliance: The use of XBRL increases the transparency of information submitted as well as helps to meet regulatory demands.

Documents Required for Standalone XBRL-IND AS Filing:

The following financial documents must be attached to mgt-7 form AOC-4 XBRL when filing an independent financial statement:

 

  • Balance sheet: Gives the position of the company at the end of the financial year.
  • Profit and Loss Statement: Shows the company’s income, expenses and profit and loss for the financial year.
  • Cash Flow Statement: Illustrates all the money that is coming into the company as well as all the money going out.
  • Statement of Changes in Cash Flows: Shows the changes in the company’s cash flows during the financial year.
  • Management notes: Notes that are prepared by the management of an organization as an additional information about the financial statements.
  • Auditor’s Report: The auditor’s report as to whether the financial statements give a true and fair view of the company’s financial condition.
  • Directors ReportA statement by the board of directors on the company’s performance, business strategy and outlook.
  • Schedules are more like additional information to key financial disclosures and statements. 

Why Choose Instabiz Filings

Our goal at InstabizFilings is to make business solutions more affordable and easily accessible to everyone in India. We have a seasoned group of experts on hand to help you at every stage of your business venture. Having worked with companies of all sizes, from startups to multinational enterprises, for more than 40 years of collective experience, we are experts at streamlining the compliance process and making it less burdensome for business owners.
 
While we will assure timely filings and offer knowledgeable counsel to help you avoid penalties and remain on top of regulations, our goal is to remove the pain out of expense report so that you can spend more time on the growth of your business. You may benefit from a simplified, stress-free compliance experience with InstabizFilings, which will help you keep your business running smoothly.

 

Are you set to simplify your annual filings? Get started with InstabizFilings today!

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