Annual Filing (XBRL-IND AS) Standalone

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).

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.

• 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.

• 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.

• 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: XBRL makes it easier to prepare, analyze and compare the financial information that is presented by various businesses.
• 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.

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 Report: A 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. 

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