XBRL (eXtensible Business Reporting Language) is a data-rich dialect of XML (Extensible Markup Language), the universally preferred language for transmitting information via the Internet. It was developed specifically to communicate information between businesses and other users of financial information, such as analysts, investors and regulators. XBRL provides a common, electronic format for business reporting. It does not change what is being reported. It only changes how it is reported.
MCA (The Ministry of Corporate Affairs) is the regulatory authority in India for the Company Law and related matters. All the Companies registered with MCA are required to file the financial statements with MCA. From 2010-11, MCA implemented filing requirements for various classes of companies to file their financial statements in XBRL format, to improve the quality of statements, enable greater transparency and comparability of data.
Below mentioned class of companies are required to file their financial statements and other documents under section 137 of the Companies Act, 2013 with the Registrar in e-form AOC-4 XBRL:
However, 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.
Moreover 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.
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 thereunder, shall file such report and other documents using the XBRL taxonomy given in Annexure-III 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.
XBRL instance document is required to be prepared as per MCA Taxonomy (I-GAAP / IND-AS). According to MCA Taxonomy, complete set of Annual Report is required to be filed in XBRL format. Separate instance documents are to be prepared for consolidated and standalone reports. Major components of Annual report are noted below:
Apart from above, there are various other details/documents which are required for XBRL filing. You can contact us for a checklist for XBRL filing.
Complete set of Cost Audit Report with all annexures / para is required to be filed in X
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