XBRL stands for “Extensible Business Reporting Language”. It 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. This is a standardized communication language in an electronic form that is used to express, report, or file the Financial Statements of Companies incorporated under the Companies Act, 2013. It is only a method of presentation or reporting of data.
The Ministry of Corporate Affairs (MCA) provides a taxonomy for feeding all the financial as well as non-financial data of the company like balance sheet, P&L, Board Reports, CSR Reports, and other relevant taggings. XBRL is carried out through software that helps us in tagging all financial data electronically as provided in the taxonomy in a systematic manner. XBRL filing is applicable to certain specified companies as per the Companies Act, 2013.
Taxwink has a team of dedicated professionals who are experts in XBRL filing and are committed to delivering quality XBRL filing services in time. For any assistance, you may get in touch with our executives on 09660930417 or email at: admin@taxwink.com
Applicability of XBRL Financial Statements Reporting
As per the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015, the following class of companies shall file their financial statements and other documents under section 137 of the Act with the Registrar in e-form AOC-4 XBRL within 30 days of the date of AGM:
- All public companies listed in the stock exchange in India and their Indian subsidiaries.
- All companies with a turnover of Rs. 100 crores or above
- All companies with a paid-up capital of Rs. 5 crores or more
- All companies which are required to prepare their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015
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. It is important to note that non-banking financial companies, Housing Finance Companies, and Companies engaged in the business of Banking and Insurance sector are exempted from filing financial statements under these rules.
Applicability of filing XBRL Cost Audit Report
According to the Companies Act, 2013, the companies covered under the Companies (Cost Records and Audit) Rules, 2014 have to furnish the cost audit report and other applicable documents in XBRL form.
Get ROC XBRL Annual Filings starting from Rs. 5,000/-*
