XBRL Filing
WHAT IS XBRL FILING?
1XBRL is a language for the electronic communication of business and financial data. Ministry of Corporate Affairs introduced the concept of XBRL filing of financial statements to ROC by mandating certain class of companies to file balance sheets and profit and loss account for the year by using XBRL taxonomy.
WHAT IS THE APPLICABILITY OF XBRL FILING?
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 as per Annexure-I:- (i) Companies LISTED with stock exchanges in India and Their Indian Subsidiaries; (ii) Companies having Paid Up Share Capital of Five crore rupees or above; (iii) Companies having Turnover of One Hundred crore rupees or above; (iv) All companies which are required to prepare their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015:
WHAT ARE THE ADVANTAGES OF XBRL FILING?
1. It improved way of reporting.
2. Cost effective.
3. Greater Efficiency
4. Very Analytical
5. Improved Accuracy
DUE DATE FOR FILING OF FORM:
Every company who is under the obligation to do XBRL filing shall file the Form AOC-4 XBRL within 30 days from the date of conclusion of Annual General Meeting and MGT-7 within 60 days from the date of conclusion of Annual General Meeting.
Documents Required for XBRL Filing
Process Involved
Step 1
Provide all the required documents
Step 2
Tagging through XBRL software
Step 3
Reviewing the XBRL instance document.
Step 4
Validate the XBRL instance document.
Step 5
Scrutiny through tool.
Step 6
Creating a XBRL docs and filling as an attachment in ROC FormCreating a XBRL docs and filling as an attachment in ROC Form
