What is XBRL Filing ?
XBRL (eXtensible Business Reporting Language ) is language for reporting of Financial Statements that are required to be filed with Registrar of Companies. XBRL helps in providing the reliable/accurate data and selective information that are required by various government and other regulatory bodies. XBRL is in conformity with Global Reporting Standards. Presently all Indian Companies are not required to file Financial Statements in XBRL form as government is implementing it in phased manner.
Presently Following Class of Companies are required to File Financial Statements in XBRL Mode:
- All Companies listed with Stock Exchanges in India and their Indian Subsidiaries irrespective of their capital or turnover.
- All Companies having having paid up share capital of Rs. 5cr and above.
- All Companies having turnover of Rs. one hundred crore (Rs. 100cr) and above.
Note : Banking companies, Insurance companies, Power companies and Non-banking financial companies are exempt from this requirement.
How to File Financial Statements in XBRL :
XBRL filing is done through an computer software designed and developed for filing in XBRL mode. All the Data like Financial Statements (Balance Sheet, Statement of profit and loss, Cash Flow Statement, Notes to Financial Statements), Directors Report, Notice of AGM , List of Top Shareholders, List of Related Parties including their PAN No are required in soft copy ( word, excel, PDF) as information contained in these documents are feeded into software. The Software than requires validation of Data. Once the Validation is Complete an XML file is generated.
This XML file is Required to be attached with Form AOC-4 XBRL and is filed with Registrar of Companies.