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XBRL & MCA

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What is XBRL?

XBRL is extensible Business Reporting Language, a language for the electronic communication of business and financial data that has revolutionized business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. It offers greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data. It is already being put to practical use in a number of countries and implementations of XBRL are growing rapidly around the world.

The Ministry of Corporate Affairs (MCA) implemented filing requirements for various classes of companies to file their financial statements for the year ended 2010-11 or thereafter, in XBRL format.

Applicability of XBRL Filing

Below mentioned class of companies shall file their financial statements and other documents under section 137 of the Companies Act, 2013 with the Registrar in e-form AOC-4 XBRL:

  • All public companies listed in a stock exchange in India and their Indian subsidiaries.
  • All companies with a turnover of Rs 100 crores or more
  • All companies with a paid up capital of Rs 5 crores or more

The companies preparing their financial statements under the Companies (Accounting Standards) Rules, 2006 shall file the statements using the Taxonomy provided in Annexure-II (I-GAAP Taxonomy) and companies preparing their financial statements under Companies (Indian Accounting Standards) Rules, 2015, shall file the statements using the Taxonomy provided in Annexure-II A (IND-AS Taxonomy).

However, Banking, Insurance, Power Sector, Non-Banking Financial Companies and Housing Finance Companies need not file financial statements under XBRL.

The applicability has further been amended by The Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Amendment Rules, 2018, to include the following:

  • The companies which have filed their financial statements under any of the above criteria shall continue to file their financial statements and other documents using XBRL though they may not fall under the class of companies specified therein in succeeding years.
  • The companies which have filed their financial statements under the erstwhile rules, namely the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2011, shall continue to file their financial statements and other documents using XBRL though they do not fall under the class of companies specified therein.

 

AGSK & ASSOCIATES Here to Assists You

We as a team of Experience Professional and having expertise in filing the XBRL Documents Conversion since last 5 years also having knowledge, system and software required along with adequate knowledge of understanding the Financial Statements required to be file with Ministry of Corporate Affairs are here to serve you in a best way to make XBRL uncomplicated.

Benefits to Company from putting its Financials to XBRL:

XBRL increases the usability of financial statement information. The need to re-key financial data for analytical and other purposes can be eliminated. By presenting its statements in XBRL, a company can benefit investors and other stakeholders and enhance its profile. It will also meet the requirements of regulators, lenders and others consumers of financial information, who are increasingly demanding reporting in XBRL. This will improve business relations and lead to a range of benefits.

AGSK & ASSOCIATES has a team that has Expertise in Providing XBRL.

We offer full-service for all of your company’s XBRL filing needs. We provide compliance as per the most current MCA requirements. We offer instant XBRL services with accuracy.

We are a specialized firm in the field of XBRL filings and having rich experience of almost 5 years in providing XBRL services in same day with utmost precision.