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XBRL Filing

An abbreviation of Extensible Business Reporting Language, XBRL is a language used for e-communication of business & financial data, which has revolutionized business reporting around the world. From preparation to evaluation to the communication of business data, the language has transformed and eased the entire spectrum of sharing business information. Moreover, it offers cost-efficiency, greater productivity and improved accuracy & reliability to all those who are mandatorily required to submit the financial data or who are involved in using business data. In numerous countries, XBRL has already been used adopted with gaining popularity at high-pace in rest of the countries as well. In India, the Ministry of Corporate Affairs introduced the concept of filing the financial information in Form AOC 4 in XBRL format.

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Companies Eligible for XBRL Filing

  • All public companies listed in the stock exchange in India and their Indian subsidiaries.
  • All the companies which need to prepare their financial statements the Companies Rules, 2015.
  • All companies with an annual turnover of 100 crores & above.
  • All companies with paid-up capital of 5 crores & above.

Companies Exempted From XBRL Filing

  • Housing finance companies
  • Non-banking financial companies
  • Companies executing Banking and Insurance business are exempted from XBRL filing of financial statements.

However, the companies which have filed their financial statements in XBRL under section 137 shall continue with XBRL filing of their financial statements and other data, though they may discontinue being enlisted under the class of companies mentioned above.

Provision for XBRL Filing in India

According to the Companies Act 2013, the provisions for XBRL filing with the ROC are as follows:

Form AOC 4 must be filed by 30th October of the concerned Assessment year for Financial Year ended, as the date counts 30 days from the last day when the AGM must be conducted under normal circumstances i.e. 30th September.

Documents required for XBRL Filing in India

Documents that need to be filed in XBRL Format are as follows:

  • Balance Sheet
  • Profit & Loss Statement
  • Cash Flow Statement
  • Notes to Accounts
  • Audit and Annual Report
  • Schedules associated with Balance Sheet and Profit & Loss Statement
  • Statement related to Section 212 of the Companies Act, 1956 linked to subsidiaries.

Certification for XBRL Filing

The CFO/CEO/Director/ Secretary/Manager/ CEO needs to provide a certification that all information submitted via XBRL Filing in Form AOC 4 is accurate and in conformity with the law. The certification must be digitally signed along with the Director’s DIN or Manager/CEO/CFO’s PAN. Besides, a declaration from a full time practicing Cost Accountant/ Chartered Accountant/ Company Secretary stating all the attached documents are thoroughly verified and all the information is true and complete, is also needed. The declaration by the practicing professional must be accompanied by his/her membership no. and the status viz. fellow or associate.

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