XBRL Filling

XBRL Filling

XBRL is a language for the communication of financial and business data electronically used for business reporting around the world. XBRL means eXtensible Business Reporting Language. The XBRL filing provides benefits in analysing, preparing, and communicating business information.

The Ministry of Corporate Affairs (MCA) introduced XBRL filing of financial statements with the Registrar of Companies (ROC) through the MCA portal. The Companies (Filing of documents and forms in Extensible Business Reporting Language) Rules, 2011 rendered that certain classes of companies have to mandatorily file their profit and loss accounts and balance sheets with the ROC using the XBRL taxonomy.

Subsequently, the Companies (Filing of documents and forms in Extensible Business Reporting Language) Rules, 2017 provided that certain classes of companies must mandatorily file their financial statements and other documents under Section 137 of the Companies Act, 2013 (‘Act’) with the ROC in eform AOC-4 XBRL.

 

Applicability of XBRL Filing for Companies

The certain classes of companies that need to file balance sheet, profit and loss accounts and eform AOC-4 XBRL using the XBRL taxonomy with the ROC are as follows:

  • Every public company listed in the Indian stock exchange and their Indian subsidiaries
  • Every company with a turnover of or more than Rs.100 crore
  • Every company with a paid-up capital of or more than Rs.5 crore 
  • Every company that is required to prepare its financial statements as per the Companies (Indian Accounting Standards) Rules, 2015

However, the following companies are exempt from filing financial statements with the ROC in XBRL taxonomy:

  • Non-banking financial companies 
  • Housing finance companies 
  • Companies involved in the insurance business and banking sector 

The companies that have once filed their financial statements with the ROC in XBRL under Section 137 of the Act must continue to file their financial statements, AOC-4 and other documents in XBRL only, even when they cease to fall under the classes of companies mentioned above.

Documents Required for AOC-4 XBRL

The following company documents have to be attached with the eform AOC-4 XBRL:

  • Profit and loss statement
  • Balance sheet
  • Cash flow statement
  • Schedules related to profit and loss statement and balance sheet
  • Statement of subsidiaries under Section 129 of the Companies Act, 1956
  • Boards’ report, audit report and annual report
  • Consolidated financial statements
  • Details of comments of CAG of India