XBRL (eXtensible Business Reporting Language) is a language for electronic communication of business and financial data which is revolutionizing business reporting around the world. It offers major benefits to all those who have to create, transmit, use or analyze such information.
The Ministry of Corporate Affairs has required following classes of companies to file their financial statements in XBRL form only and such financial statements to be certified by inter alia, the Chartered Accountants before filing with the Ministry:-
- All companies listed in India and their Indian subsidiaries; or
- All companies with a paid-up share capital of Rs. 5 crores and above; or
- All companies with a turnover of Rs. 100 crores and above.
Although, Banking companies, insurance companies, power companies and Non-Banking Financial Companies (NBFCs) are exempted from XBRL filing till further orders.
ADVANTAGES
- XBRL offers major benefits at all stages of business reporting and analysis. The benefits are seen in automation, cost saving, faster, more reliable, and more accurate handling of data, improved analysis and in better quality of information and decision-making.
- XBRL enables producers and consumers of financial data to switch resources away from costly manual processes, typically involving time-consuming comparison, assembly, and re-entry of data. They can concentrate effort on analysis, aided by software which can validate and manipulate XBRL information.
- All types of organizations can use XBRL to save costs and improve efficiency in handling business and financial information. Because XBRL is extensible and flexible, it can be adapted to a wide variety of different requirements. All participants in the financial information supply chain can benefit, whether they are preparers, transmitters, or users of business data.
Required Documents
- Audited Balance Sheet, Profit and Loss A/c, Cash Flow Statement, All Schedules including notes to the accounts and significant accounting policies for the current year and previous year
- Auditors’ report for the current year
- Directors’ report for the current year
- Management Discussion & Analysis Report (For Listed Companies Only)
- Corporate Governace Report (For Listed Companies Only)
- SRN of annual return filed for Subsidiary Coampnies (if any), SRN of compliance report filed (if applicable)
MOST IMPORTANTLY, you do not have to buy any software, or train any staff. Our Experts will work for you and with you, saving hundreds of man hours associated with XBRL conversion and service throughout each Fiscal Year. If you want to proceed with XBRL filing than kindly contact the professionals of Aapka Consultant by clicking here.
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