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.
1. 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
2. Auditors’ report for the current year
3. Directors’ report for the current year
4. Management Discussion & Analysis Report (For Listed Companies Only)
5. Corporate Governace Report (For Listed Companies Only)
6. SRN of annual return filed for Subsidiary Coampnies (if any), SRN of compliance report filed (if applicable)
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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.
Filing of financial statements in XBRL is mandatory for select class of companies for the financial year commencing on or after April 1, 2011 as per the MCA circular 16/2012 dated July 6, 2012.
Then mandate is applicable for companies following into either one of the following category:- All companies listed with any stock exchange(s) in India and their Indian subsidiaries; or All companies having paid up capital of Rs 5 crore and above; or All companies having turnover of Rs 100 crore and above; or All companies who were required to file their financial statements for FY 2010-11, using XBRL mode
Banking companies, insurance companies, power companies and Non-Banking Financial Companies (NBFCs) are exempted from XBRL filing till further orders.
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