XBRL stands for eXtensible Business Reporting Language, a language for the electronic communication of business and financial data that has revolutionized business reporting around the world. Its major benefits include ease in preparation, analysis and communication of business information by the corporates. It offers cost savings, greater efficiency, improved accuracy as well as reliability to all those involved in supplying or using financial data.. More information on XBRL can be found at http://www.xbrl.org.
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.
With increased coverage, it is hoped that the XBRL data thus collected would significantly enhance the Ministry's capabilities in policy formulation and regulatory functions for advantage of corporates as well as public and investors at large.
Directors of the companies will continue to be responsible for the correctness and accuracy of FS in XBRL format filed with MCA. They are therefore advised to check the information to be filed before authorizing their company or authorized persons to submit the information on behalf of the company to MCA.
Vide Notification dated 6th November, 2017, the Ministry of Corporate Affairs has amended XBRL applicability and decided that the following class of companies shall file their financial statements and other documents under section 137 of the Act with the Registrar in e-form AOC-4 XBRL:-
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:
We invite you to discover how XBRL Experts can assist you with all of your MCA filing and XBRL tagging needs.
You can either:
As directors are responsible for the correct representation and accuracy of the information filed, it is often something that they or the business owner works on personally. However, the filing process can be time-consuming and daunting, taking up valuable time that could have been spent on core business functions.
Outsourcing the filing to a professional accounting services firm gives directors and business owners peace of mind, knowing that their company's compliance needs are in good hands. Outsourcing helps eliminate the hassle of figuring out how to use the online filing system, selecting the required information for disclosure, entering the information manually, and reviewing the financial statements.
We have been very happy with the service provided by you as you are always prompt in replies to questions and do not bamboozle us with technical jargon.
We are delighted by the quality of service we continue to receive from you. Yours is a firm really committed to saving the client money!
We have found your service to be professional, efficient, prompt and friendly and look forward to working together for years to come.
XBRL Experts are a professional Service Providers who operate with a personal touch.
Each time I talk with anyone from your office I've been extremely pleased with their knowledge base, the manner in which information is presented/discussed and the follow-through. My rating would always be excellent!!!
What I really appreciate is the personal service I get from the team. They are always available and approachable.
They are very professional and do things in a timely matter. They always get right back to you with an answer to your question. Very easy to deal with.