XBRL means Extensible Business Reporting Language for providing information. Section 137 of the Companies Act, 2013 read with Companies (Filing of Documents and Forms in XBRL) Rules, 2015 requires few Companies to file their Financial Statements and Other Documents in xbrl format. The applicability of xbrl continues even if the company does not fall under the criteria mentioned below in later years. The provisions related to applicability of financial statements in xbrl format are described below.

1. Applicability of XBRL

The following companies are required to file their financial statements and other documents under section 137 of the Companies Act, 2013 read with Companies (Filing of Documents and Forms in XBRL) Rules with the Registrar in e-form AOC-4 XBRL:

  • Listed Companies and their Indian subsidiaries;
  • Companies with paid up capital of 5 crore rupees or above;
  • Companies which have turnover of 100 crore rupees or above;
  • All companies which are required to prepare their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015

Once financial statements are filed in XBRL under section 137, the company should continue to file their financial statements in XBRL even if they later do not fall under the class of companies mentioned above.

2. Exemption to Companies

Non-Banking Financial Companies, Housing Finance Companies and Companies engaged in the Business of Banking and Insurance sector are exempted from filing of financial statements in xbrl format.

3. List of Documents required for xbrl

  • Auditor’s report in word format
  • Final Financial Statements in word and pdf both
  • Notes forming part of Accounts in word format
  • Notice, Board’s Report with all annexures in word format
  • Balance Sheet, P&L, Notes in pdf of previous year
  • Form ADT- 1 along with challan
  • List of Shareholders along with their PAN
  • PAN of shareholders who holds more than 5%
  • PAN of the Company
  • AOC-4 and MGT-7 of Previous year
  • Any other information if required

4. Steps for filing financial statements in xbrl

  • Download the XBRL Tool from the authorised Vendors.
  • Master Data of Company, Directors and Auditor is created.
  • Tagging of complete Financials, Notes, Schedules, Audit Report, Directors Report, Annual Report in the XBRL Format.
  • Generating the Instance Document in XML Format
  • Validation Tool is downloaded from MCA and Taxonomy is to be selected.
  • Uploading the instance document in validation tool and verify the document through validation tool.
  • When Document is verified, pre-scrutinise it by using validation tool
  • Finally, the pre-scrutinised instance document is attached in Form AOC-4 XBRL and the same is filed with the Registrar within 30 days of Annual General Meeting.

5. Timeline to file the Financial Statements

The timeline to file the financial statements with the Registrar is as follows:

  • Financial statements, including consolidated financial statements adopted at the AGM: Within 30 days of the AGM
  • When financial statements are not adopted at annual general meeting or adjourned annual general meeting: Within 30 days of the AGM
  • In case of an adjourned meeting: Within 30 days of the adjourned AGM
  • When AGM is not held: Within 30 days of the last date before which the AGM should have been held
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