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XBRL Filing of Companies: Know Applicability, Exemption and List of XBRL Softwares
XBRL Filing of Companies: Know Applicability, Exemption and List of XBRL Softwares
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XBRL Filing of Companies: Know Applicability, Exemption and List of XBRL Softwares. "Ministry of Corporate Affairs (MCA) has introduced filing of Financial Statements of the companies in XBRL mode. MCA has implemented this XBRL filing of Financial Statements from 2010-11 onwards for all companies who are falling under the criteria as prescribed in the Companies Act, 2013. This will lead more transparency in the data, improvement in the quality of statements and comparability." What is XBRL? XBRL is extensible language of XML (Extensible Markup Language), the universally preferred language for communicating information through Internet. It was developed for easy communication between businesses and other stakeholders who uses this information for analysis and research. It is a common, electronic format for business reporting. It is world-wide acceptable reporting language which can be used by different stakeholders as per their requirement. Applicability of XBRL filing with Registrar: These underneath class of companies shall file their financial statements and other documents with Registrar as prescribed under Section 137 of the Companies Act, 2013 read with Companies (Filing of Documents and Forms in XBRL) Rules, 2015 in E-Form AOC-4 XBRL: Furthermore, the companies which have filed their financial statements under the erstwhile rules, i.e. Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2011, shall continue to file their financial statements and other documents as prescribed in XBRL mode only, though they are desist under the class of companies specified therein. Exemption: However, there are classes of companies which are exempted from filing of filing of documents as per Companies (Filing of Documents and Forms in XBRL) Rules, 2015. They are as follows: Non-Banking Finance Companies (NBFCs) Housing Finance Companies (HFCs) Companies involved in the business of Banking and Insurance sector When are we required to file XBRL? In accordance with the Companies Act, 2013, the following provisions are applicable for filing of financial statements and other documents with the Registrar: Position of the Company Filing of financials with the Registrar Financial statements duly adopted at the Annual General Meeting including consolidated financials and other documents which are associated with the financial statements of the company Companies shall file their financial statements within 30 days of the Annual General Meeting along with such fees as prescribed under the rules In case of an Adjourned Annual General Meeting Within 30 days of such adjourned Annual General Meeting along with such fees as prescribed under the rules In case of Un-adoption of financial statements in the Annual General Meeting Within 30 days of Annual General Meeting (It will be considered as provisional till the financials filed with the Registrar) If Annual General Meeting is not held for any year Within 30 days from the last date before which the Annual General Meeting should have been held along with such fees as prescribed under the rules Note: It is to be noted that company shall file its financial statements along with the accounts of its subsidiary or subsidiaries which have been incorporated outside India and which have not established their place of business in India. Applicability and filing of Cost Audit Report in XBRL mode: A company required to furnish cost audit report and other documents to the Central Government under sub-section (6) of section 148 of the Companies Act, 2013 read with Companies (Cost Records and Audit) Rules, 2014. It shall file such report and other documents using the XBRL taxonomy given in Annexure - III for the financial years commencing on or after 01 April, 2014 in E-Form CRA-4 specified under the rules. List of Documents required to process XBRL: In accordance with Ministry of Corporate Affairs Taxonomy, a complete set of Annual Report is required to be filed in XBRL format. A separate instance documents are required to be prepared for standalone and consolidated reports. Following components of Annual Report is required for XBRL filing: Balance Sheet Profit and Loss Account Cash Flow Statement (whether Direct or Indirect) Notes to Financial Statements (including Schedules) Accounting Policies Statement of Changes in Equity Independent Auditors’ Report along with annexures Board’s Report and its’ related annexures List of XBRL Software Vendors: For the benefit and awareness of stakeholders, Ministry of Corporate Affairs has issued a list of XBRL software vendors available in the market; who are providing their software to stakeholders. This list of software vendors is not exhaustive in nature. Companies can pick the software as per their requirement for filing purpose. The list of software vendors are as follows: Adept Infoways Private Limited Alphabricks Technologies Private Limited AriveGuru Technology Solutions Pvt. Ltd. BEYONDSQUARE Solutions Pvt. Ltd. CCH Prosystem India Pvt. Ltd Chartered Information Systems Private Limited C-MOTS Internet Technologies Pvt. Ltd. DataTracks India Ez-XBRL Solutions Pvt. Ltd Innodata India Pvt. Ltd. KDK Softwares (I) Ltd IRIS Business Services Limited Kerberos System Control Pvt. Ltd MAIA Intelligence Pvt. Ltd MICROVISTA TECHNOLOGIES Pagaria Consultancy Services Limited Professional Softec Pvt. Ltd Relyon Softech Ltd Rhapsody Accounting and Advisory Services Private Limited SAG Infotech private Limited Sensys Technologies Pvt. Ltd Shriram Value Services Pvt. Ltd Skorydov Systems Private Limited SOFTPARK 21 INDIA TAXMANN ALLIED SERVICES PRIVATE LIMITED Webtel Electro soft Pvt. Ltd Procedure for filing of Financial Statements in XBRL mode: The process for formation and filing of financial statements in XBRL mode with Registrar is as follows: Formation of XBRL instance Download XBRL validation tool from the MCA portal Use that tool for instance document validation Do pre-scrutiny of validated instance document through the tool Attach the instance to the E-Form AOC-4 XBRL Submit the E-Form AOC-4 XBRL on the MCA portal Features of XBRL filing: There are varied features which have been addressed by stakeholders during XBRL filing. They are as follows: There is seamless integration of data with MCA portal. Fetching updated information of all companies became comfortable. Quick upload or editing of data by importing excel template. Preparation and filing of returns become no more cumbersome. Since data is interlinked searching of data from any page or box become user-friendly. There is a step-by-step guidance for preparation and filing of Financial Statement. Getting speedy access to the records of client pertaining to several years. Companies can get auto populated financial data and business records of their different divisions. Benefits of XBRL Filing: It offers foremost benefits at all stages of business reporting and analysis. There are numerous benefits which are comprehended in cost saving, automation, faster, more reliable, improved analysis and in better quality of information and decision-making. It is important to note that all types of organizations can use XBRL to save their cost and improve efficiency in handling business and financial information. It is an extensible and flexible model; which can be adapted at a wide variety of requirements. Penalty for non-filing of Financial Statements:Penalty to Company: If a company fails to file its’ financial statements before the expiry of period (i.e. 30 days) with the Registrar, then company shall be liable to a penalty of Ten Thousand Rupees and in case of continuing failure, a further penalty of One Hundred Rupees for each day will be charged subject to a maximum of Two Lakh Rupees. AND Penalty to Directors: The Managing Director and Chief Financial Officer of the company, if any, and, in the absence of the Managing Director and the Chief Financial Officer, any other director who is charged by the Board with the responsibility of complying with the provisions of this section, and, in the absence of any such director, all the directors of the company, shall be liable to a penalty of Ten Thousand Rupees and in case of continuing failure, further penalty of One Hundred Rupees for each day, subject to a maximum of Fifty Thousand Rupees.How Compliance Calendar can help? In case of any queries or doubts or for any assistance in XBRL Filing, you can connect with us from our website i.e. www.compliancecalendar.in or you can ask your any queries related to this or for any other matter or for any assistance by simply dropping mail at info@ccoffice.in. You can avail our other services related compliance or other matters like registration under various laws etc. We will be delighted to serve you in this process. WhatsApp/Call at 9988424211
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Section 8 Company Registration
Nidhi Company Registration
Insurance Company Registration
NBFC Company Registration
Producer Company Registration
Foreign Subsidiary Registration
Foreign Branch Office
Foreign Liaison Office
Foreign Project Office
Overseas Company Registration
Proprietorship Firm Registration
Partnership Firm Registration
Grow Your Business
GST Registration
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Startup India Registration
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Angel Funding/ VCs
Virtual Office Service
Due Diligence of Company
Business Development
Protect Your Business
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Trademark Objection
Trademark Hearing
Trademark Opposition
Trademark Infringement
Trademark Renewal
Trademark Assignment
Trademark Withdrawal
Trademark Monitoring
Logo Design Service
Copyright Registration
Patent Registration
Exit Your Business
Close Company
Fast Track
Close LLP
Close Firm
GST Cancellation
Change Services
Change Company Name
Change LLP Name
Change Company Object
Change LLP Object
Increase Authorised Capital
Increase Paid-up Capital
Increase LLP Capital
Transfer of Shares
Alteration in MoA & AoA
Resignation of Auditor
Appointment of Director
Resignation of Director
Change in Designation of Director
Shifting Registered Office of Company
Shifting Registered Office of LLP
Dormant Status of Company
Mandatory Compliances
Appoinment of Auditor
Annual Filings of Company
Annual Filings of LLP
Annual DIN/DPIN KYC
Annual Return of Deposits
Half Yearly MSME Return
Statutory Registers & Minutes
XBRL Filing of Companies
eStamping of Share Certificates
Dematerialisation of Shares
RBI FEMA Compliance
GST Returns Filing
ESI-EPF Returns Filing
TDS Returns Filing
Change in Structure
Proprietorship to OPC
OPC to Private Limited
Private Limited to OPC
LLP to Private Limited
Private Limited to LLP
Partnership Firm to LLP
Private Limited to Public Company
Public Company to Private Limited
Trust/Society to Section 8 Company
Existing Company to Section 8
Existing Section 8 to Company
Services
Accounting & Book Keeping
GST Compliance
Valuation Services
Corporate Litigation
Company Law Advisory
Services For Banks
Drafting & Vetting Services
Startups Funding
Business Loans
Get in Touch
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NBFC Micro-Finance Registration
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NBFC Consultancy
NBFC Compliance Calendar
NBFC Independent Director
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ISO 13485:2016
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ISO 27001:2013
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Section 8 Company
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Co-Working Spaces
Banks and NBFCs
Incubation Centres
Government Wings
Institutional Bodies
Software Companies
CA/CS/CMA/Lawyers
Press & Media Houses
Overseas Ventures
Other Startup Enablers
Contact Us