XBRL Filing- Extensible Business Reporting Language
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XBRL is a standardized communication language in electronic form to express, report or file a financial statements by a Companies. XBRL is only a method of presentation or reporting. It does not attempt to make any changes in the content to be reported. The idea behind XBRL is simple. Instead of treating financial information as a block of text – as in a standard internet page or a printed document – it provides an identifying label (tag) for each individual line item of data. This data then becomes computer readable.
XBRL offers major benefits at all stages of business reporting and analysis such as: cost savings, greater efficiency, improved accuracy, reliability to all those involved in supplying or using financial data.
So If you wonna measure your company’s business process and achievement effectively. Voluntarily Codify it and get measure it with your or our company’s expert team and Measure it. Always remember – IF YOU CAN’T MEASURE ; YOU CAN’T ACHIEVE AND REACH YOUR DESTINATION.
Below mentioned class of companies shall file their financial statements and other documents under section 137 of the Companies Act, 2013 with the Registrar in e-form AOC-4 XBRL:
- All public companies listed in a stock exchange in India and their Indian subsidiaries.
- All companies with a turnover of Rs 100 crores or more
- All companies with a paid up capital of Rs 5 crores or more
(other than banking companies, insurance companies, power companies and NBFCs), Graphical Representation as mentioned below for better understanding.
The following components of Annual reports need to be filed in XBRL Format:
- Balance Sheet
- Profit and Loss Statement
- Cash Flow Statement
- Schedules related to Balance Sheet and Profit and Loss Statement
- Notes to Accounts
- Statement pursuant to Section 212 of the Companies Act, 1956 relating to subsidiaries
- Audit and Annual Report
What if – If you fails to file the copy of the Financial Statements to ROC within prescribed time limit
Company: Fine 1,000.00 for everyday till default continue but max. 10,00,000.00
Directors: Fine Min. 1 Lakhs to Max. 5 Lakhs – OR – Imprisonment – Max. 6 months
CFO : Same as in the case of Directors
Authorised Director : Same as in the case of Directors
- Review, verify and validate the XBRL instance document
- Scrutiny through tool
- Creating a XBRL docs and filling as an attachment in ROC Form.
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