Tally

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More


What is XBRL

i. eXtensible Business Reporting Language (XBRL) 

ii. A more advanced form of XML. (XML reporting is already being used by the Income-tax Department in India.)

iii. It is a revolutionary format for financial reporting process for both preparers and consumers.

Mandate of Ministry of Corporate Affairs on XBRL

a. Companies whose Balance Sheet date is 31.03.2011 or onwards, need to file their financial statements in XBRL provided they qualify the criteria laid as per Ministry of Corporate Affairs (MCA) vide its General Circular 37/2011 dated 07.06.2011

b. The following class of companies have to file the Financial Statements in XBRL Form w.e.f FY 2010 - 2011:-

i. All companies listed in India and their subsidiaries;

ii. All companies having a paid up capital of Rs. 5 Crore and above;

iii. Turnover of Rs. 100 Crore or above.

Exempted category

The following classes of companies are not required to file financial statements in XBRL format:

a. Banking Companies

b. Insurance Companies

c. Power Companies

d. Non – Banking Financial Companies (NBFCs)

e. Other Companies having Paid-up capital below Rs. 5 Crore or Turnover below Rs. 100 Crore

Note:

FOR MCA CIRCULARS ON XBRL CLICK ON THE LINK GIVEN BELOW

http://www.mca.gov.in/XBRL/Notifications_Circulars.html

XBRL Filing Process

Step 1: Mapping of financial statement & Non- Financial disclosures to corresponding element in “Taxonomy”

Step 2: Create instance document

Step 3: Review and verify the instance document

Step 4: Download XBRL validation tool from MCA Portal

Step 5: Use the tool to validate the instance document

Step 6: Pre-scrutiny of validated instance document through the tool

Step 7: Use In - built Viewer

Step 8: Attach instance document to the Form 23AC-XBRL and Form 23ACA-XBRL

Step 9: Upload Form 23AC-XBRL and Form 23ACA-XBRL on the MCA portal

Step 10: View Balance Sheet and Profit & Loss submitted in XBRL form on MCA portal

Note: Form 23AC-XBRL & Form 23ACA-XBRL have been replaced by Form AOC-4-XBRL which yet to be released by the MCA

Parth Sharma
Sharma Financial Services
sharmafinancialservices@gmail.com

Disclaimer: The article has been prepared considering the relevant provisions of the Companies Act, 2013 and the rules made thereunder. The contents of the article are personal views of the author and the readers are requested to cross-check the provisions before acting upon the same. The author is not responsible for any damages or penalties caused.


Tags :



Category Corporate Law, Other Articles by - Parth Sharma 



Comments


update