Applicability of XBRL:
As per Section 137 of Companies Act, 2013, 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:-
(i) Companies LISTED with stock exchanges in India and Their Indian Subsidiaries;
(ii) Companies having Paid Up Capital of Five crore rupees or above;
(iii) Companies having Turnover of One Hundred crore rupees or above;
(iv) All companies which are required to prepare their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015
Applicability of Ind-AS:
|
S. No. |
Conditions |
Net worth more than Rs. 500 crores |
Net worth less than Rs. 500 crores |
|
(a) |
Companies whose equity or debt securities are listed or are in the process of being listed in India or outside India. |
Apply Accounting periods beginning on or after 1st April, 2016 with the comparatives for periods ending on 31st March, 2016, or thereafter |
Apply For Accounting periods beginning on or after 1st April, 2017 with the comparatives for periods ending on 31st March, 2017, or thereafter |
|
(b) |
Companies whose equity or debt securities are Not listed on any stock exchange in India or outside India. |
Apply Accounting periods beginning on or after 1st April, 2016 with the comparatives for periods ending on 31st March, 2016, or thereafter |
Net worth greater than Rs. 250 Crores but less than Rs. 500 Cores. Apply For Accounting periods beginning on or after 1st April, 2017 with the comparatives for periods ending on 31st March, 2017, or thereafter |
|
(c) |
Holding, subsidiary, joint venture or associate companies of companies covered in point 1 , & 2 of this table |
||
Analysis:
With the onset of Ind-AS applicability, subsidiary companies of Unlisted companies who are covered under Phase II of Ind-AS are now mandatorily required to prepare their financials under Ind-AS from Mar'18 year
Further to contrary, XBRL reporting has been amended to include 'all Companies who prepare their financials under Ind-AS” in the XBRL reporting ambit.
Based on the above, despite of Companies having:
- turnover less than Rs. 100 crores, or
- paid-up capital of less than Rs. 5 crores, or
- neither Holding Company is listed
will now be mandatorily required to file their annual financials with ROC in XBRL format if they have prepared their financials in Ind-AS for Mar'18 year.
Penalty for non-compliance:
If a company fails to file AOC-4 along with a copy of the financial statements before the due date, the company will be punishable with fine of one thousand rupees for every day during which the failure continues up to a maximum amount of Rs.10 lakhs. Further, the Managing Director, Directors and the Chief Financial Officer of the company, could be punished with imprisonment for a term which may extend to six months or with fine which will not be less than Rs.1 and upto Rs.5 lakhs.
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