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XBRL Filling

"Extensible Business Reporting Language” (XBRL), means a standardized language for communication in electronic form to express, report or file financial information by the companies under the Companies Act, 2013. As per the provisions of the Companies Act, 2013 certain specified companies are required to file their financial statements with the Registrar of Companies in XBRL Format. Applicability of XBRL Filling: Rule-3 of Companies (Filling of Documents and Forms in XBRL) Rules, 2015 states about the applicability of the XBRL filling of the Forms.
Following Companies are required to file their financial statements and other documents under section -137 of the Act with the Registrar in e-form AOC-4 (XBRL):
  1.  All the Companies which are listed on the Stock Exchanges in India and their Indian Subsidiaries; 
  2.  All the Companies including the Private Limited Companies having a paid-up capital of INR 5 Crore or above; 
  3.  All the Companies including the Private Limited Companies having turnover of INR 100 Crore or above. 
  4.  All the Companies who are required to prepare their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015. 
Eigibility for complying with Indian Accounting Standards: 

  1. The following companies shall comply with the Indian Accounting Standards (Ind AS) for the accounting periods beginning on or after 1st April, 2016, with the comparatives for the periods ending on 31st March, 2016, or thereafter, namely:- 
  •  Companies whose equity or debt securities are listed or are in the process of being listed on any stock exchange in India or outside India  and having Net worth of rupees five hundred crore or more; or 
  •  Companies other than those covered above having net worth of rupees five hundred crore or more; and
  •  Holding, subsidiary, joint venture or associate companies of companies covered by points 1.1 and 1.2 above as the case may be. 

       2. The following companies shall comply with the Indian Accounting Standards (Ind AS) for the accounting periods beginning on or after 1st April,          2017, with the comparatives for the periods pending on 31st March, 2017, or thereafter, namely:-
  • Companies whose equity or debt securities are listed or are in the process of being listed on any stock exchange in India or outside India and having net worth of less than rupees five hundred crore; or
  • Companies other than those covered above, that is, unlisted companies having net worth of rupees two hundred and fifty crore or more  but less than rupees five hundred crore 
  • Holding, subsidiary, joint venture or associate companies of companies covered by points 2.1 and 2.2 above, as the case may be. Note:  As per Companies (Filling of Documents and Forms in Extensible Business Reporting Language) Amendment Rules, 2018, all the companies who are required to file their financial statements in XBRL Format as per Rule-3 of Companies (Filling of Documents and Forms in XBRL) Rules,2015 as mentioned above shall continue to file their financial statements and other documents though they may not  fall  under the class of companies specified therein in succeeding years. 

Exemptions: Following companies are exempted from filling its returns in XBRL Format: 
  1. Non-Banking Financial Companies;
  2. Housing Finance Companies; 
  3. Companies engaged in the Business of Banking and Insurance Sector.

2018-09-15 06:58:50