XBRL stands for eXtensible Business Reporting Language. XBRL is a language for the electronic communication of business and financial data. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data. It promotes paperless reporting and thus is in line with the green initiatives being promoted world over.
Applicability of XBRL Filing:
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 crores rupees or above;
iii. Companies having turnover of one hundred crores rupees or above;
iv. All companies which are required to prepare their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015 Moreover companies which have filed their financial statements in XBRL format 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.
Exemption from XBRL Filing:
Following class of companies are exempted from filing of financial statements in XBRL Format:
Documents required for XBRL to file with MCA
The following Documents need to be filed in XBRL Format:
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