XBRL is a language for communicating electronically, financial and business data for business reporting purpose. Rule 2 of Companies (Filing of documents and forms in XBRL) Rules, 2018 (“Rule”)defines XBRL as a standardized language for communicating via electronic means to report, express or file financial information by the companies under the Act. The system is developed by XBRL International Inc. (XII).
Our team of experts assists you in preparation of financial statements or consolidated financial statements in XBRL format and other supplementary services related to preparation of independent audit reports, handling litigations, if any. We have appropriate know-how and the requisite experience for undergoing such filings. Often, filing programs impose several constraints on documentation related to XBRL for data quality and compliance to local protocols. Our seasoned team of professionals can provide assistance with the definition of all these rules and regulations as well as render requisite services to ensure these are realized congruously. Also, we can offer software solutions to aid in preparation of compliance reports.
Our service portfolio includes the following:
- Analysis of annual report information
- Comparison of financials with XBRL standard checklist
- Deriving additional data requisite as per XBRL Business Rules
- Conversion of information in financial statements into XBRL format by tagging or mapping
- XBRL pdf review by experts
- Tagging accuracy and quality control checks
- Validation of instance document through Ministry of Corporate Affairs (MCA) validation tool
- Removal of all the validation errors
- Pre-scrutiny of instance document through MCA validation tool
- Certification of documents by professionals in practice
- Monitoring successful filing of AOC-4 XBRL with MCA
Our team works on specific specialized software for undertaking XBRL filing.
Generally, following companies are mandatorily required for filing financial statements as well as their documents with Registrar in e-form AOC-4 XBRL:
- Companies listed with stock exchanges in India and their Indian subsidiaries
- Companies having paid-up capital of INR 5 crores or above
- Companies having turnover of INR 100 crores or more
- All companies which were covered under the above mentioned Rule
Therefore, companies coming under the purview stated under Rules shall file its financial statements and other documents in e-form AOC-4 XBRL. However, as per proviso to Rule 3, companies in sectors like insurance, banking, housing finance, non-banking financial companies and power sector companies are exempted from XBRL filing.