XBRL is an XML (Extensible Markup Language) language, the generally preferred language for transmitting information by way of the Internet. It was developed specifically to communicate information between businesses and other users of financial information, such as analysts, shareholders and regulators.
XBRL provides a common, electronic format for business reporting. It does not change what is being reported rather It changes how financial information is reported. XBRL provides a common, electronic format for business reporting. XBRL improves the quality of data reported because it enables development of Single Reporting Platform for all Govt compliance by companies.
XBRL is a world-wide standard, developed by an international, non-profit-making grouping including government agencies, accounting firms, software companies, large and small corporations, academics and business reporting experts.
XBRL filling is mandatory for:
- All companies listed in India and their subsidiaries.
- All companies having a paid up share capital of 5 Crore or more
- All companies having a paid up turnover of 100 Crore or more
Due Date for filing XBRL with MCA
The Last date of filing XBRL with MCA(without any penalty) would be later of following 2 dates :
- Upto 15 November, from the closure of book of account in the previous financial year.
- Within 30 days from the date of Annual General Meeting (AGM) of the company.
Documents required to be filed in XBRL form:
- An entire set of financial statement( Balance sheet, Profit and loss accounts)
- Director report.
- Independent auditors’ report
- Statement of financial position
- Income statement
- Statement of cash flows
- Corporate and general information
- Trade and other receivables
- Trade and other payables
- Trade and other payables, Share capital, Property, plant and equipment
- Any other statement which define company performance and position.