XBRL (EXTENSIBLE BUSINESS REPORTING LANGUAGE)

XBRL is a language for e-communication of financial and business data for business reporting to Ministries or Government Authorities which is revolutionizing business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data. It is already being put to practical use in a number of countries and implementations of XBRL are growing rapidly around the world.

SCOPE or BENEFITS

XBRL offers major benefits at all stages of business reporting and analysis. The benefits are seen in

• Automation of Data,
• Cost saving
• Faster and Reliable
• Accuracy handling of data,
• Improved analysis
• Better quality of information and decision-making.

XBRL enables producers and consumers of financial data to switch resources away from costly manual processes, typically involving time-consuming comparison, assembly and re-entry of data. They are able to concentrate effort on analysis, aided by software which can validate and process XBRL information. XBRL is a flexible language, which is intended to support all current aspects of reporting in different countries and industries. Its extensible nature means that it can be adjusted to meet particular business requirements, even at the individual organization level.

XBRL is set to become the standard way of recording, storing and transmitting business financial information. It is capable of use throughout the world, whatever the language of the country concerned, for a wide variety of business purposes. It will deliver major cost savings and gains in efficiency, improving processes in companies, governments and other organisations.

ELIGIBILITY (WHOM)???

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 as per Annexure-I:-

(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*

Provided that the companies preparing their financial statements under the Companies (Accounting Standards) Rules, 2006 shall file the statements using the Taxonomy provided in Annexure-II and companies preparing their financial statements under Companies (Indian Accounting Standards) Rules, 2015, shall file the statements using the Taxonomy provided in Annexure-II A: Provided further that non-banking financial companies, housing finance companies and companies engaged in the business of banking and insurance sector are exempted from filing of financial statements under these rules.”

Note: The companies which have filed their financial statements under the erstwhile rules, namely the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2011, shall continue to file their financial statements and other documents as prescribed in sub-rule (1) though they do not fall under the class of companies specified therein.

EXTENT/COVERAGE Under Companies (Indian Accounting Standards) Rules, 2015

Sub Section 4 of the above stated rule mandates the Companies shall comply with the Indian Accounting Standards Ind AS) in the following manner, namely:-

• any company and its holding, subsidiary, joint venture or associate company MAY Voluntarily adopt the XBRL Reporting for accounting periods beginning on or after 1st April, 2015
• Following Companies SHALL comply with the Indian Accounting Standards (Ind AS)a s per the Schedule date Mentioned