XBRL stands for “EXTENSIBLE BUSINESS REPORTING LANGUAGE”.XBRL is a business reporting language for e-communication of financial and business data. It is a structured electronic communication language for companies to express, record, and file financial statements. XBRL, on the other hand, is merely a presentation or reporting format. It makes no effort to alter the content that will be reported.
Introduction to xbrl filing online
The Ministry of Corporate Affairs introduced the idea of XBRL financial statement reporting to the ROC by requiring some types of companies to file balance sheets and profit and loss accounts using the XBRL taxonomy beginning in 2010-11. The Companies (Filing of Records and Forms in Extensible Business Reporting Language) Rules, 2011 were published on October 5, 2011.
XBLR filing applicability 2021
The following business entities are xbrl filing applicability 2021:
- Both listed companies in India, as well as their Indian subsidiaries.
- All businesses with a paid-up capital of at least Rs. 5 crores.
- Both businesses with a revenue of one hundred crore rupees or more.
- The (Extensible Business Reporting Language) Rules, 2011 apply to all companies.
- Companies in the banking, insurance, and power industries, as well as NBFCs, are excluded from xbrl filing online.
Benefits of xbrl filing online
In the field of business reporting and research, XBRL has a lot of advantages:
- Reporting has been improved
- Data collection that is automated
- Dependable and precise
- Method for saving time
- Phase of analysis
- Data handling is safe
- Assists in making better decisions
XBRL Filing Services are used in a wide range of situations. XBRL allows financial data producers and users to shift resources away from time-consuming manual processes such as data comparison, assembly, and re-entry.
XBRL filing procedure
- XBRL instance document development
- Get the XBRL validation software.
- Open the instance document in a new tab
- Check the instance document for errors.
- The instance document’s pre-scrutiny
- Convert the instance document to pdf and double-check the content. (This is a necessary step. To make sure that the textual data entered in the example document is legible
- Attach the example document to the 23AC-XBRL and 23ACA-XBRL types.
- Using the MCA portal to submit Form 23AC-XBRL and Form 23ACAXBRL.
XBRL Filing Documents Required
The documents to complete the xbrl filing procedure listed below must be filed in XBRL format:
- Balance sheet
- Statement of Profit and Loss
- Statement of Cash Flows
- Schedules for the Profit and Loss Statement and the Balance Sheet
- Accountant’s Notes
- Statement relating to subsidiaries made under Section 212 of the Companies Act, 1956
- Annual Report and Audit
XBRL Filing Services Costing in India
Companies subject to the Companies (cost records and audit) Rules, 2014 must send a cost audit report to the Central Government in form CRA-4 within 30 days of receiving it, along with full information and clarification on any qualification or reservation found therein.
XBRL Filing Services are provided by Legalpillers. It aims to provide the best possible end-to-end incorporation, compliance, consulting, and management consultancy services to clients in India and abroad.