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Filing of Financial Statements in XBRL
Filing of Financial Statements in XBRL (eXtensible Business Reporting Language) is a statutory requirement for certain classes of companies in India. XBRL is a standardized format for reporting financial information, ensuring accuracy, transparency, and comparability. Companies file their financial statements with the Ministry of Corporate Affairs (MCA) in this format, facilitating better regulatory oversight and data analysis.
The XBRL filing is an advanced digital format mandated for companies to submit their financial statements (Balance Sheet, Profit and Loss Account, and Cash Flow Statements). This format ensures that financial data is machine-readable, facilitating analysis by regulators, investors, and stakeholders. XBRL filings are governed by the Companies Act, 2013, and relevant MCA guidelines. Statutory Registers are records that provide detailed information about a company’s structure, governance, and operational decisions. These registers must be maintained at the company’s registered office and updated regularly. They may be inspected by shareholders, auditors, and regulatory authorities, ensuring accountability and compliance.
Important
1. Regulatory Compliance : Mandatory for eligible companies as per MCA requirements.
2. Improved Accuracy : Reduces errors by automating data entry and validation.
3. Enhanced Transparency : Provides detailed financial information in a standardized format.
4. Global Standard : Aligns with international practices, improving comparability.
5. Data Analysis : Facilitates regulatory and investor analysis through machine-readable data.
Applicability
XBRL filing is mandatory for
1. Listed Companies : All companies listed on stock exchanges in India.
2. Unlisted Companies : With a paid-up capital of ₹5 crore or more, or a turnover of ₹100 crore or more.
3. Subsidiaries of Listed Companies : If they fall under the prescribed thresholds.
4. Companies Required to Prepare Financials in Ind-AS : As per MCA guidelines.
Note: Banking, insurance, and power companies are currently exempt from XBRL filing.
Documents Required
Features
Features & Benefits of Filing of Financial Statements in XBRL
Global Standard Format
Automated Validation
Ind-AS Compliant
Certified Filing
Filing of Financial Statements in XBRL
E-Filing Process
Detailed Tagging
Efficient Data Analysis
Penalty for Non-Compliance
Supports Audit
Comparison with Related Services
| Feature | XBRL Filing | Annual Financial Statements | Annual Return Filing |
|---|---|---|---|
| Objective | Digital submission of financials | Reporting financial position | Reporting corporate structure |
| Format | XBRL (machine-readable) | PDF/physical format | E-forms (MGT-7) |
| Applicability | Specific companies | All companies | All companies |
| Deadline | Within 30 days of AGM | Within 30 days of AGM | Within 60 days of AGM |
| Regulatory Authority | MCA | MCA | MCA |
| Penalty for Non-Compliance | High | Moderate | High |
| Certification | CA/CS/CMA certification | Optional | Optional |
| Key Users | Regulators, Investors | Shareholders, Regulators | Shareholders, Regulators |
| Data Accessibility | Machine-readable format | Human-readable format | Human-readable format |
Frequently Asked Questions
Who is required to file financial statements in XBRL?
Listed companies, companies with a paid-up capital of ₹5 crore or more, or turnover of ₹100 crore or more, and companies preparing financials under Ind-AS must file in XBRL format.
What is the penalty for non-filing in XBRL?
Non-compliance can attract penalties under the Companies Act, 2013, including fines for both the company and its directors.
Can all companies file in XBRL format?
No, only companies that meet the MCA criteria are required to file in XBRL format. Other companies may voluntarily adopt XBRL.
What is the role of the MCA XBRL validation tool?
The validation tool checks the accuracy of XBRL tagging and ensures compliance with MCA requirements before submission.
What is the deadline for XBRL filing?
Companies must file financial statements in XBRL format within 30 days of the Annual General Meeting (AGM).
Does XBRL filing require certification?
Yes, XBRL filings must be certified by a practicing Chartered Accountant, Company Secretary, or Cost Accountant using their Digital Signature Certificate (DSC).