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Introduction
XBRL stands for “EXTENSIBLE BUSINESS REPORTING LANGUAGE”. XBRL is a language used for e-communication purpose of financial data and business data for business reporting. This is a standardized communication language in an electronic form used to express, report or file the Financial Statements of Companies incorporated under Companies Act, 2013. It is only a method for presentation or reporting of data.
The Ministry of Corporate Affairs (MCA) provides taxonomy for feeding all the financial as well non-financial data of the company like balance sheet, P&L, Board Reports, CSR Reports and other relevant taggings. XBRL is carried out through a software which helps us in tagging of all financial data electronically as provided in the taxonomy in a systematic manner.
XBRL filing is done for filing the annual financial statements and Cost Audit Reports with the Registrar of Companies. It is applicable to certain specified companies which we are going to describe later on this page.
Sprinthub Solutions has a team of experts providing you the best assistance, timely delivery and guaranteeing the highest customer satisfaction with respect to XBRL Filing. You may get in touch with our team on 096436-69475 or email info@sprinthub.in
Applicability of XBRL – Financial Statements
As per Companies Act, 2013, the following class of companies shall file their financial statements and other documents in XBRL form:-
Companies listed with stock exchanges in India and their Indian subsidiaries
Companies having turnover of one hundred crore rupees or above
Companies having paid up capital of five crore rupees or above
All companies which are required to prepare their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015
The Non-banking financial companies, Housing finance companies and the Companies engaged in the business of Banking and Insurance sector are exempted from the purview of filing of financial statements under these rules.
Documents Required
Limited Liability Partnership Agreement
Financial Statements duly signed by the Designated Partners
Certificate of Incorporation
DCS of all the Designated Partners
Benefits of XBRL Filing
Improved way of reporting
Time Saving Process
Automated data Collection
Help In Better Decision Making
Reliable and Accurate
Safe in data Handling
Cost effective
Analytical Process
How Does XBRL Works
In XBRL the data can be made in a readable form with the help of two documents:
Taxonomy :-
Instance Document:-
The XBRL documents are together made up of Taxonomy and Instance documents.
This process involves mapping, tagging of documents which are further reviewed, verified to validate the XBRL instance document. The generated documents are further scrutinized through a tool and an xml file is created to file with ROC.
Documents Required
