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XBRL Services

Have you been wondering if you should be using XBRL filing? It may seem like a complicated process, but it's really not that difficult once you know what to do. In this blog post, we'll walk you through the basics of XBRL filing services in India and show you why it's a great option for business owners.

Overview of XBRL Filing

As humans, we employ languages to communicate with different people. Each word is given meaning. Similar to that it was the requirement for a language that could communicate information about business in a concise and consistent manner.

Also, XBRL is an XML standard for tagging both business and financial reports to enhance the accessibility and transparency of information about business through a standard format. It is a language used for electronic communication of both business and financial data that has revolutionized the method of reporting for business.

As it offers a common digital format that can be used for report, XBRL makes the data accessible, simple to comprehend and, perhaps most importantly, consistent. It doesn't matter whether you're a producer or transmitter of data for business, XBRL is going to benefit all from the top to the bottom.

About XBRL

It is XBRL (eXtensible Business Reporting Language) is a report language utilized for the filing of financial and business data under the authority. It is useful for creating, communicating, and analyzing business data.

The Companies Act, 2013 certain specific classes of firms are legally required to submit their financial statements using MCA in XBRL mode.

The XBRL standard is applicable in India and Which companies required to file XBRL in India

The application of the rules will be classified in accordance with the Indian Accounting Standards (IND AS) that are a set of accounting guidelines issued through the Ministry of Corporate Affairs which are aligned to International Financial Reporting Standards. Therefore, at present India has two accounting standards. current accounting standards in the Companies (Accounting Standard Rules 2006) and IFRS that have been converged Indian Accounting Standard.

Companies that adhere to IND as:

  • Companies listed on exchanges on India;
  • Companies that have a net worth of Rs 250 crore or more.
  • Holding or subsidiary companies, joint ventures, and associate firms of the above companies

Companies that follow Non Ind AS:

  • Companies that have paid in capital worth five crores rupees and above;
  • Companies with an annual turnover of one million rupees or more

EXEMPTED COMPANIES

Following Companies are exempt from the XBRL Filings in India

  • Non-banking financial firms
  • Companies that finance housing
  • Companies that are involved in the business in the field of Banking and Insurance

Even if XBRL applicability is not mandatorily, company can file do the XBRL filing voluntarily.

Documents of XBRL Filing Requirement

There are a few documents needed for XBRL filing manual that are listed below:

  • Balance Sheet, including its Notes
  • Profit and Loss Statement along with its notes
  • The Cash Flow Report.
  • Statement of Changes in Equity.
  • The Board's Reports Directors together with annexes
  • The reports of the Independent Auditor with annexures thereto
  • Corporate Social Reputation Report If any
  • Statement of Subsidiaries on Form AOC-1, if any
  • Significant Accounting Policies
  • Other Documents of Relevant If Any

The above documents must be checked thoroughly by personnel and directors in the business. False or incomplete documentation can result in penalties and severe penalties.

About XBRL Filing

The filing of financial statements using ROC is crucial. It is the foundation upon where the fiscal performance of the business is evaluated. It allows you to understand the business better, and is crucial to safeguard the public interest. Thus, forms AOC-4 XBRL is required to file the financial statements of the company for each financial period with the Company's Registrar of Company.

After Preparation of XBRL, we need to validate the file with the mca XBRL validation tool. After removal of all the errors that is pointed out by mca XBRL validation tool, we can the XBRL filing in AOC-4 XBRL.

Due Dates For XBRL Filing in Form AOC-4 XBRL.

Form AOC-4 XBRL needs to be submitted within 30 days of the date of General Meeting.

Making the financial statements available on time is important. Businesses that comply with all requirements within the stipulated timeframe will not only benefit internally, but also viewed positively by the authorities and the general public. In addition to do the XBRL tagging online XBRL assist you in all filing process and its tremendous knowledgeable team support you in the complete process. Online XBRL team not only do the tagging but also follow the process of two time checking by difference professional so the chances of mistake we can totally avoid. Online XBRL make the XBRL filing process very smooth and provide you the best XBRL services in the industry.

XBRL Processing for XBRL Filing in India

Before you begin the process it is vital to be familiar with some terms, including:

XBRL Taxonomy: -The XBRL Taxonomy is an electronic dictionary that covers all costs accounting concepts that could be utilized by a business to present and prepare their Cost Audit and Compliance Report to MCA in the format of XBRL.

Mapping: Mapping It is the process of comparing the terms in the financial statements with the elements that are in the published taxonomy.

Process Of XBRL Filing In India

1.Start by looking at the financial statements of the company.

2.The company's financial Element to the corresponding element in the taxonomy published.

3. In the beginning of XBRL Filing, create the example document. This is about tagging the XBRL taxonomy components with different accounting heads within the books of accounts of the business.

4. Check and verify the document in question- After the document has been prepared, it is necessary to verify that the information is correctly recorded and that it is an authentic instance document.

5.Get MCA XBRL validation tool from MCA Portal

6. Utilize the XBRL software to verify the document in question and The XBRL validation which is done through XBRL validation tool, must be performed in accordance with the most current and correct version of the XBRL taxonomy that is that is prescribed by MCA.

7. Do a Pre examination of the validated instance document with the help of the tool. A functioning internet connection is required for this step.

8. Add the document in question to the form AOC-04 XBRL. Separate instance files must be attached to stand-alone financial statements as well as consolidating financial statements.

9. Uploading Form AOC-04's XBRL through MCA Portal.

Attachments OF AOC-4 XBRL

  • Company financials in XBRL format.
  • Consolidated financial statements that the firm has in format of XBRL.
  • Statement of the subsidiaries on AOC-1 form.

Additional Charge for Late Filing XBRL Reporting

In the event in the event of Delay with the filing of annual financial returns, balance sheet or statement past the XBRL filing deadline set in Section 137(1) of the Act due dates to file the AOC-4 the XBRL (within thirty days from an annual meeting) Amount of 100 rupees per day is the late fees.

Penalty for not do the XBRL Filing within the Stipulated Time

If a business fails to provide AOC-4 XBRL with an accounting statements on time prior to the due date, the business is liable for an amount of one hundred thousand rupees each day the infraction continues to the maximum that is Rs.10 lakhs.

Additionally, Directors, the Managing Director as well as the Chief Financial Director of the company are liable to be imprisoned for a time that may last for six months or with a fine that will not be lesser then Rs.1 or up to Rs.5 lakhs.

To avoid these severe sanctions and penalties, Online XBRL team guides and remind you time to time to complete the compliance. ONLINEXBRL.COM provides complete assistance in the preparation of reports for XBRL filing. We also check applicability of XBRL for all types of companies to avoid non compliance.