Introduction:
XBRL stands for Extensible Business Reporting Language, is a language for electronic communication of business and financial data which has significantly revolutionized the reporting of business information, around the globe.
Major benefits include preparation, analysis and communication of business information in an cost efficient manner with greater efficiency and improves accuracy and reliability to all those involved in using these financial data. As per Indian Laws, XBRL is used to express, report or file financial statements by Companies, NBFCs and other major organisations. However, XBRL is only a method of presentation or reporting, it does not attempt to make any changes or modifications in the content reported.
Applicability of XBRL filing:
Below mentioned class of companies shall mandatorily file their financial statements and other annual documents, under section 137 of the Companies Act, 2013 with the Registrar in E-form AOC – 4 XBRL:
- All public companies listed in the stock exchange in India and their Indian subsidiaries;
- All Companies with a Turnover of Rs 100 crores or more;
- All Companies with a Paid-Up Capital of Rs 5 crores or more;
- All the companies which are required to prepare their financial statements in accordance with the Companies (Indian Accounting standards) rules, 2015 (Ind-AS)
However, 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.
Moreover, the companies which have once filed their financial statements through XBRL mode under section 137, shall continue to file their Financial Statements and other documents through XBRL Mode only, though they may cease to fall under the class of companies specified above.
Credentials Needed for XBRL for MCA
The following Documents need to be filed in XBRL Format:
- Balance Sheet
- Profit and Loss Statement
- Cash Flow Statement
- Schedules related to Balance Sheet and Profit and Loss Statement
- Notes to Accounts
- Statement required under Section 129 of the Companies Act, 2013 relating to Subsidiaries
XBRL Filing Due Dates for FY 2020-21
| Name of the E-form | Purpose of the E-form | Due date of filing | Due date for FY 2020-21 |
| Form AOC-4 (XBRL) | Filing of Annual Accounts in XBRL mode | 30 days from the conclusion of the AGM | 30 January 2022 |
| Form AOC-4 (XBRL) for IND AS based Financial Statement | Filing of Annual Accounts based on Indian Accounting Standard in XBRL mode | 30 days from the conclusion of the AGM | 30 January 2022 |
| Form CRA-4 | Filing of Cost Audit Report | 30 days from the receipt of Cost Audit Report | 30 days from the receipt of Cost Audit Report |
| Form AOC-4 (NBFC) IND and Form AOC-4 CFS (NBFC) IND | Filing of Annual Accounts based on Indian Accounting Standard for Non-Banking financial institutions NBFC | 30 days from the conclusion of the AGM | 30 days from the conclusion of the AGM |
Fee: On the basis of the Paid-up Share Capital of the Company
| Nominal Share Capital | Fee applicable |
| Less than 1,00,000 | Rupees 200 per document |
| 1,00,000 to 4,99,999 | Rupees 300 per document |
| 5,00,000 to 24,99,999 | Rupees 400 per document |
| 25,00,000 to 99,99,999 | Rupees 500 per document |
| 1,00,00,000 or more | Rupees 600 per document |
Additional Late Fee:
Additional fee of 100/- per day in case filing is delayed beyond due date.
Penalty for Non-Filing:
On the Company: 1,000/- per day of delay, Maximum 20,00,000/-
On the Managing Director or CFO or in absence of such, Director or other person authorize by Board – 1,00,000 Rs. and 100 Rs. per day of delay, in case of continuous offence, maximum up to 5,00,000 Rs.
Conclusion:
Reporting through XBRL mode is mandatory for certain categories of Companies and is pertinent to note that the filing shall be on time, to avoid penalties and late fee. The implementation of XBRL reporting for certain categories of Companies, can be understood as an effort to bring in transparency in the reporting of financial information and will eventually increase the categories covered.