The article elaborates on the XBRL. XBRL pointed towards the extensible business reporting language that is a language for the information. The same would perfectly show the information reported beneath the various accounting standards.
MCA XBRL Applicability
The mentioned segment of the companies would furnish their financial statements and the other documents beneath section 137 of the companies act 2013 read with the companies (filing of documents and forms in XBRL) rules 2015 and the additional subjected laws of the companies act 2013 read with the rules made in it along with that any statutory modification(s) or re-enactment thereof for the time in force with the registrar inside e-form AOC-4 XBRL under MCA:-
- The companies who are listed with the stock exchanges in Indis and their Indian Subsidiaries
- The companies who furnish the paid-up capital of 5 crore rupees or exceeds.
- The companies who have the turnover of 100 cr or exceeding to that.
- All companies that need to make their financial statements as per the Companies (Indian Accounting Standards) Rules, 2015.
Indeed the firms who furnished their financial statements in XBRL beneath section 137 would carry on to furnish their financial statements and the additional documents in the XBRL, hence they might stop to come beneath the category of the firms mentioned above.
The companies who made their financial statements beneath the companies (Accounting Standards) Rules, 2006 would furnish their statements via AS “Taxonomy, and companies preparing their financial statements under Companies (Indian Accounting Standards) Rules, 2015, shall file the statements using IND-AS Taxonomy.”
CRA (Cost Audit Report) Under MCA Rules
The firm is needed to file the cost of the audit report and the additional documents to the union government beneath the sub-section (6) of section 148 of the act and the compliance made in that would furnish the report and the additional documents via the costing taxonomy for the fiscal years starting on or post to 1st April 2014 in e-form CRA-4 mentioned beneath the companies (cost records and audit) rules 2014.
XBRL Exemption Under Rules
The Non-Banking Financial Companies, Housing Finance Companies, and Companies involved in the banking or the insurance business would be privileged from the filing of the financial statements beneath these rules. The CS and lawyer can also make XBRL sheets by software without any technical error
Documents List:
- Auditor’s report in word-based formatting style
- Final Financial Statements in both PDF and word-based formatting
- “Notes forming part of Accounts in word format-Standalone”
- “Notice, Director’s Report along with all annexures in word format”
- Balance Sheet, P&L, Notes in PDF of the last year
- ADT- 1 Form with Challan
- Shareholders List Along with PAN Card
- PAN of shareholders who holds more than 5%
- PAN Card of the Company
- Last Year AOC-4 and MGT-7 Forms
- Excluding from any other information needed on the verification we would furnish the information with the help of email.
Procedure Engaged in XBRL Process
- Claim the XBRL tool from trusted vendors.
- Build the master data of the firm, directors, and the auditor in the tool.
- Tag the complete Financials, Notes, Schedules, Audit Report, Directors Report, Annual Report in the XBRL format.
- Generate the Instance Document in XML Format
- Download the validation tool from the MCA and choose the subjected taxonomy.
- Upload the document on the validation tool and map and validate the documents via the same tool.
- Once the documents get validated or mapped, pre-scrutinize that through the help of the validation tool.
- Attach the pre-scrutinized instance document in the Form AOC-4 XBRL and furnish that through the registrar in 30 days from AGM.
Duration Under Companies Act 2013
Under the companies act 2013 the mentioned laws are subjected to apply for furnishing the financial statements with the registrar:
- The companies filing position for the financial statements with the registrar financial statements along with the consolidated financial statements including the documents that are being attached to the financial statements taken on the AGM under MCA in 30 days of the AGM with the same fees or other fees as mentioned.
- When there is no adoption at AGM or postponed AGM in 30days of the AGM.
- Towards the case of the postponed meet in 30 days of the postponed AGM with these fees or the other fee as mentioned,
- When AGM would not be held in 30 days of the last date prior to which the annual general meet must be secured in this way through these fees or other fees as mentioned.
Penalty Under MCA
If you were not able to copy the financial statements to ROC in the mentioned time limit.
In case the company has been penalized Rs 10,000 and if in case of the constant failure penalty of Rs 100 for every day where the failure carried on to a highest of Rs 200000.
