XBRL

Extensible Business Reporting Language (XBRL) is a special type of language preferred globally to transmit the information through the internet. It is a special method by which presentation can be made simpler by the use of easy language. The Ministry of Corporate Affairs had made it mandatory for all the companies registered in India to file their financial statement in XBRL format. XBRL format enables greater transparency and makes the comparison of data easy.

To whom XBRL filing applies?

  • Company which is listed in the Indian stock exchange
  • Company which has turnover of 100 crores or more
  • Company with a paid-up capital of 5 crores or more
  • Company which is required to file their financial format according to the Companies ( Indian Accounting Standards) Rules, 2015

A Non-banking financial company, a company which deals in housing finance and the companies which are involved in banking and financial sector are exempted from filing the financial statement in the XBRL format.

There are two documents that are contained in the XBRL file:

  • Taxonomy
  • Instance Documents

Why XBRL?

This is a cost-efficient method, which acts as a good analyzing tool. It also provides accurate information which makes it an effective tool. XBRL format also enhances the way of reporting by handling the data safely.

Need to file an XBRL report? Reach out to us at bestlegalservices.in 

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