XBRL Filling with MCA (Ministry of Corporate Affairs)XBRL – Extensible Business Reporting Language

Every Company registered under Companies Act, 2013 is required to report to concerned Registrar of Companies its financial position and details of Directors in form of Balance Sheet, Profit and Loss account, Cash Flow Statements, List of Shareholders, Boards Report, Auditors Report, Transfer of shares during the years, details of Board Meetings, and other meetings of Company.

In light of above there are some companies where annual reporting to concerned registrar is too lengthy like Public Limited Companies listed on stock exchange, Multi National Companies, Foreign Subsidiaries, thus here role of XBRL exists.

XBRL is an electronic language to report or file a financial statements, Boards Report, Auditors Report etc with concerned ROC (Registrar of Company) XBRL is only a type of presenting reports,it does not attempt to make any changes in original content of report.

The Logic behind XBRL is simple. XBRL provides a detailed business analysis and reporting. It provides details of even minute details. It aims at providing maximum transparency with better quality if information and decision making.

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Advantages of XBRL

XBRL offers major benefits at all stages of business reporting and analysis. Following are some advantages of XBRL filling.

1. Cost Saving

 It is not easy to combine huge data of listed Public companies, Foreign Subsidiaries and Multi National Companies. It involves lot of time and energy to combine huge data. XBRL proves to be cost effective in such cases.

2. Greater Efficiency

XBRL can not only provide cost saving but also greater efficiency with utmost accuracy.

3. Improved Accuracy:

XBRL provides quality information with accuracy. It gives detailed exposure with respect to financial statements.

4. Reliability:

XBRL gives reliability in terms of details of financial figures with complete notes of each schedule.

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Applicability of XBRL

Following class of companies shall file their financial statements and other documents under section 137 of the Act with the Registrar in e-form AOC-4 XBRL as per Annexure-I
I. Companies listed with stock exchanges in India and their Indian subsidiaries
II. Companies having paid up capital of Rs 5 Crore rupees or above
III. Companies having turnover of Rs 100 Crore rupees or above
IV. All companies which are required to prepare their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015

Provided that the companies preparing their financial statements under the Companies (Accounting Standards) Rules, 2006 shall file the statements using the Taxonomy provided in Annexure-II and companies preparing their financial statements under Companies (Indian Accounting Standards) Rules, 2015, shall file the statements using the Taxonomy provided in Annexure-II A.

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Exempted Companies

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.

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List of Documents for XBRL filling

While XBRL filling, following documents shall be attached.
1. Balance Sheet
2. Profit and Loss Statement
3. Cash Flow Statement
4. Schedules related to Balance Sheet and Profit and Loss Statement
5. Notes to Accounts
6. Statement pursuant to Section 212 of the Companies Act, 1956 relating to subsidiaries
7. Audit and Annual Report

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Penal Provision:

If the company fails to file XBRL within stipulated time frame, it shall attract penal provisions as below.

Sr no	Entity	Penalty
1	Company	1,000/- per day till default continues not exceeding Rs 10,00,000
2	Directors	Min: 1 lakhs Max: 5 lakhs Or Imprisonment of Max 6 months
3	CFO	Min: 1 lakhs Max: 5 lakhs Or Imprisonment of Max 6 months

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XBRL Working Pattern

XBRL makes the data readable, with the help of two documents:
1. Taxonomy
2. Instance Document.
Taxonomy contains description and classification of business & financial terms, while the instance document is made up of the actual facts and figures. Taxonomy and Instance document together make up the XBRL documents.

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Steps involved in XBRL to file statements with concerned ROC:

Step 1: Mapping
Step 2: Tagging
Step 3: Review, verify and validate the XBRL instance document
Step 4: Scrutiny through tool
Step 5 : Creating a XBRL docs and filling as an attachment in ROC Form