XBRL Applicability on Companies in India - Filing Criteria

XBRL Full Form

The full form of XBRL is "eXtensible Business Reporting Language".

Reference

• Section 137 of the Companies Act, 2013.

• The Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015. (in short - XBRL Rules)

• E-form AOC-4 (XBRL).

Class of companies are required to file XBRL

Following class of companies are mandatorily required to file their financial statements and other documents as mentioned in section 137 with the Registrar of Companies in e-form AOC-4 (XBRL):

• companies listed with stock exchanges in India and their Indian subsidiaries;

• companies having paid up capital of Rs. 5 crore or above;

• companies having turnover of Rs. 100 crore or above;

• all companies which are required to prepare their financial statements in accordance with the Companies (Indian Accounting Standards) Rules, 2015.

XBRL Exemption

Following types of companies are exempted from filing financial statements under XBRL rules:

• Non-banking Financial Companies (NBFCs);

• Housing Finance Companies; and

• Companies engaged in the business of banking and insurance sector.

Continued XBRL applicability in succeeding years

Question:

Will a company have to file XBRL forms in succeeding years as well even if it may not fall under the prescribed criteria of class of companies?

Answer:

Yes, that company will still have to continue to file the XBRL forms with the ROC in the succeeding years too.

Example:

XBRL rules were applicable on a company in the financial year 2020-21.

Hence, XBRL form was filed with the ROC.

But, in financial year 2021-22, the company was not falling under the criteria of specified class of companies.

The company still have to file XBRL form with ROC for the financial year 2021-22 and subsequent years as well.

Where to file e-form AOC-4(XBRL)?

• Go to MCA website i.e. mca.gov.in;
• Download the form;
• Fill up the form with details & attach the documents;
• Form has to be digitally signed by a company's authorised officer & certified by a practicing professional;
• Sign up and log in at the MCA portal;
• Upload the duly filled and signed form and pay the fees.

Filing of Cost Audit Report

• If a company is required to file a cost audit report and other documents with the Central Govt as per Section 148(6);

• it shall file such report & documents using the prescribed XBRL taxonomy in e-Form CRA-4.