Extensible Business Reporting Language (XBRL) is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world. It is a manner of submission of financial statement with the authorities. All Companies incorporated in India are required to file their financial statements with the ROC or other authorities, these filings are done by submitting details and copy of balance sheet and profit and loss statement. Such filing can also be completed through XBRL mode whereby financial details of Company are submitted in more exhaustive form with the regulators.

1. XBRL Filing
-Standard way of recording Financial Information-

2. Introduction
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Extensible Business Reporting Language (XBRL) is a language for the electronic
communication of business and financial data which is revolutionizing business
reporting around the world. It is a manner of submission of financial statement with the
authorities.
All Companies incorporated in India are required to file their financial statements with
the ROC or other authorities, these filings are done by submitting details and copy of
balance sheet and profit and loss statement. Such filing can also be completed through
XBRL mode whereby financial details of Company are submitted in more exhaustive
form with the regulators.
As of now four majors regulatory authorities has adopted XBRL as a manner of
reporting are:
▹ Reserve Bank of India (RBI)
▹ Ministry of Corporate Affairs (MCA)
▹ Securities & Exchange Board of India (SEBI)
▹ Insurance Regulatory and Development Authority (IRDA)

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Advantages
Offer detailed analysis on financial reporting companies.
XBRL filing provides more accuracy and reliability.
It can be adjusted to meet customised business requirement at individual
organisational level.
Save cost and improve efficiency in handling business and financial Information.
It offers comparability and transparency.
XBRL benefits comparability by helping to identify data which is genuinely alike and
distinguishing information which is not comparable.

4. 4
Who developed XBRL
▹ As per Ministry of corporate affairs (MCA), circular 09/11 of dated March 31, 2011,
Ministry has stated in its FAQ that XBRL is an open, royalty free software
specification developed through a process of collaboration between
accountants and technologists from all over the world.
▹ XBRL is and will remain an open specification based on XML that is being
incorporated into many accounting and analytical software tools and
applications.

5. 5
Who developed XBRL
▹ With an aim to enhance Ministry ‘s capability in policy formulation and regulatory
function for overall benefit of corporate, investors and regulators, MCA has
introduced XBRL in phase wise manner from financial year 2011-12 onwards.
Training programme, seminars were organised by MCA in association with
professional institutes to make corporate aware of filing manner in XBRL.
▹ Section 137 of Companies Act, 2013 and the Companies (Filing of Documents and
Forms in XBRL) Rules, 2015 states the provision for applicability and manner of
filing XBRL by Companies.

6. 6
Applicability
As per Rule 3 of Companies (Filing of Documents and Forms in XBRL) Rules, 2015,
below given Companies are required to file their financial statement in XBRL mode:
Companies Listed with
stock exchanges in India
and their Indian
subsidiaries
Companies having Paid
up Capital>= Rs. 5 crore
Companies who have
adopted Companies
(Indian Accounting
Standards) Rules, 2015
Companies having
Turnover>= Rs. 100 crore

7. 7
Key Notes for XBRL Filing
1. As per rule 1 of Companies (Filing of Documents and Forms in XBRL) Rules, 2015,
Companies which are required to prepare their financial statements as per IND AS
they are required to take care of below given:
▹Companies preparing their financial statements under the Companies
(Accounting Standards) Rules, 2006: File the statements using the Taxonomy
provided in Annexure-II of Companies (Filing of Documents and Forms in XBRL)
Rules, 2015
▹Companies preparing their financial statements under Companies (Indian
Accounting Standards) Rules, 2015: File the statements using the Taxonomy
provided in Annexure-IIA of Companies (Filing of Documents and Forms in
XBRL) Rules, 2015
“Taxonomy” means in XBRL, an electronic dictionary for reporting the business data as
approved by the Central Government in respect of any documents or forms indicated in
these rules.
2. As per rule 2 of Companies (Filing of Documents and Forms in XBRL) Rules, 2015,
Companies which have filed their financial statements in XBRL mode once are
required to file XBRL every year even if they do not fall into given categories.

8. 8
Companies from filing XBRL
As per proviso of rule 1 of Companies (Filing of Documents and Forms in XBRL) Rules,
2015, below given companies are exempted to file their financial statement in XBRL
mode:
▹ Non-banking financial companies,
▹ Housing finance companies and
▹ Companies engaged in the business of Banking and Insurance sector.

9. 9
Cost Audit and XBRL
As per rule 4 of Companies (Filing of Documents and Forms in XBRL) Rules, 2015,
Companies which are required to file Cost Audit report under section 148 of the Act, are
required to file such report through XBRL in taxonomy given in Annexure III of the
Companies (Filing of Documents and Forms in XBRL) Rules, 2015 in e-Form CRA-4
specified under the Companies (Cost Records and Audit) Rules, 2014.

10. 10
Creating Statement in XBRL
As per MCA FAQ, there are a number of ways to create financial statements in XBRL:
▹ XBRL-aware accounting software products are becoming available which will
support the export of data in XBRL form. These tools allow users to map charts
of accounts and other structures to XBRL tags.
▹ Statements can be mapped into XBRL using XBRL software tools designed for
this purpose
▹ Data from accounting databases can be extracted in XBRL format. It is not
strictly necessary for an accounting software vendor to use XBRL;
▹ Third party products can achieve the transformation of the data to XBRL.
▹ Applications can transform data in particular formats into XBRL. The route
which an individual company may take will depend on its requirements and the
accounting software and systems it currently uses, among other factors.

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XBRL Forms to be filed
AOC 4 XBRL Form for filing XBRL document in respect of financial statement and
other documents with the Registrar
Form I XBRL Form for filing XBRL document in respect of cost audit report and
other documents with the Central Government
Form A XBRL Form for filing XBRL document in respect of compliance report and
other documents with the Central Government

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