XBRL Filing of Companies: Know Applicability, Exemption and List of XBRL Softwares

XBRL Filing of Companies: Know Applicability, Exemption and List of XBRL Softwares. "Ministry of Corporate Affairs (MCA) has introduced filing of Financial Statements of the companies in XBRL mode. MCA has implemented this XBRL filing of Financial Statements from 2010-11 onwards for all companies who are falling under the criteria as prescribed in the Companies Act, 2013. This will lead more transparency in the data, improvement in the quality of statements and comparability."
What is XBRL?
XBRL is extensible language of XML (Extensible Markup Language), the universally preferred language for communicating information through Internet. It was developed for easy communication between businesses and other stakeholders who uses this information for analysis and research. It is a common, electronic format for business reporting. It is world-wide acceptable reporting language which can be used by different stakeholders as per their requirement. 
Applicability of XBRL filing with Registrar:
These underneath class of companies shall file their financial statements and other documents with Registrar as prescribed under Section 137 of the Companies Act, 2013 read with Companies (Filing of Documents and Forms in XBRL) Rules, 2015 in E-Form AOC-4 XBRL:
Furthermore, the companies which have filed their financial statements under the erstwhile rules, i.e. Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2011, shall continue to file their financial statements and other documents as prescribed in XBRL mode only, though they are desist under the class of companies specified therein.
Exemption:
However, there are classes of companies which are exempted from filing of filing of documents as per Companies (Filing of Documents and Forms in XBRL) Rules, 2015. They are as follows:

Non-Banking Finance Companies (NBFCs)

Housing Finance Companies (HFCs)

Companies involved in the business of Banking and Insurance sector

When are we required to file XBRL?
In accordance with the Companies Act, 2013, the following provisions are applicable for filing of financial statements and other documents with the Registrar:

Position of the Company

Filing of financials with the Registrar

Financial statements duly adopted at the Annual General Meeting including consolidated financials and other documents which are associated with the financial statements of the company

Companies shall file their financial statements within 30 days of the Annual General Meeting along with such fees as prescribed under the rules

In case of an Adjourned Annual General Meeting

Within 30 days of such adjourned Annual General Meeting along with such fees as prescribed under the rules

In case of Un-adoption of financial statements in the Annual General Meeting

Within 30 days of Annual General Meeting (It will be considered as provisional till the financials filed with the Registrar)

If Annual General Meeting is not held for any year

Within 30 days from the last date before which the Annual General Meeting should have been held along with such fees as prescribed under the rules

Note:
It is to be noted that company shall file its financial statements along with the accounts of its subsidiary or subsidiaries which have been incorporated outside India and which have not established their place of business in India.
Applicability and filing of Cost Audit Report in XBRL mode:
A company required to furnish cost audit report and other documents to the Central Government under sub-section (6) of section 148 of the Companies Act, 2013 read with Companies (Cost Records and Audit) Rules, 2014. It shall file such report and other documents using the XBRL taxonomy given in Annexure - III for the financial years commencing on or after 01 April, 2014 in E-Form CRA-4 specified under the rules.
List of Documents required to process XBRL: 
In accordance with Ministry of Corporate Affairs Taxonomy, a complete set of Annual Report is required to be filed in XBRL format. A separate instance documents are required to be prepared for standalone and consolidated reports. Following components of Annual Report is required for XBRL filing:

Balance Sheet

Profit and Loss Account

Cash Flow Statement (whether Direct or Indirect)

Notes to Financial Statements (including Schedules)

Accounting Policies

Statement of Changes in Equity

Independent Auditors’ Report along with annexures

Board’s Report and its’ related annexures

List of XBRL Software Vendors:
For the benefit and awareness of stakeholders, Ministry of Corporate Affairs has issued a list of XBRL software vendors available in the market; who are providing their software to stakeholders. This list of software vendors is not exhaustive in nature. Companies can pick the software as per their requirement for filing purpose.
The list of software vendors are as follows:

Adept Infoways Private Limited

Alphabricks Technologies Private Limited

AriveGuru Technology Solutions Pvt. Ltd.

BEYONDSQUARE Solutions Pvt. Ltd.

CCH Prosystem India Pvt. Ltd

Chartered Information Systems Private Limited

C-MOTS Internet Technologies Pvt. Ltd.

DataTracks India

Ez-XBRL Solutions Pvt. Ltd

Innodata India Pvt. Ltd.

KDK Softwares (I) Ltd

IRIS Business Services Limited

Kerberos System Control Pvt. Ltd

MAIA Intelligence Pvt. Ltd

MICROVISTA TECHNOLOGIES

Pagaria Consultancy Services Limited

Professional Softec Pvt. Ltd

Relyon Softech Ltd

Rhapsody Accounting and Advisory Services Private Limited

SAG Infotech private Limited

Sensys Technologies Pvt. Ltd

Shriram Value Services Pvt. Ltd

Skorydov Systems Private Limited

SOFTPARK 21 INDIA

TAXMANN ALLIED SERVICES PRIVATE LIMITED

Webtel Electro soft Pvt. Ltd

Procedure for filing of Financial Statements in XBRL mode:
The process for formation and filing of financial statements in XBRL mode with Registrar is as follows:

Formation of XBRL instance

Download XBRL validation tool from the MCA portal

Use that tool for instance document validation

Do pre-scrutiny of validated instance document through the tool

Attach the instance to the E-Form AOC-4 XBRL

Submit the E-Form AOC-4 XBRL on the MCA portal

Features of XBRL filing:
There are varied features which have been addressed by stakeholders during XBRL filing. They are as follows:

There is seamless integration of data with MCA portal.

Fetching updated information of all companies became comfortable.

Quick upload or editing of data by importing excel template.

Preparation and filing of returns become no more cumbersome.

Since data is interlinked searching of data from any page or box become user-friendly.

There is a step-by-step guidance for preparation and filing of Financial Statement.

Getting speedy access to the records of client pertaining to several years.

Companies can get auto populated financial data and business records of their different divisions.

Benefits of XBRL Filing:
It offers foremost benefits at all stages of business reporting and analysis. There are numerous benefits which are comprehended in cost saving, automation, faster, more reliable, improved analysis and in better quality of information and decision-making. It is important to note that all types of organizations can use XBRL to save their cost and improve efficiency in handling business and financial information. It is an extensible and flexible model; which can be adapted at a wide variety of requirements.
Penalty for non-filing of Financial Statements:
Penalty to Company:
If a company fails to file its’ financial statements before the expiry of period (i.e. 30 days) with the Registrar, then company shall be liable to a penalty of Ten Thousand Rupees and in case of continuing failure, a further penalty of One Hundred Rupees for each day will be charged subject to a maximum of Two Lakh Rupees.
AND
Penalty to Directors:
The Managing Director and Chief Financial Officer of the company, if any, and, in the absence of the Managing Director and the Chief Financial Officer, any other director who is charged by the Board with the responsibility of complying with the provisions of this section, and, in the absence of any such director, all the directors of the company, shall be liable to a penalty of Ten Thousand Rupees and in case of continuing failure, further penalty of One Hundred Rupees for each day, subject to a maximum of Fifty Thousand Rupees.
How Compliance Calendar can help?
In case of any queries or doubts or for any assistance in XBRL Filing, you can connect with us from our website i.e. www.compliancecalendar.in or you can ask your any queries related to this or for any other matter or for any assistance by simply dropping mail at info@ccoffice.in. You can avail our other services related compliance or other matters like registration under various laws etc. We will be delighted to serve you in this process. WhatsApp/Call at 9988424211

"Ministry of Corporate Affairs (MCA) has introduced filing of Financial Statements of the companies in XBRL mode. MCA has implemented this XBRL filing of Financial Statements from 2010-11 onwards for all companies who are falling under the criteria as prescribed in the Companies Act, 2013. This will lead more transparency in the data, improvement in the quality of statements and comparability."

What is XBRL?

XBRL is extensible language of XML (Extensible Markup Language), the universally preferred language for communicating information through Internet. It was developed for easy communication between businesses and other stakeholders who uses this information for analysis and research. It is a common, electronic format for business reporting. It is world-wide acceptable reporting language which can be used by different stakeholders as per their requirement.

Applicability of XBRL filing with Registrar:

These underneath class of companies shall file their financial statements and other documents with Registrar as prescribed under Section 137 of the Companies Act, 2013 read with Companies (Filing of Documents and Forms in XBRL) Rules, 2015 in E-Form AOC-4 XBRL:

Furthermore, the companies which have filed their financial statements under the erstwhile rules, i.e. Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2011, shall continue to file their financial statements and other documents as prescribed in XBRL mode only, though they are desist under the class of companies specified therein.

Exemption:

However, there are classes of companies which are exempted from filing of filing of documents as per Companies (Filing of Documents and Forms in XBRL) Rules, 2015. They are as follows:

Non-Banking Finance Companies (NBFCs)
Housing Finance Companies (HFCs)
Companies involved in the business of Banking and Insurance sector

When are we required to file XBRL?

In accordance with the Companies Act, 2013, the following provisions are applicable for filing of financial statements and other documents with the Registrar:

Position of the Company	Filing of financials with the Registrar
Financial statements duly adopted at the Annual General Meeting including consolidated financials and other documents which are associated with the financial statements of the company	Companies shall file their financial statements within 30 days of the Annual General Meeting along with such fees as prescribed under the rules
In case of an Adjourned Annual General Meeting	Within 30 days of such adjourned Annual General Meeting along with such fees as prescribed under the rules
In case of Un-adoption of financial statements in the Annual General Meeting	Within 30 days of Annual General Meeting (It will be considered as provisional till the financials filed with the Registrar)
If Annual General Meeting is not held for any year	Within 30 days from the last date before which the Annual General Meeting should have been held along with such fees as prescribed under the rules

Note:

It is to be noted that company shall file its financial statements along with the accounts of its subsidiary or subsidiaries which have been incorporated outside India and which have not established their place of business in India.

Applicability and filing of Cost Audit Report in XBRL mode:

A company required to furnish cost audit report and other documents to the Central Government under sub-section (6) of section 148 of the Companies Act, 2013 read with Companies (Cost Records and Audit) Rules, 2014. It shall file such report and other documents using the XBRL taxonomy given in Annexure - III for the financial years commencing on or after 01 April, 2014 in E-Form CRA-4 specified under the rules.

List of Documents required to process XBRL:

In accordance with Ministry of Corporate Affairs Taxonomy, a complete set of Annual Report is required to be filed in XBRL format. A separate instance documents are required to be prepared for standalone and consolidated reports. Following components of Annual Report is required for XBRL filing:

Balance Sheet
Profit and Loss Account
Cash Flow Statement (whether Direct or Indirect)
Notes to Financial Statements (including Schedules)
Accounting Policies
Statement of Changes in Equity
Independent Auditors’ Report along with annexures
Board’s Report and its’ related annexures

List of XBRL Software Vendors:

For the benefit and awareness of stakeholders, Ministry of Corporate Affairs has issued a list of XBRL software vendors available in the market; who are providing their software to stakeholders. This list of software vendors is not exhaustive in nature. Companies can pick the software as per their requirement for filing purpose.

The list of software vendors are as follows:

Adept Infoways Private Limited
Alphabricks Technologies Private Limited
AriveGuru Technology Solutions Pvt. Ltd.
BEYONDSQUARE Solutions Pvt. Ltd.
CCH Prosystem India Pvt. Ltd
Chartered Information Systems Private Limited
C-MOTS Internet Technologies Pvt. Ltd.
DataTracks India
Ez-XBRL Solutions Pvt. Ltd
Innodata India Pvt. Ltd.
KDK Softwares (I) Ltd
IRIS Business Services Limited
Kerberos System Control Pvt. Ltd
MAIA Intelligence Pvt. Ltd
MICROVISTA TECHNOLOGIES
Pagaria Consultancy Services Limited
Professional Softec Pvt. Ltd
Relyon Softech Ltd
Rhapsody Accounting and Advisory Services Private Limited
SAG Infotech private Limited
Sensys Technologies Pvt. Ltd
Shriram Value Services Pvt. Ltd
Skorydov Systems Private Limited
SOFTPARK 21 INDIA
TAXMANN ALLIED SERVICES PRIVATE LIMITED
Webtel Electro soft Pvt. Ltd

Procedure for filing of Financial Statements in XBRL mode:

The process for formation and filing of financial statements in XBRL mode with Registrar is as follows:

Formation of XBRL instance
Download XBRL validation tool from the MCA portal
Use that tool for instance document validation
Do pre-scrutiny of validated instance document through the tool
Attach the instance to the E-Form AOC-4 XBRL
Submit the E-Form AOC-4 XBRL on the MCA portal

Features of XBRL filing:

There are varied features which have been addressed by stakeholders during XBRL filing. They are as follows:

There is seamless integration of data with MCA portal.
Fetching updated information of all companies became comfortable.
Quick upload or editing of data by importing excel template.
Preparation and filing of returns become no more cumbersome.
Since data is interlinked searching of data from any page or box become user-friendly.
There is a step-by-step guidance for preparation and filing of Financial Statement.
Getting speedy access to the records of client pertaining to several years.
Companies can get auto populated financial data and business records of their different divisions.

Benefits of XBRL Filing:

It offers foremost benefits at all stages of business reporting and analysis. There are numerous benefits which are comprehended in cost saving, automation, faster, more reliable, improved analysis and in better quality of information and decision-making. It is important to note that all types of organizations can use XBRL to save their cost and improve efficiency in handling business and financial information. It is an extensible and flexible model; which can be adapted at a wide variety of requirements.

Penalty for non-filing of Financial Statements:

Penalty to Company:

If a company fails to file its’ financial statements before the expiry of period (i.e. 30 days) with the Registrar, then company shall be liable to a penalty of Ten Thousand Rupees and in case of continuing failure, a further penalty of One Hundred Rupees for each day will be charged subject to a maximum of Two Lakh Rupees.

AND

Penalty to Directors:

The Managing Director and Chief Financial Officer of the company, if any, and, in the absence of the Managing Director and the Chief Financial Officer, any other director who is charged by the Board with the responsibility of complying with the provisions of this section, and, in the absence of any such director, all the directors of the company, shall be liable to a penalty of Ten Thousand Rupees and in case of continuing failure, further penalty of One Hundred Rupees for each day, subject to a maximum of Fifty Thousand Rupees.

How Compliance Calendar can help?

In case of any queries or doubts or for any assistance in XBRL Filing, you can connect with us from our website i.e. www.compliancecalendar.in or you can ask your any queries related to this or for any other matter or for any assistance by simply dropping mail at info@ccoffice.in. You can avail our other services related compliance or other matters like registration under various laws etc. We will be delighted to serve you in this process. WhatsApp/Call at 9988424211