Ask 4 Compliance | XBRL Filing
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XBRL FILING

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XBRL FILING

Which companies are required to file their financial statements in XBRL for Financial Year 2014-15 and onwards?

 

Vide Notification dated 9th September, 2015, Ministry of Corporate Affairs has notified “Companies (Filing of documents and forms in Extensible Business Reporting Language) Rules, 2015”. As per the same, companies falling in the following categories will have to file their Financial Statements under section 137 of the Companies Act, 2013 using the Extensible Business Reporting Language (XBRL) taxonomy for financial year commencing on or after 1st April, 2014:-

 

  • all companies listed with any Stock Exchange(s) in India and their Indian subsidiaries; or
  • all companies having paid up capital of Rs. 5 Crore and above; or,
  • all companies having turnover of Rs. 100 Crore and above; or,
  • all companies which were hitherto covered under the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2011.

 

However, companies in Banking, Insurance, Power Sector and Non-Banking Financial Companies are exempted from XBRL filing.

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  • If the subsidiary Company’s paid up capital is less than Rupees 5 Crore, then whether its financial statements are to be filed in XBRL.

Indian subsidiaries of a listed company are required to file in XBRL format, irrespective of their paid up capital or turnover.

 

  • Whether details of all subsidiaries need to be mentioned in instance document of holding company? How financial statements of subsidiaries need to be attached with the instance document of the holding company for compliance under the Companies Act, 2013?

If the holding company is mandated to file in XBRL, details of all subsidiaries (including foreign subsidiaries) need to be given as per “Notes – Subsidiary information” in the XBRL instance document of the holding company.
In case of Indian subsidiaries, their financial statements are not required to be separately attached in the e-form of the holding company. SRN details of the e-Form AOC-4 XBRL, as applicable, filed by Indian subsidiary needs to be mentioned in the instance document of the holding company. In case these e-Forms have not been filed by Indian subsidiaries, then reason of not filing also needs to be provided (For e.g: Different financial year followed by subsidiary, Extension of Financial Year or AGM taken by subsidiary, etc.)
In case of foreign subsidiaries, annual accounts need to be attached as a separate PDF document in the e-Form AOC-4 XBRL (as per Section 129) of the holding company. In the XBRL document, in the element, you may mention ‘Whether subsidiary has filed balance sheet’ as NO and reason for not filing can be mentioned as ‘Not applicable as it is a foreign subsidiary’.

 

  • Whether Gross Turnover (i.e., inclusive of duties and taxes) are to be considered for determining Rs. 100 Crores turnover threshold of companies for XBRL filing, or the Net Turnover (i.e., exclusive of duties and taxes) is to be considered?

Gross turnover (i.e. inclusive of duties and taxes) is to be considered for determining Rs. 100 crores turnover threshold for eligibility of a company for XBRL filings in FY 2014-15 onwards.

 

  • Whether we have to file the consolidated financials or the standalone financials of the Holding Company? Whether it would be suffice if the company files the consolidated financials alone in XBRL format?

Standalone financial statement of the holding company is to be filed mandatorily in XBRL. It will also contain details on information of its subsidiaries as per “Notes – Subsidiary Information”. Consolidated financials, if applicable, may also be filed with MCA as the taxonomy has elements for consolidation as well.

 

  • Is the consolidated financial statement of a listed holding company alone is required to be filed in XBRL or the subsidiaries also need to file their financials in XBRL?

The listed holding company has to file its standalone and consolidated financial statement (if applicable) in XBRL. Its Indian subsidiaries also need to file their financial statements in XBRL.

 

Our team of highly qualified professionals at Ask4compliance.com can help you in XBRL Filing of Company by completing the necessary procedures as per Companies Act, 2013.

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DOCUMENTS REQUIRED FOR XBRL FILING

  • Company’s PAN No.
  • Qualification of directors
  • Shares held by directors
  • Details of Auditor with PAN and Membership No.
  • All text document in word format: (Auditor report, Director Report &Significant Accounting Policies with their Annexxures)
  • All tables in Excel Format: (Balance sheet, Profit & Loss A/C & Schedules)
  • Details of Principal Products and Services along with ITC Code & Turnover.
  • Hard copy of Audited Annual Report of the Company
  • Shareholding Pattern in percentage
  • SRN of Form23B related to Auditor
  • PAN No. of Directors
  • Complete details of Joint Venture, if any
  • Details of Subsidiaries, if any
  • Board report date of previous year in which annual accounts were approved.
  • SRN of Form 66 (current year), if applicable
  • Directors Remuneration, if any

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