XBRL (Extensible Markup Language) is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world.
It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency, and improved accuracy and reliability to all those involved in supplying or using financial data.
It was developed specifically to communicate information between businesses and other users of financial information, such as analysts, investors and regulators via the internet.
XBRL provides a common, electronic platform for business reporting.
Legal Requirement
Following class of companies shall file their Financial Statement and other documents with the ROC u/s 137, in e-form AOC-4 XBRL, by using XBRL taxonomy:
- All companies listed in India and their Indian Subsidiaries;
- All companies having paid-up capital of Rs. 5 Crores and above;
- All companies having a turnover of Rs. 100 Crores and above, and
- All companies which are required to prepare the Financial Statements in accordance with Companies (Indian Accounting Standard) Rules, 2015.
However, Banking Companies, Insurance Companies, NBFCs and Housing Finance Companies are not required to file their Financial Statement and other documents by using XBRL taxonomy.
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