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XBRL Applicability on Companies in India
XBRL Full Form The full form of XBRL is "eXtensible Business Reporting Language". Definition of XBRL under Companies Act 2013 "Extensible Business Reporting Language" (XBRL), means a standardised language for communication in electronic form to express, report or file financial information by the companies under the Act. Introduction
XBRL is a
language for e-communication of financial & business data for business reporting. It is revolutionising step taken by many countries around the world. It offers major benefits
to all those who have to create, transmit, use or analyse such information. XBRL
has been developed by XBRL International, Inc. (XII), a not-for-profit consortium of over
600 companies and agencies which is promoting its worldwide use.
The Institute of Chartered Accountants of India
(ICAI), the standards setting body has developed taxonomy for Commercial and
Industrial companies as per the provisions of Revised Schedule VI to the
Companies Act, 1956. It has been developed as per the IFRS architecture 2011.
XBRL India is developing taxonomies for specific
industries in consultation with the respective regulators viz. Insurance, Power
Applicability "Which class of companies has to file the Financial Statements in
(1) all companies listed with any Stock Exchange(s)
in India and their Indian subsidiaries; or
(2) all companies having paid up capital of Rupees
five crore and above; or
(3) all companies having turnover of Rupees hundred crore and above; or
(4) all companies which were hitherto covered under the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2011: Provided that the companies in banking, insurance, power sector, non-banking financial companies and housing finance companies need not file financial statements under this rule.
Filing of Cost Audit Report [e-Form CRA-4] 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 and rules made thereunder, shall file such report and other documents using the XBRL taxonomy given in Annexure-III for the financial years commencing on or after 1st April, 2014 in e-Form CRA-4 specified under the Companies (Cost Records and Audit) Rules, 2014. XBRL related forms are available here: http://www.mca.gov.in/MinistryV2/companyformsdownload.html
"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 the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015. They
define the specific tags for individual items of data (such as "net
profit"). Different taxonomies will be required for different financial
reporting purposes. Different XBRL jurisdictions may have their own financial
reporting taxonomies to reflect their local accounting regulations. Many
different organisations, including regulators, specific industries or even
companies, may require taxonomies to cover their own business reporting needs.
many benefits in the field of business reporting and analysis.