XBRL Filing

XBRL full form

The XBRL acronym stands for “eXtensible Business Reporting Language.”his means that not only does it allow you make sure your numbers add up correctly but also makes things easier during tax season because there won’t ever again be any argument over what was done with those profits…

What is XBRL and How does it work ?

XBRL is a language for e-communication of financial and business data to report on the company’s finances. It can be used by both companies or individuals who need their information reported in this standardized format, which will present all transactions accordingly so they don’t have any discrepancies when doing taxes at year-end time.

 XBRL makes the data readable, with two documents that make it easier for users to understand information about transactions and financial statements.

The first is called taxonomy; this document categorizes all types of revenue or expenses into groups like “Payables” which may include Services Revenue from Contractor A OR B as well as Liability Assets Were incurred during 2015 quarter 1 (Loan). Instances are specific examples of how these terms map onto each other within an account – sometimes they might involve double counting but when there isn’t any possible way around accounting rules then you must use instance documents, were it presents an individual transaction or event as judged by their attributes in that classifications.

XBRL applicability

Non-banking financial companies must file their statements and other documents under section 137 of the Companies Act, 2013 with the Registrar in E -form AOC 4 XBRL

 All Indian companies, their subsidiaries and parent organizations listed in the stock exchange.

All profitable businesses with a turnover of 100 crores or more that are required to file annual reports according to new regulations implemented last year by India’s Accounting Standards (Companies) Rules 2015.”

 The following classes are required to submit regular updates: Financial enterprises not prescribed by law; Insurance Businesses registered more than six months ago but less than two years old. Institutions are governed mainly through charters or acts passed by the legislature (e.g., banks). Subclass 346(j) applicable only for Non-Listed Private Equity Funds/Secondary Offerings Listing Requirements apply.

 Further, the companies which have filed their financial statements in XBRL under section 137 shall continue to file all documents with the SEC, including those that pertain only a particular company.

The Documents Required for XBRL are:
  • Balance Sheet
  • Profit and Loss Statement
  • Cash Flow Statement
  • Schedules related to Balance Sheet and Profit and Loss Statement
  • Notes to Accounts
  • Statement pursuant to Section 212 of the Companies Act, 1956 relating to subsidiaries
  • Audit and Annual Report
There are some benefits provided by XBRL
  • Improved reporting
  • Automated data collection
  • Accurate and Reliable
  • cost-efficient
  • Save a lot of time
  • Process is analytical
  • Data is handled in a proficient way
  • Quality Distention making

XBRL is a way to make financial data more accessible, and it can help save you time in your business.XBRL enforces universal standards for all aspects of public company reporting so both producers (those who generate reports) and consumers (individuals or groups looking at these reports) will have better clarity about what they’re reading when working with information from different sources.

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