Filing of documents and forms in XBRL

Ministry of Corporate Affairs placed on its web site a DRAFT notification on 9^th September 2015 which proposed the Companies (Filing of documents and forms in Extensive Business Reporting Language) Rules, 2015.

These rules shall come into force from the date of their publication in the Official Gazette.

XBRL:

The Extensive Business Reporting Language, popularly known as XBRL is a computer readable language which help to read business reporting in and standard computer readable language which could easily be retrieve in any human understandable language. The Rule 2(d) of these rules define Extensive Business Reporting Language (XBRL) as  a standardised language for communication in electronic form to express, report or file financial information by the companies under the Act.

Taxonomy:

To express human language terms in computer readable language there is taxonomy. 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 these rules.

Taxonomy for financial statements is given in Annexure II of these Rules.

Taxonomy for cost audit report is given in Annexure III of these Rules.

Financial Statements in XBRL:

The following class of companies shall file their financial statement and other documents under section 137 of the Act, with the Registrar in  e-form AOC-4 XBRL given in Annexure – l of these rules for the financial years commencing on or after 1^st April 2014 using the XBRL taxonomy given in Annexure II, namely:

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

Exemption from these Rules:

The companies in Banking, insurance, Power Sector and Non – Banking Financial companies are exempted from XBRL filing.

Filing of cost audit report:

A company required to furnish cost audit report and other documents to the Central Government under sub-section (6) of section 148 of the Act and rules made there under, shall file such report and other documents using the XBRL taxonomy given in Annexure- III, for the financial years commencing on or after 1^st April 2014 in e- form CRA – 4 specified under the Companies (Cost Records and Audit) Rules’ 2014.