XBRL stands for eXtensible Business Reporting Language, a language for the electronic communication of business and financial data that has revolutionized business reporting around the world. XBRL major benefits include ease in preparation, analysis and communication of business information by the corporates. XBRL offers cost savings, greater efficiency, improved accuracy as well as reliability to all those involved in supplying or using financial data.
The Ministry of Corporate Affairs (MCA) implemented filing requirements of XBRL for various classes of companies to file their financial statements for the year ended 2010-11 or thereafter, in XBRL Filing format.
Applicability of Filing Of Financial Statements in XBRL Mode:
Under section 137 of the Companies Act, 2013 using the eXtensible Business Reporting Language (XBRL) taxonomy for financial year commencing on 1st April, 2014 is mandatory for:
- All companies listed with any Stock Exchange(s) in India and their Indian subsidiaries For XBRL, or
- All companies having paid up capital of Rupees five crore and above For XBRL, or
- All companies having turnover of Rupees one hundred crores and above For XBRL, or
- All companies which were covered under the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules For XBRL, 2011