XBRL is a reporting language for electronic communication of financial and numerical data for business reporting. It is a standardized communication language in electronic form to express, report or file financial statements by Companies. However, XBRL is only a method of presentation or reporting. It does not attempt to make any changes in the content to be reported.
Below mentioned class of companies shall file their financial statements and other documents under section 137 of the Companies Act, 2013 with the Registrar in XBRL:
• All public companies listed in the stock exchange in India and their Indian subsidiaries.
• All companies with a turnover of Rs 100 crores or more.
• All companies with a paid up capital of Rs 5 crores or more.
• All the companies which are required to prepare their financial statements in accordance with the Companies ( Indian Accounting standards) rules, 2015.
Other Authorized Signatories .Credentials required with Application Form
However, Non-banking financial companies, Housing finance companies and Companies engaged in the business of Banking and Insurance sector are exempted from filing of financial statements under these rules.
Moreover the companies which have filed their financial statements in XBRL under section 137 shall continue to file their financial statements and other documents in XBRL only, though they may cease to fall under the class of companies specified above.
XBRL makes the data readable, with the help of two documents-
Taxonomy defines the elements and their relationships based on the regulatory requirements. Using the taxonomy prescribed by the regulators, companies need to map their reports, and generate a valid XBRL instance document. The process of mapping means matching the concepts as reported by the company to the corresponding element in the taxonomy. In addition to assigning XBRL tag from taxonomy, information like unit of measurement, period of data, scale of reporting etc. needs to be included in the instance document.
Profit and Loss Statement
Cash Flow Statement