XBRL is a language for the electronic communication of business and financial data which is revolutionising business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data. It is an open standard, free of licence fees, being developed by a non-profit making international consortium.
XBRL Applicability -
Vide General Circular No: 16/2012 dated 6th July 2012, Ministry of Corporate Affairs has decided that companies falling in the following categories will have to file their Balance Sheet and Profit & Loss Account under section 220 of the Companies Act, 1956 using the Extensible Business Reporting Language (XBRL) taxonomy for financial year commencing on or after 01.04.2011:-
(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 one hundred crore and above; or
(4) All companies who were required to file their financial statements for FY 2010-11, using XBRL.
NOTE banking companies, Power companies, Non Banking Financial Companies (NBFC) and Insurance companies are exempted from XBRL filing till further order.
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Audited Financial Statements
Based on the complexity of Financial Statements, the duration varies from 3 days to 2 weeks.
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