September 22, 2015 8:30 am
Ministry of Corporate Affairs placed on its web site a DRAFT notification on 9th 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 1st April 2014 using the XBRL taxonomy given in Annexure II, namely:
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 1st April 2014 in e- form CRA – 4 specified under the Companies (Cost Records and Audit) Rules’ 2014.
Please note: I welcome your comments and feedback. This blog post is a knowledge sharing imitative only not a solicitation of professional work or a professional advice.
Posted by Aishwarya Mohan Gahrana
Categories: Chapter IX - CA2013, Companies Act 2013, CorpGov, Governance and Responsibility
Tags: Extensive Business Reporting Language, India, MCA, Ministry of corporate affairs, Registrar of Companies, The Companies (Filing of documents and forms in Extensive Business Reporting Language) Rules 2015, The Companies Act 2013, XBRL
Mobile Site | Full Site
Get a free blog at WordPress.com Theme: WordPress Mobile Edition by Alex King.
Can we say that Rule 3(iv) of the new notified rules (point no. 4 above) means that those companies which have been doing their annual filings in XBRL from FY 2010-11 shall continue to do so even if they do no longer satisfy any of the 3 conditions (listed in stock exchange / Indian subsidiary; paid up capital >= INR 5 cr; or turnover >= INR 100 cr). Please confirm.
LikeLike
By Shaurya Nijhawan on October 1, 2015 at 12:26 pm
Yes.
LikeLike
By Aishwarya Mohan Gahrana on October 1, 2015 at 8:38 pm
[…] MCA recently introduced the Companies (Filing of Documents and forms in XBRL) Rules 2015 dated 9th September 2015 for which I have yet to locate published copy in the Official Gazette. These rules shall come into force from the date of publication in Official Gazette. These rules have already discussed earlier here. […]
LikeLike
By AOC – 4 XBRL (v. 1st October2015) | AishMGhrana on October 16, 2015 at 8:30 am
[…] Filing of documents and forms in XBRL September 22, 2015 […]
LikeLike
By Index of Companies Law Posts | AishMGhrana on July 29, 2016 at 8:24 pm