XBRL Filing

Introduction

An abbreviation of Extensible Business Reporting Language, XBRL is a language used for e-communication of business & financial data, which has revolutionized business reporting around the world. From preparation to evaluation to the communication of business data, the language has transformed and eased the entire spectrum of sharing business information. Moreover, it offers cost-efficiency, greater productivity and improved accuracy & reliability to all those who are mandatorily required to submit the financial data or who are involved in using business data. In numerous countries, XBRL has already been used adopted with gaining popularity at high-pace in rest of the countries as well. In India, the Ministry of Corporate Affairs introduced the concept of filing the financial information in Form AOC 4 in XBRL format.

It is a company’s accountability to mandatorily share its financial status and data with the stakeholders through Financial Statements, Board’s report, Auditor’s report, Disclosures, etc. These financial statements, which have to be submitted through XBRL filing in Form AOC 4, are the key & effective medium of communication between the Board of Directors and the shareholders. For every financial year, the company has to submit Form AOC 4 for the XBRL filing of its financial statements with the Registrar of Companies (ROC), however, for the consolidated financial statements, the AOC 4 CFS is to be used by the company.

There are certain companies which need to mandatorily adopt the XBRL filing for submission of their balance sheet and P&L account from 2010-11 onwards.

Companies Eligible for XBRL Filing

Companies Exempted From XBRL Filing

However, the companies which have filed their financial statements in XBRL under section 137 shall continue with XBRL filing of their financial statements and other data, though they may discontinue being enlisted under the class of companies mentioned above.

Provision for XBRL Filing

According to the Companies Act 2013, the provisions for XBRL filing with the ROC are as follows:

Position of the Company Filing of financial statement with the Registrar
Financial statements approved at the AGM along with the documents affixed to the financial statements and consolidated financial statements. Within 30 days of the AGM along with fees/additional fees as prescribed u/s 403   Note: 180 days from the completion of the FY is the time in case of OPC.
When an adjourned meeting is conducted Within 30 days of the adjourned AGM along with prescribed fees/additional fees.
When the financial statements are not adopted Within 30 days of the AGM.   Note: The financial statements and the documents will be treated provisional till the date when the adopted financial statements are submitted.
When AGM is not conducted Within 30 days from the date when the AGM should have been conducted along with specified fees/additional fees.   Note: The financial statements alongside the documents and the reasons for not conducting the AGM have to be submitted.

Form AOC 4 must be filed by 30th October of the concerned Assessment year for Financial Year ended, as the date counts 30 days from the last day when the AGM must be conducted under normal circumstances i.e. 30th September.

Documents required for XBRL Filing

Documents that need to be filed in XBRL Format are as follows:

Certification for XBRL Filing

The CFO/CEO/Director/ Secretary/Manager/ CEO needs to provide a certification that all information submitted via XBRL Filing in Form AOC 4 is accurate and in conformity with the law. The certification must be digitally signed along with the Director’s DIN or Manager/CEO/CFO’s PAN. Besides, a declaration from a full time practicing Cost Accountant/ Chartered Accountant/ Company Secretary stating all the attached documents are thoroughly verified and all the information is true and complete, is also needed. The declaration by the practicing professional must be accompanied by his/her membership no. and the status viz. fellow or associate.

Fees for XBRL Filing

The fees for XBRL Filing as per the share capital are as follows:

Nominal Share Capital Fee
Below INR 1,00,000 INR 200/document
INR 1,00,000 - 4,99,999 INR 300/document
INR 5,00,000 - 24,99,999 INR 400/document
INR 25,00,000 - 99,99,999 INR 500/document
INR 1,00,00,000 or above INR 600/document

Note: Fee for the companies which do not have any share capital is INR 200/document.

Due Dates for XBRL Filing for FY 2020-21

E-form Use of the form Due Date to e-file Due date for FY 2020-21
Form AOC-4 (XBRL) XBRL Filing of Annual Accounts 30 days from the completion of the AGM 29/10/2021
Form AOC-4 (XBRL) for IND AS based Financial Statement XBRL Filing of Annual Accounts as per Indian Accounting Standard 30 days from the completion of the AGM 29/10/2021
Form CRA-4 XBRL Filing of Cost Audit Report 30 days from the date when Cost Audit Report was received 30 days from the date when Cost Audit Report was received
Form AOC-4 (NBFC) IND and Form AOC-4 CFS (NBFC) IND XBRL Filing of Annual Accounts as per Indian Accounting Standard for NBFCs (Non-Banking financial institutions) 30 days from the completion of the AGM 29/10/2021