XBRL Filing of Company

Introduction

XBRL Filing with Precision - CorpIQ Delivers Expert Compliance

In today's regulatory environment, XBRL (eXtensible Business Reporting Language) filing is more than a compliance requirement; it's a strategic advantage for timely and accurate financial reporting. CorpIQ stands at the forefront of XBRL filing services, offering a streamlined, expert-driven process that ensures your company's financial statements are presented with clarity and precision, conforming to the latest standards mandated by regulatory authorities.

CorpIQ's XBRL FILING SERVICES OFFER

- Expert XBRL Tagging: Our team is proficient in selecting the appropriate taxonomy tags from the complex XBRL schema, ensuring that every financial element is accurately represented for stakeholders and regulatory bodies.

- Seamless Conversion Process: CorpIQ utilizes cutting-edge technology and software to convert your financial statements into XBRL format, adhering to the MCA's (Ministry of Corporate Affairs) filing requirements.

- Validation and Pre-filing Test: We conduct thorough validations and pre-filing tests to ensure that the XBRL documents are error-free and fully compliant with the MCA validation tool.

- End-to-End Filing Assistance: From the initial mapping of financial statements to the final submission on the MCA portal, CorpIQ provides comprehensive support throughout the entire XBRL filing process.

- Compliance Consultancy: Our experts keep abreast of the latest developments in XBRL reporting standards, offering you advice on how to remain compliant with evolving regulations.

- Training and Support: CorpIQ offers training sessions and ongoing support to your in-house team to build proficiency in XBRL filings for future reporting cycles.

With CorpIQ, you are assured of an XBRL filing process that is meticulous, compliant, and tailored to meet the specific reporting needs of your company. Embrace transparency and efficiency in financial reporting with our expert XBRL filing services.

LEGAL SIDE OF XBRL FILING

For business reporting, XBRL is a standardized communication language used to express, report, or file financial statements by companies electronically. It is a language for e-communication of financial and business data.

According to section 137 of the Companies Act, 2013, the following types of companies are required to file their financial statements and other documents with the Registrar in E-form AOC-4 XBRL:

• Indian public companies and their subsidiaries listed on the Indian stock exchange.
• All companies with turnover of Rs 100 crores or more.
• All companies with a paid-up capital of Rs 5 crores or more.
• In accordance with the Companies (Indian Accounting Standards) rules, 2015, all companies that are required to prepare financial statements.

 

Under these rules, non-banking financial companies, housing finance companies, and companies engaged in the banking and insurance sector are exempt from filing financial statements.

As well, companies which have filed their financial statements in XBRL under section 137 will continue to file their financial statements and other documents in XBRL only, even if they no longer fall within the class of companies listed above.

FEATURES

• It is important to note, that XBRL is just a method of reporting or presenting data.
• A report by this tool does not attempt to make any changes to the content to be reported.
• XBRL stands for “EXTENSIBLE BUSINESS REPORTING LANGUAGE”.
• In XBRL, two documents are used to make the data readable: a Taxonomy document and an Instance document.
• As a result of the widespread use of XBRL, producers and consumers of financial data are able to reduce labor costs by doing away with manual processes that usually entail time-consuming comparisons, assembly, and reentry.

 

XBRL - HOW DOES IT WORK

Taxonomy defines the elements and their relationships based on the regulatory requirements. A valid XBRL instance document is generated by mapping the company's reports against the taxonomy prescribed by the regulators. The process of mapping involves matching the concepts reported by the company to the corresponding elements in the taxonomy.

In addition to assigning an XBRL tag from taxonomy, instance documents also need to include information such as unit of measurement, period of data, and scale of reporting.

DOCUMENTS REQUIRED

In XBRL format, you must submit the following documents:

• Balance Sheet
• Profit and Loss Statement
• Cash Flow Statement
• Schedules related to Balance Sheet and Profit and Loss Statement
• Notes to Accounts
• Audit Report
• Annual Report
• Form ADT-1 with Challan
• A list of shareholders along with their PAN cards
• The company's PAN card
• MGT-7 and AOC-4 forms from last year

 

PROCEDURE

• Obtain the XBRL tool from a trusted vendor.
• In the tool, you can build master data for the firm, directors, and auditors.
• Include all financials, notes, schedules, audit reports, directors reports, and annual reports in the XBRL format.
• From the MCA, download the validation tool and select the taxonomy to be validated.
• Documents can be uploaded on the validation tool, mapped and validated.
• Using the validation tool, pre-scrutinize the documents once they have been validated or mapped.
• The pre-scrutinized instance document should be attached to the Form AOC-4 XBRL and provided to the registrar within 30 days of the AGM.

 

EXTENSIVE BUSINESS REPORTING LANGUAGE (XBRL) BENEFITS

The following are some of the benefits of using XBRL for business reporting and analysis:

• The reporting process has been improved.
• Collecting data in an automated manner.
• Ensures accuracy and reliability.
• Efficacious and affordable.
• An efficient method for saving time.
• Methodology for analyzing data.
• Handling data in a safe manner.

Improves decision-making.