Xbrl Conversion MCA Filing

XBRL is a language used worldwide for electronically communicating financial and business data, facilitating business reporting. XBRL, short for eXtensible Business Reporting Language, brings advantages in the analysis, preparation, and communication of business information.

The Ministry of Corporate Affairs (MCA) has introduced XBRL filing for financial statements with the Registrar of Companies (ROC) through the MCA portal. According to the Companies (Filing of documents and forms in Extensible Business Reporting Language) Rules, 2011, specific types of companies are obligated to file their profit and loss accounts and balance sheets with the ROC using the XBRL taxonomy.

Later, under the Companies (Filing of documents and forms in Extensible Business Reporting Language) Rules, 2017, it was stipulated that certain categories of companies must compulsorily file their financial statements and other documents as per Section 137 of the Companies Act, 2013, with the ROC using eform AOC-4 XBRL.

Applicability of XBRL Filing for Companies

The certain classes of companies that need to file balance sheet, profit and loss accounts and eform AOC-4 XBRL using the XBRL taxonomy with the ROC are as follows:

• Every public company listed in the Indian stock exchange and their Indian subsidiaries
• Every company with a turnover of or more than Rs.100 crore
• Every company with a paid-up capital of or more than Rs.5 crore 
• Every company that is required to prepare its financial statements as per the Companies (Indian Accounting Standards) Rules, 2015

However, the following companies are exempt from filing financial statements with the ROC in XBRL taxonomy:

• Non-banking financial companies 
• Housing finance companies 
• Companies involved in the insurance business and banking sector 

The companies that have once filed their financial statements with the ROC in XBRL under Section 137 of the Act must continue to file their financial statements, AOC-4 and other documents in XBRL only, even when they cease to fall under the classes of companies mentioned above.

The eform AOC-4 XBRL requires the attachment of the following company documents:

1. Profit and loss statement
2. Balance sheet
3. Cash flow statement
4. Schedules associated with the profit and loss statement and balance sheet
5. Statement of subsidiaries as per Section 129 of the Companies Act, 1956
6. Boards’ report, audit report, and annual report
7. Consolidated financial statements
8. Details of remarks from the Comptroller and Auditor General (CAG) of India

XBRL filing offers various advantages in terms of analysis and business reporting:

1. Automated data collection
2. Ensures reliability and accuracy
3. Time-efficient process
4. Enhances analytical capabilities
5. Improved methods of reporting
6. Safe data handling practices
7. Facilitates better decision-making

Due Date for Filing of Annual Accounts in XBRL mode 30 days from the conclusion of the AGM in Form AOC-4 XBRL.

Penalty/Additional Fees

Additional Fee for E-form AOC-4 (XBRL and Non-XBRL) after the due date is  Rs. 100 per day.