Is XBRL filing mandatory?
Is XBRL filing mandatory?
Applicability of XBRL filing All companies with a turnover of Rs 100 crores or more. All companies with a paid-up capital of Rs 5 crores or more. All the companies which are required to prepare their financial statements in accordance with the Companies (Indian Accounting Standards) rules, 2015.
Where is XBRL required?
Since June 16, 2011, all US companies (other than investment and business development companies) must follow XBRL reporting requirements. After the SEC adopted Inline XBRL, companies moved to the use of Inline XBRL.
Is XBRL mandatory for all companies?
Applicability of XBRL Filing for Companies 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.
When should I submit XBRL?
They should file the annual returns within 30 days after the annual general meeting. In case the companies are having a share capital and keeping a branch register outside Singapore, then the annual returns should be filed within 60 days after AGM.
Which company is not mandatory to file financial statements in XBRL mode?
Which category of companies are exempted from filing financial statements in XBRL? Non-banking financial companies, Housing finance companies and Companies engaged in the business of Banking and Insurance sector are exempted from filing of financial statements under these rules.
Who needs XBRL?
Beginning on June 15, 2021, all operating companies submitting structured financial statement information for fiscal periods ending on or after that date must submit it and cover page information that is required to be tagged in Inline XBRL.
Who Must File iXBRL?
Filing of financial statements in iXBRL format is mandatory for all corporation tax payers with the exception of companies who meet all three of the following criteria: balance sheet total ≤ €4.4 million; annual turnover ≤ €8.8 million annually; and. average number of employees ≤ 50.
How do I convert Excel to XBRL?
Generate EBA XBRL Once your report is complete in Excel, simply click the Export XBRL button in the EBA ribbon, and the add-in will generate a valid XBRL document for submission, which you can save as required.
Who must do XBRL?
In terms of Section 33 of the Act read together with Regulation 28, 29 and 30 of the Companies Regulations of 2011, the following entities must submit their Annual Financial Statements (AFS) in XBRL with their annual returns: All public listed companies. State owned companies.
Why is XBRL needed?
XBRL offers major benefits at all stages of business reporting and analysis. The benefits are seen in automation, cost saving, faster, more reliable and more accurate handling of data, improved analysis and in better quality of information and decision-making.
How do you prepare financial statements in XBRL?
Filing Manual
- Step 1 – Creation of XBRL instance document:
- Step 2 – Download XBRL validation tool from MCA portal.
- Step 3 – Use the tool to validate the instance document.
- Step 4: Perform pre-scrutiny of the validated instance document through the tool.
- Step 5: Attach instance document to the Form 23AC and Form 23ACA.