MCA (The Ministry of Corporate Affairs) is the regulatory authority in India for the Company Law and related matters. All the Companies registered with MCA are required to file the financial statements with MCA. From 2010-11, MCA implemented filing requirements for various classes of companies to file their financial statements in XBRL format, to improve the quality of statements, enable greater transparency and comparability of data. For better understanding, please refer the below mentioned various aspects related to XBRL Filing in India:
What is XBRL?
All you need to know about – i.e. XBRL, iXBRL, Taxonomy, Tags, Instance Document, Validation etc…
Why XBRL is required?
XBRL offers many benefits viz. Improved reporting, Automated data collection, Reliability & accuracy, Cost effective, Time saving, Better decision making…
Who need to file in XBRL?
MCA implemented filing requirements for various classes of companies to file their financial statements in XBRL format...
What is required to be filed?
Complete set of Annual Report or Cost Audit Report is required to be filed in XBRL format…
When you need to file?
All the Companies as specified by MCA are required to file the financials after the end of its financial year…
How to prepare and/or file?
Preparing financial statements in XBRL mode for filing with the Registrar: The process for creation and filing of Financial Statements in XBRL mode is as under…
What if there is delay or non-filing?
In case the Company makes delay in filing or fails to file the financial statements,additional fees and penalty is applicable…
How we can serve?
XBRL Experts offers a full-service for all of your company's XBRL filing needs. We provide compliance with the most current MCA requirements.