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Applicability of XBRL Filing for Companies

XBRL is a language which is used to communicate business and financial data or information in electronic way. It provides cost saving, greater efficiency and reliability to those involved in supplying or using financial data. It helps the user of the financial data to jump from costly manual process to the process that consumes less hours, provide more accurate data and increase reliability.

As Per Section 137 of the Companies Act,2013 following class of companies are required to file their Financial statement and other documents with the Registrar of Companies within 30 days of its Annual General Meeting date.

  1. Companies which are listed in Stock Exchange of India and its Indian Subsidiaries.

  2. Companies having Paidup Capital of 5 Crore or above.

  3. Companies having Turnover of 100 Crore or above and,

  4. All Companies which are required to prepare their Financial Statement as per IND AS.

Provided further that 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

It is notable that if the financial statements are adopted in adjourned General Meeting then the reporting is to be made within 30 days of the date of adjourned General Meeting and if AGM was not conducted then it must be filed within a period of 30 days from the date on which AGM was required to be held.

XBRL Filing for Subsidiary Companies

Indian subsidiaries of a listed company are required to file in XBRL format, irrespective of their paid up capital or turnover.

The company is required to file the accounts of its subsidiaries which has been incorporated outside india and have no place of business in India. If an Indian company owns a subsidiary in another country (called a "foreign subsidiary") and that foreign subsidiary doesn't have to audit its financial statements according to the laws of its own country, the Indian company can still meet certain requirements. The Indian company needs to do the following:

  1. Submit the un-audited financial statements of the foreign subsidiary.

  2. Provide a declaration (a formal statement) saying that the foreign subsidiary is not required to get its financial statements audited, and it hasn't done so.

  3. If the financial statements of the foreign subsidiary are not in English, the Indian company must also submit a translated copy of those financial statements in English.


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