XBRL Filing Services - Simplify Financial Reporting with Specialist Assistance

XBRL is a strong language especially created for electronic business and financial information exchange. It is used worldwide to simplify how to exchange, analyze and maintain their financial information. By converting business-focused financial statements into a standardized format, XBRL allows companies, regulators, investors and analysts to easily reach and process the information in a timely and accurate manner.

What is XBRL?

XBRL is a versatile language especially for the electronic exchange of financial and commercial information. It is employed worldwide to facilitate the businesses of electronically exchanging, investigating and storing its financial data. By converting traditional financial reports into a mutually agreed format, XBRL makes it easier for businesses, regulators, investors and analysts to obtain and process information in a quick and efficient way.

Unlike PDF or scanned documents, XBRL data is read by computers, and therefore stakeholders are able to easily see and compare the financial information of various companies and industries. This leads to more transparency and reliability in the business sector.

Why XBRL Matters

The Ministry of Corporate Affairs of the Government of India (MCA) has made XBRL filing mandatory for some categories of companies. The intention is to increase the quality and access of financial reporting and reduce compliance burden in the long term.

The major benefits of XBRL are:

• Time and Cost Savings: XBRL-based financial reporting is automatic, so reduces manual errors, re-functions and reports preparation time.
• Greater Accuracy: XBRL offers data consistency and accuracy, facilitating high-quality reporting standards for firms.
• Better Analysis: Harmonized data provides better analysis, benchmarking and decision-making for internal and external stakeholders.
• Regulation Compliance: XBRL filing ensures compliance with MCA standards and avoids punishment or legal issues.

Who Needs to File in the XBRL Format?

As provided under Section 137 of the Companies Act, the following types of companies need to file their balance sheet and support documents in e-form AOC-4 XBRL:

1. Listed companies and their Indian assistant companies

All listed companies, as well as their Indian subsidiaries require financial details in the form of XBRL. This is to help ensure continuity and transparency of information available for public and regulators.

2. Payment capital of ?5 crores and above

Private and public companies are required to implement XBRL filing and pay 5 crore and above in share capital. It is useful in helping MCA manage the financial information of large companies with large capital structures in a efficient way.

3. ?100 crore and above turnover

Any company, independent of its paid-up capital, needs to be filed in XBRL, if it has a turnover of ? 100 crore or more a year. This will ensure that high-revenue institutions have made standardized and accurate financial reporting.

4. Companies adopting Indian Accounting Standards (IND AS)

All businesses that are mandatory to prepare their financial details under companies (Indian Accounting Standards) Rules, 2015 are also under the XBRL mandate. Compliance businesses in the form of IND usually have complex reporting requirements, which are best addressed using XBRL.

Why Opt for CAG & Associates for XBRL Filing

At CAG & Associates, we recognize that handling XBRL filing may prove to be time-consuming and technologically demanding. Our professional team provides a hassle-free experience for companies under the obligation of filing under XBRL compliance regulations.

The ways in which we assist include:

• Comprehensive Examination of your financial statements for accurate mapping against XBRL tags.
• Correct Transformation of your reports into the uniform XBRL format.
• On-time filing of e-form AOC-4 XBRL with the MCA to satisfy regulatory timelines.
• XBRL document Validation and Verification to prevent MCA rejections or discrepancies.
• Support Facility to resolve doubts, revise changes, or guide future filings.

Our XBRL Filing Process

We adopt a systematic method to provide 100% accuracy and compliance in each XBRL filing:

• Data Collection - Collect audited financial statements and other necessary documents.
• XBRL Mapping - Align every aspect of your financials with the relevant XBRL taxonomy.
• Document Conversion - Convert and create XBRL instance documents.
• Validation & Pre-Scrutiny - Pass the files through MCA's validation tools.
• Filing with MCA - File the approved e-form AOC-4 XBRL.
• Post-Filing Assistance - Assistance with acknowledgments, queries, and revisions (if any).

Get Started Today

If your business is in the mandatory XBRL filing category or you are uncertain about your eligibility, we can guide you through a quick consultation. Prevent last-minute hassles and non-compliance charges by entrusting professionals who know the nitty-gritty and requirements of MCA's filing mechanism.

Call us at CAG & Associates today and make your business compliant, efficient, and future-ready with our expert XBRL filing services.