XBRL Filing of Standalone and Consolidated Statements
WHAT IS XBRL
XBRL is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data. XBRL stands for extensible Business Reporting Language. It is already being put to practical use in several countries and implementations of XBRL are growing rapidly around the world.
Which companies are required to file their financial statements in XBRL?
The following class of companies shall file their financial statements and other documents under section 137 of the Act with the Registrar in e-form AOC-4 XBRL :-
- companies listed with stock exchanges in India and their Indian subsidiaries;
- companies having paid up capital of five crore rupees or above;
- companies having turnover of one hundred crore rupees or above;
- all companies which are required to prepare their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015:
Why Consolidation Financial Statement is Required
In case, a company has one or more subsidiaries, it shall, in addition to its financial statement, prepare a consolidated financial statement of the company and of all the subsidiaries in the same form and manner as that of its own. This consolidated financial statement shall also be placed before the annual general meeting of the company along with its financial statement.
The company shall also attach along with its financial statement, a separate statement containing the salient features of the financial statement of its subsidiary or subsidiaries in Form AOC-1. (Rule 5 of Companies (Accounts) Rules, 2014).
Professional Assistance
CA/CS Assisted
Choose your Package
EMI’s Facility Also Available
Standard Package
(All Inclusive)
EMI’s Facility Also Available
₹9999/-
- XBRL Tagging of Financial Statements (Standalone)
- XBRL Tagging of Financial Statements (Consolidated)
Premium Package
(All Inclusive)
EMI’s Facility Also Available
₹22999/-
- XBRL Tagging of Financial Statements (Standalone)
- XBRL Tagging of Financial Statements (Consolidated)
- Preparation of Notice of AGM, Director’s Report, and other related Documents
- Preparation of e-Form Aoc-4 XBRL
- Preparation of e-Form MGT-7
- Preparation of MGT-8
- Professional Certification