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    Introduction to XBRL Filing for Financial Statements

    XBRL (eXtensible Business Reporting Language) is a standardized format for filing financial statements and reports to regulatory bodies, particularly the Registrar of Companies (ROC). Companies must submit their financial statements through XBRL filing using Form AOC-4. This filing process is essential for effective communication between the Board of Directors and shareholders.

    Key Features of XBRL Filing

    1. Mandatory Filing: Companies must file their balance sheet and profit & loss account in XBRL format, especially for companies with significant turnovers and paid-up capital.
    2. Consolidated Financial Statements: For consolidated financial statements, companies must use Form AOC 4 CFS.
    3. Digital Filing: Filing in XBRL format facilitates quicker, more efficient submission of financial documents.
    4. Standardized Reporting: It provides a structured way to present financial data, improving accuracy and comparison.

    Benefits of XBRL Filing

    1. Improved Data Quality: Ensures accuracy and uniformity in reporting financial information.
    2. Better Accessibility: Makes financial data easily accessible to stakeholders, including regulators, auditors, and investors.
    3. Compliance: Meets the regulatory requirements of the Companies Act, 2013, and promotes transparency.
    4. Efficiency: Saves time and resources by automating and standardizing financial reporting.

    Documents Required for XBRL Filing

    The following documents are required to be filed in XBRL format:

    1. Balance Sheet
    2. Profit and Loss Statement
    3. Cash Flow Statement
    4. Notes to Accounts
    5. Audit and Annual Report
    6. Schedules Related to Balance Sheet and Profit & Loss
    7. Statement Related to Section 212 of the Companies Act (subsidiaries)

    Certification for XBRL Filing

    • The CFO/CEO/Director/Secretary/Manager/CEO must provide a certification stating that the information is accurate and complies with the law. This certification must be digitally signed, with the Director’s DIN or Manager/CEO/CFO’s PAN.
    • A declaration from a full-time practicing Cost Accountant/Chartered Accountant/Company Secretary is also required, ensuring the information is thoroughly verified and true. This declaration must include the professional’s membership number and status.

    Knowledge Base

    Public companies listed on the stock exchange, Indian subsidiaries of foreign companies, and companies with a turnover of INR 100 crores or more, or paid-up capital of INR 5 crores or more, must file their financial statements in XBRL.

    XBRL filing must be done within 30 days of the AGM completion. For FY 2023-24, the due date is 29th October 2024.

    The required documents include the Balance Sheet, Profit & Loss Statement, Cash Flow Statement, Notes to Accounts, Audit Report, and other related schedules.

    The CFO, CEO, Director, or Manager must certify the accuracy of the submitted data, and a practicing Cost Accountant, Chartered Accountant, or Company Secretary must verify the information.

    The filing fee varies based on the company’s share capital. It ranges from INR 200 to INR 600 per document.

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