INDIA – Filers

Authority: Ministry of Corporate Affairs (MCA)
In India, the Ministry of Corporate Affairs (MCA) mandates the filing of financial statements in XBRL (eXtensible Business Reporting Language) format for specific classes of companies.

Effective Dates for XBRL Mandate in India

1. 2011 – The MCA first mandated XBRL filing for certain classes of companies for financial years ending on or after March 31, 2011.
2. 2012 – Expansion of XBRL filing requirements to more companies.
3. 2015 – MCA updated the requirements, making XBRL filing applicable to companies following Indian Accounting Standards (Ind AS).
4. 2017 – Revised XBRL taxonomy was introduced to align with the Companies (Indian Accounting Standards) Rules, 2015.
5. 2022-2023 – The latest amendments to XBRL taxonomy and filing requirements were made to further streamline reporting standards.

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:-

1. companies listed with stock exchanges in India and their Indian subsidiaries;
2. companies having paid up capital of five crore rupees or above;
3. companies having turnover of one hundred crore rupees or above;
4. all companies which are required to prepare their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015:

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.

EZ XBRL is a leading provider of XBRL services, and they support India filings in the following ways:

Preparation and Review

XBRL report preparation: EZ XBRL prepares XBRL reports in accordance with the Ministry of Corporate Affairs (MCA) requirements.

Review and validation: EZ XBRL can review and validate the XBRL reports as per the Ministry of Corporate Affairs (MCA) to ensure accuracy and compliance.