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XBRL Filing

XBRL or extensible business reporting language is known as a language for e-communication of business and also financial data for reporting business. As defined by Rule 2 of companies’ rules of 2018, the XBRL is an assimilated communication language in an electric form that expresses, files financial statements or reports by companies. However, it is not a procedure of reporting or presentation. The XBRL does not make a change in the reported content. This system was developed by XBRL International Inc (XII).

We at AHSH assist you in preparing the financial statements or even consolidated financial statements in the XRBL format. In addition, we help you with other supplementary services that are related to the preparation of the independent audit reports or handling legislations if there are any.

Here are some things that our service portfolio offers-

  • Analysing annual report information.
  • We provide services for comparing financials with XBRL standard checklist.
  • Our company helps in deriving requisite additional data as per the XBRL business rules.
  • In conversion into XBRL format from information in a financial statement by mapping or tagging.
  • Reviewing XBRL pdf by experts.
  • In performing quick control checks and tagging accuracy.
  • Validating instance documentation by using validation tools like the Ministry of Corporate Affairs (MCA).
  • In removing all validation errors if there are any.
  • In addition, we also provide help for pre-scrutiny of instance documentation using the MCA validation tool.
  • After that, we help in the certification of documents by our professionals in practice.
  • We also monitor the successful filing of AOC-4 XBRL using MCA.

How does XBRL function?

XBRL can make data readable with the assistance of two documents. They are instance documents and taxonomy. Taxonomy is used to define the elements and their relationships according to the regulatory requirements. By the use of taxonomy prescribed by regulators, companies should map their reports. And also produce valid XBRL instance documentation. Mapping means matching concepts that are reported by the company to a corresponding element that are in the taxonomy. Similarly, to assign an XBRL tag from taxonomy, details like scale of reporting, period of data, unit of measurement etc. need to be added in the instance document.

 The professional team in our company works on particular specialized software for undertaking XBRL filings.

Advantages of XBRL

There are great benefits of XRBL at every stage of business analysis and reporting. The benefits are mainly seen in-

  1. Decision- making
  2. Providing better quality information
  3. Improved analysis
  4. In more precise handling of data
  5. More reliable, faster and cost-saving benefits
  6. In automation.

It enables consumers and producers of financial data to switch resources from expensive manual processes which involve assembly, long comparison and also re-entry of data. It is a flexible language that is made for supporting all aspects of reporting in different industries and countries. XRBL can also be adjusted to meet specific business requirements even at an individual organization level.

Companies that are required to file financial statements

Concerning the Companies rules 2015, certain companies are required to file their documents and financial statements under the Act and section 137 with the Registrar in e-form AOC-4 XBRL. These are-

  • Companies that are listed in stock exchanges in India or their Indian subsidiaries.
  • The companies that have paid-up capital up to Rs 5 crores and above.
  • Companies that have a turnover of Rs 100 crores or above. And all companies that are covered under Rule 

Our expert teams have the appropriate know-how and the requisite experience that is needed for undergoing such filings. Frequently, filing programs may impose numerous constraints on documents related to XBRL. That is for compliance with local protocols or data quality. The professionals in our company can help you with the definition of these regulations and rules. Also, in rendering requisite services. Above all, we can provide software solutions that aid in the preparation of a compliance report.

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