XBRL Filing
eXtensible Business Reporting Language
XBRL is a language for electronic communication of business and financial data. It provides cost savings, efficiency and improved accuracy. Applicable to listed companies and large businesses as per XBRL Rules 2011.
Applicability
- • All India listed companies and their Indian subsidiaries
- • Companies with paid-up capital of Rs 5 Cr or above
- • Companies with turnover of Rs 100 Cr or above
- • Companies under XBRL Rules, 2011
Timeline
For companies with year ending 31 March 2011 onwards. Revised deadline: 30 November 2011 or 60 days from usual due date. Voluntary filing encouraged for others.
Exemptions
NBFCs, Housing finance, Banking and Insurance companies. Companies governed by Electricity Act, Banking Regulation Act, Insurance Act.
Benefits of XBRL
- • Cost savings and improved efficiency
- • Better accuracy and reliability of financial data
- • Automation of data collection and distribution
- • Taxonomy provides electronic dictionary of reporting concepts
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