XBRL (Extensible Business Reporting Language), is a freely available XML-based specification that uses accepted financial reporting standards and practices to exchange financial statements across all software and technologies, including the Internet.
XBRL is:
- An open technology standard for reporting and analyzing business and financial information
- Software agnostic, or independent
- XML-based framework
On 31 March 2011, the MCA issued a Circular mandating all listed companies and certain unlisted companies, to file their balance sheet and profit and loss account i.e financial statements for the year ended 31 March 2011 onward using an XBRL (eXtensible Business Reporting Language) format.
As of now, the following companies are required to file their balance sheets and profit or loss account in XBRL format:
1. Companies having paid up capital of Rs. 5 Crores and above.
2. Companies having paid up capital of Rs.100 Crores and above.
However, Banking, Insurance, power companies and NBFCs are exempted for XBRL filing.
Visit CompaniesInn for XBRL conversion, validation and filing with MCA.
