XBRL Filing Article Series | In this part we list who are required to submit financial statements in XBRL as part of MCA annual returns filing. Read more.

Who should submit financial statements in XBRL format with MCA?

Criteria for companies required to file financial statements in XBRL and exemptions

Statutory Requirement

MCA vide notification dated 9th September 2015 has issued the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015. The key highlights of the rules is outlined below:

The following class of companies shall file their financial statements and other documents with the Registrar in e-form AOC-4 XBRL for financial year commencing on or after 1st April, 2014:

• all companies listed with any Stock Exchange(s) in India and their Indian subsidiaries; or
• all companies having paid up capital of Rupees five crore and above; or,
• all companies having turnover of Rupees one hundred crore and above; or,
• all companies which were hitherto covered under the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2011.

Who are exempted from filing in XBRL format?

Companies like Banking, Insurance, Power Sector and Non-Banking Financial Companies are exempted from XBRL filing

All Banking companies (that are regulated by RBI) and all Insurance companies (that are regulated by IRDA) have been exempted from XBRL filing of their Financial Statements till further order.

All NBFCs that are registered with RBI or exempt from registration with RBI but registered with other regulators like SEBI, IRDA, National Housing Bank, etc. are exempted from XBRL filings.

Companies that are engaged in generation or transmission or distribution of electric power as per their object clause are classified as power companies for XBRL filings. Such companies are exempted from XBRL filings of their Financial Statement for FY 2014-15 onwards irrespective of whether they prepare their accounts as per Schedule III of the Companies Act, 2013 or not. Companies producing electric power for their captive consumption are not exempted from XBRL filings.

Cost Audit Reports in XBRL

A company required to furnish cost audit report and other documents to the Central Government under sub-section (6) of section 148 of the Act and rules made thereunder, shall file such report and other documents using the XBRL taxonomy given in Annexure-III for the financial years commencing on or after 1st April, 2014 in e-Form CRA-4 specified under the Companies (Cost Records and Audit) Rules, 2014.