Question: Is XBRL Filing Mandatory?

Is XBRL required?

Operating companies that are currently required to submit financial statement information in XBRL will be required, on a phased basis, to transition to Inline XBRL.

Phase-in: Large accelerated filers that use U.S.

GAAP will be required to comply beginning with fiscal periods ending on or after June 15, 2019..

Who has to file XBRL?

The following companies are required to file AOC 4 XBRL (extensible business reporting language): All companies listed with any stock exchange in India and their Indian subsidiaries. All companies with a capital of 5 crores or above. All companies with a turnover of 100 crores or more.

How do I open an XBRL file in Excel?

1. Open Excel, drag the . XBRL file into Excel, you will see two prompt dialog boxes. Click OK.

How do I convert Excel to XBRL?

How to export from Excel to XBRLThen select the option generate formulas in Excel with sum of numbers with sign.Once defined the wished features, select ok. … After generating the files, it will display a confirmation message regarding generation and location of the saved files:More items…•

What is XBRL filing?

XBRL provides a common, electronic format for business reporting. It does not change what is being reported. It only changes how it is reported. XBRL is a world-wide standard, developed by an international, non-profit-making consortium, XBRL International Inc.

Who is required to sign financial statements?

Your financial statements must be signed by 2 directors, or 1 if the company only has 1 director. The directors must sign and date the financial statements before or on the same day the audit report is signed and dated. The directors who sign the financial statements must be current directors at the date of signing.

Do all companies need to prepare financial statements?

Annual financial statements must be prepared by all entities except small proprietary companies. … The Corporations Law also provides that consolidated financial statements must be prepared where the preparation of such statements is required by an accounting standard.

Which of the following categories is not mandatory to file financial statement in XBRL mode?

“Provided that the companies in Banking, Insurance, Power Sector and Non-Banking Financial companies are exempted from XBRL filing.” “Provided that the companies in banking, insurance, power sector, non-banking financial companies and housing finance companies need not file financial statements under this rule.”

Who created XBRL?

Charles HoffmanXBRL’s beginning, in 1998, can be traced to the initial efforts of one person, Charles Hoffman, a Certified Public Accountant from Tacoma, Washington. The American Institute of Certified Public Accountants (AICPA) was also instrumental in pulling together what eventually became XBRL International.

Do small companies have to file accounts?

Micro-entities, small and dormant companies. You might be able to send simpler (‘abridged’) accounts to Companies House and not need to be audited. … You must still send statutory accounts to your members and to HM Revenue and Customs ( HMRC ) as part of your Company Tax Return if you’re a small company or micro-entity.

Can a company secretary sign financial statements?

The financial statements should also be signed by Managing Director, CEO, CFO, and the Company Secretary wherever such functionaries are mandated, whether or not they are present at the Board meeting at which the accounts are adopted.

How do I read XBRL files?

You can view these files with the open source program, Dragon View.Go to the Dragon View XBRL Viewer.Unzip Dragon View.Open Dragon View.Click “File,” highlight “Open” and then click either “XBRL Taxonomy” or “XBRL Instance Document.”More items…

How many companies use XBRL?

450This standard is maintained by XBRL International, an international non-profit consortium of approximately 450 major companies, organizations, and government agencies around the world. It is an open standard, provided free of license fees, and is already being used in numerous countries.

What is the difference between XBRL and iXBRL?

So XBRL is all about function, while iXBRL takes that function and puts it in a format that is more “accessible” and visually appealing for the user. It also means that you can incorporate your XBRL tags into your HTML-formatted financial statements instead of filing a separate XBRL instance document.

What is the purpose of XBRL?

XBRL or eXtensible Business Reporting Language is a software standard that was developed to improve the way in which financial data is communicated, making it easier to compile and share this data.

How do I file XBRL form?

Filing ManualStep 1 – Creation of XBRL instance document:Step 2 – Download XBRL validation tool from MCA portal. … Step 3 – Use the tool to validate the instance document. … Step 4: Perform pre-scrutiny of the validated instance document through the tool. … Step 5: Attach instance document to the Form 23AC and Form 23ACA.More items…

How do you convert financial statements in XBRL format?

Mapping Process for E-Filing of Balance Sheets in XBRLStep 1: Map or tag the company’s financial statements to the published taxonomy. … Step 2: Create an Instance Document based on the Mapping done above. … Step 3: Validate the created instance document. … Step 4: File the Instance Document.

How do I use XBRL?

You set up the XBRL Lines by mapping the data in the taxonomy to the data in your general ledger.Choose the. … On the XBRL Taxonomies page, select a taxonomy from the list.Choose the Lines action.Select a line and fill in the fields.To read detailed information about what to fill in, choose the Information action.More items…•