XBRL or the Extensible Business Reporting Language is a language for the electronic communication of business and financial data. It is an open, royalty free, international information format (software specification) developed through a process of collaboration between accountants and technologists. The main purpose of using XBRL is uniform set of accounting data available throughout the country.
The Ministry of Corporate Affairs, Government of India, vide its General Circular No. 37/2011, dated June 07, 2011 has required the following class of companies (except banking companies, insurance companies, power companies, Non Banking Financial Companies and the Housing Finance companies(added through notification dated 04.04.2016)) to file the financial statements in XBRL form only from the year 2010–2011:
(i) All companies listed in India and their Indian subsidiaries;
(ii) All companies having a paid up capital of Rs. 5 crore and above; and
(iii) All companies having a turnover of Rs. 100 crore and above
Changes implemented in the taxonomy
MCA has released revised draft business rules along
with taxonomy (2016). As per the guidelines on MCA portal, the XBRL filing in
respect of financial years commencing on or after 01.04.2014 has to be done
using the updated C&I taxonomy. The stakeholders should ensure themselves
to use the latest taxonomy before filing AOC-4 XBRL.
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Tagging Note
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Description
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Remarks
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Disclosure of
General Information about company
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Maintaining Books of
Account and Other Relevant Books and Papers in Electronic Form details
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This is a mandatory
element; Select yes/no and fill the appropriate fields accordingly.
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Share
Capital-Details of class of share capital
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· Aggregate Number Of Fully Paid Up Shares
Issued Pursuant To Contracts Without Payment Being Received In Cash During
Last Five Years
· Aggregate Number Of Fully Paid Up Shares
Issued By Way Of Bonus Shares During Last Five Years
· Aggregate Number Of Shares Bought Back
During Last Five Years
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This field should be
greater than or equal to zero. Now we have to give details during the last 5
years, earlier no such details was required
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Non-Current
Investment- Details
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Number Of Shares Of
Non-current Investment Made In Body Corporate
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Earlier nature of
non-current investment in body corporate was required but now number of
shares field is replaced.
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Current Investment-
Details
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Number Of Shares Of
current Investment Made In Body Corporate
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Earlier nature of
current investment in body corporate was required but now number of shares
field is replaced.
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Income taxes
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Deferred Tax Asset
Depreciation
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Earlier it was
deferred tax asset fixed asset now the word fixed asset has been replaced by
depreciation
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Sub classification
and notes on income and expenses
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· Interest on income tax refund
· Commission To Directors Other Than Whole
Time Director Or Managing Director Or Manager
· Write off asset abstract
Cost Information Technology
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· And is replaced with ‘on’
· There was no field to enter this amount, now
separately available
· The name has been changed from write off
asset liability to write off asset abstract
This abstract has
been removed from the taxonomy, so the figure has to be entered in others.
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Key Managerial
personnel and Director’s Remuneration and other information
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Designation of KMP elaborative
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New designations are
added like director so appropriate field has to be selected.
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Corporate Social
Responsibility
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Disclosure Of Net
Profits For Last Three Financial Years Table
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Data relating to net
profits has to be feeded separately for last 3 financial years. Earlier no
such concept was there.
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Auditors’ Report
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·Disclosure Relating To Terms And Conditions
Of Loans Granted
·Disclosure In Auditors Report Relating To
Compliance With Section 185 And 186 Of Companies Act 2013
·Disclosure In Auditors Report Relating To
Public Offer And Term Loans Used For Purpose For Which Those Were Raised
·Disclosure In Auditors Report Relating To
Fraud By The Company Or On The Company By Its Officers Or its Employees
Reported During Period
·Disclosure In Auditors Report Relating To
Managerial Remuneration
·Disclosure In Auditors Report Relating To
Nidhi Company
·Disclosure In Auditors Report Relating To
Transactions With Related Parties
·Disclosure In Auditors Report Relating To
Preferential Allotment Or Private Placement Of Shares Or Convertible
Debentures
· Disclosure In Auditors Report Relating To
Non Cash Transactions With Directors Or Persons Connected With Him
·Disclosure In Auditors Report Relating To
Registration Under Section 45IA Of Reserve Bank Of India Act 1934
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These fields are
added in Qualifications and Reservation Remarks
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Director Report
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Contracts at Arms’
Length and not at arms’ length price
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Yes and No option
added to select whether applicable or not
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Secretarial Audit
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Membership Number of
the Auditor
Certificate of
practice of the Auditor
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Earlier no such type
of bifurcation was there
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It is very important to
map or tag the financial statements correctly, so care should be taken while
mapping the same and generate correct instance document. The instance document
can be generated by the software vendor and validate it through the MCA XBRL
Validation tool and rectify the errors occurred, if any. After validation just
pre-scrutinize the file and attach the XML file in the Annual filing form.
AOC-4 XBRL is currently
used for the filing the annual statements commencing on or after 01.04.2014.
The forms can be filed on MCA portal after logging.(To know the process of
e-filing click here http://indiacs.blogspot.in/2016/08/a-common-can-file-roc-returnhow.html
)
CS
Urvashi Jain is an Associate Company Secretary and a Commerce Post Graduate
from Jaipur having good experience in secretarial and legal matters. She is
presently working with SAG Infotech Private Limited as a Company Secretary. She
is young and invigorate CS focusing mainly on Companies' Secretarial issues and
keep a zeal to explore
much more.
Please
feel free to contact on +918003511365 for any queries or for outsourcing any
XBRL work.
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