Applicability

Conversion of Financial Statement into XBRL mode

Ministry of Corporate Affairs has notified “Companies (Filing of documents and forms in Extensible Business Reporting Language) Rules, 2015” in which it is prescribed that Companies falling in the following categories will have to file their Financial Statements under section 137 of the Companies Act, 2013 using the Extensible Business Reporting Language (XBRL) taxonomy.

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

Conversion of Cost Audit Report into XBRL mode

Ministry of Corporate Affairs has mandated filing of the Cost Audit Report using the Extensible Business Reporting Language (XBRL) taxonomy. Companies falling in the following categories will have to file their Cost Audit Report in XBRL mode.

1. Every company specified in item (A) of Rule 3 of Companies(Cost Records and Audit) Rules,2014 shall get its cost records audited if the overall annual turnover of the company from all its products and services during the immediately preceding financial year is Rupees fifty crore or more and the aggregate turnover of the individual product or products or services for which cost records are required to be maintained under Rule 3 of Companies (Cost Records and Audit) Rules,2014 is Rupees twenty five crore or more.
2. Every company specified in item (B) of Rule 3 of Companies(Cost Records and Audit) Rules,2014 shall get its cost records audited if the overall annual turnover of the company from all its products and services during the immediately preceding financial year is Rupees one hundred crore or more and the aggregate turnover of the individual product or products or service or services for which cost records are required to be maintained under Rule 3 of Companies(Cost Records and Audit) Rules,2014 is Rupees thirty five crore or more.