XBRL: Once Applicable Always Applicable

XBRL: Once Applicable Always Applicable

Similar to CARO, now MCA clarifies that once xbrl, always xbrl on 8^th March 2018 vide Notification 1/19/2013-CL V.

Notification Date: 8^th March 2018

Relevant Sections & Rules: Sec 137 of Companies Act 2013 and Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015, Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Amendment Rules, 2018.

The Central Government amends the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015 and the new rules be called as Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Amendment Rules, 2018

It has been clarified that the companies which have started filing their financial statements shall continue to file their financial statements and other documents though they may not fall under the class of Companies specified therein in succeeding years.

Class of Companies required filing in XBRL as per Companies Act 2013;

-          Listed entities and their Indian subsidiaries

-          Companies with paid up share capital equal to or more than 5 crores

-          All companies which are required to prepare Financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015

The Government has clarified that those companies which used to file their financial statements under previous rules, i.e. Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2011, continue to file their financial statements and other documents even though they do not fall under the class of companies specified above.

This means once the company starts filing in XBRL will continue filing in xbrl even if it doesn’t fall under the prescribed class of companies

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