XBRL is a tool which helps us in analyzing all financial & other technical data in a systematic manner. It makes all technical information & data readable & we would not require segregating the information for analysis. It requires tagging of all financial data electronically through software which makes data readable.

Earlier Companies in Delhi used to prepare & file all financial information in different format like word, Excel, Pdf which one can read but to analyse them, if Companies wants to have information collated at one place then they didn’t have any tool for that.

Who can benefit from using XBRL?

All types of companies can use XBRL tool to automate the data collection process and distribution to various stakeholders. User can be benefitted in the following ways:

• It’s an improved way of reporting details
• it involves automated data collection
• It provides reliable and accurate information
• It’s cost effective
• It secures the data
• It neatly curates the data and thus helps the filers with decision making. 

XBRL, being extensible and flexible, can be adapted to a wide variety of requirements. All stakeholders whether they are preparers, transmitters or users of business data in the financial information supply chain can benefit from the use of XBRL.

Eligibility Criteria for XBRL Filing in India

As per section 137 of the Companies Act, 2013, following companies are required to file XBRL via E FORM AOC-4

Net worth exceeding INR 500 Crore.

Annual Turnover exceeding INR 1000 Crore

Net profit exceeding INR 5 Crore.

All Companies which are covered under (Extensible Business Reporting Language) Rules, 2011

Companies in Banking, Insurance, Power Industries and NBFC’s are exempted from XBRL Filing.