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.
Companies in Banking, Insurance, Power Industries and NBFC’s are exempted from XBRL Filing.
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:
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.
Companies covered under these Companies (cost records and audit) Rules, 2014 shall, within a period of 30 days from the date of receipt cost audit report, submit such report along with full information and explanation on every qualification or reservation contained therein to the Central Government, in form CRA-4.
Documents Required for Filling Financial Information Through XBRL?
Documents Required for Filling Cost Audit Report Through XBRL: