Ministry of Corporate Affairs (MCA) vide its notification dated 6/11/2017 regarding the amendments in Rule 3 i.e. filing of documents and forms in extensive business reporting language (XBRL).
As per Rule 3 of XBRL Filing, filing of financial statement has been substituted. But after the amendment Rule 3, the ground plan of companies required to file their financial statements and other documents under section 137 of the Companies Act, 2013 with registrar in e-form AOC-4 XBRL.
The companies are:
- Companies listed with stock exchange in India and their India subsidiaries.
- Companies with paid-up capital of Rs. 5 Crore and above
- Companies having turnover of Rs. 100 Crore or above
- Companies that are required to prepare their financial statement in accordance with Companies (Ind AS) Rule, 2015.
However, MCA has exempted non-financial companies, housing finance companies and companies engaged in the banking and insurance sector to file the financial statement under the said rules.
Moreover, MCA directs companies that prepare financial statement under Companies (Accounting Standards) Rules, 2016 to file statement using taxonomy.