XBRL Services in India
As per mandate given by Ministry of Company affairs ,every company in India needs to file their financial statements/ cost reports in the XBRL format meeting the following criteria:
- All companies incorporated under the Companies Act, 1956 and having a paid up capital of Rs 50 million or more or a turnover of Rs 1,000 million or more.
- All companies that are listed in an Indian stock exchange and their Indian subsidiaries irrespective of their capital or turnover.
- Banking companies, Insurance companies, Power companies and Non-banking financial companies are exempt from this requirement.
XBRL services in United Kingdom
Effort in the XBRL UK jurisdiction is centred on supporting the projects by the companies regulator, Companies House, and tax authority, HM Revenue and Customs (HMRC), to introduce filing in XBRL. Companies House has already received more than 200,000 accounts from small companies
in XBRL using an extension to the UK GAAP taxonomy, while HMRC has begun receiving Corporation Tax submissions in XBRL. The government is making XBRL mandatory for filing of tax returns, including accounts, by all companies from March 2011.
Process of XBRL outsourcing
- Provide us the scanned copy of your financial statement for which XBRL filing has to be done.
- Our technical team will analyze the financial statement and respond with the checklist of additional information, we would require for XBRL filing.
- A validate XBRL file after conversion shall be sent to you.
