Answer: XBRL is an abbreviation for "Extensible Business Reporting Language". Based on XML language and related syntaxes, XBRL is an internationally standardized language to exchange business data.
Companies (filing of documents and forms in Extensible Business Reporting Language) Rules, 2011 notified vide GSR No. 748E dated 5/10/2011 marked the beginning of XBRL for companies in India.
The rule demands certain companies to file their Profit & Loss Account, Balance Sheet and other reports & documents in XBRL u/s 134 of the Companies Act, 1956 and u/s 137 of the Companies Act, 2013 with the Registrar of Companies (ROC) for each fiscal year completed on 31st March 2011 and afterwards.
Currently, the rule applies to the following companies:
- Companies and their Indian subsidiaries, which are listed with any Stock Exchange(s) in India
- Companies with paid-up capital of INR 500,00,000 (Five crores) and more
- Companies with turnover of INR 100,00,000 (Hundred crore) and more
- Companies which need to file their financial statements for FY 2010-11 in XBRL.
The rule does not apply to the following companies until further orders are issued:
- Power companies
- Insurance companies
- Banking companies
- Non-Banking Financial Companies (NBFCs)