Streamlined XBRL Services for Seamless Regulatory Reporting
Streamlined XBRL Services for Seamless Regulatory Reporting
Why Choose XBRL for Your Financial Reporting?
XBRL financial statements allow for a more efficient, accurate, and reliable way of communicating financial data in the XBRL format. Thanks to XBRL taxonomy, data can be uniformly presented, making it easier for investors, regulators, and stakeholders to analyze and compare financial information. However, the intricacies of XBRL reporting, from understanding the applicability of the XBRL format to ensuring compliance with the latest MCA XBRL filing requirements, can be daunting. This is where our expertise comes into play.
Ministry of Corporate Affairs' Requirements
In 2011, MCA mandated that Companies in India that meet any of the following criteria need to file their financial statements and other documents under section 137 of the Act with the Registrar in e-form AOC-4 XBRL.
CbCR Reporting
The BEPS (Base Erosion and Profit Shifting) Action Plan 13 by OECD describes the Country-by-Country Reporting (or CbCR) framework for multinational companies to report the key metrics with an appropriate tax authority. With DataTracks’ one-stop solution for all CbCR, compliance has become easier and simpler by uploading pre-mapped Excel template and generating jurisdiction specific XML output.
FATCA CRS Reporting
The FATCA/CRS reporting services from DataTracks aim to assist financial enterprises in linking accounts of individuals and entities across different business units, facilitating aggregation by referring to data elements such as customer name, ID and tax identification number.
DataTracks Oxbow for FATCA/CRS Reporting
With DataTracks Oxbow users can perform complex regulatory submissions with ease. Regulations such as FATCA/CRS, CBCR and MIFID are covered, generating fully valid outputs in formats such as XML. The latest version of DataTracks Oxbow is an AI-driven automated MTD for VAT conversion tool with a capability to generate XBRL files in under 15 minutes, with full compliance and uncompromised accuracy.
What's New From Us
Key Upcoming Dates
Mon, September 15
ITR Filing Deadline (Extended)
Tue, September 30
DIR-3 KYC Filing
Thu, October 30
AOC-4 Filing
Sun, November 30
MGT-7 Filing
Featured Resources
What are SEC Which companies should file in XBRL format with MCA?, and why are they important?
The mandate for filing applicable to companies meeting the criteria above was released by MCA in March 2011. For updated information, please visit the MCA website
What documents need to be filed with MCA in XBRL format?
- Balance Sheet
- Profit & Loss Statement
- Cash Flow Statement
- Schedules related to Balance Sheet and Profit and Loss Statement
- Notes to Accounts
- Statement pursuant to Section 212 of the Companies Act, 1956 relating to subsidiaries
- Cost Audit Report (Form I)
- Compliance report (Form A)
What taxonomy should be used in preparing XBRL documents for filing with MCA?
What is the deadline for filing XBRL documents with MCA?
What are the penalties for non-filing of AOC-4, and who is liable?
- Company: Faces a fine of Rs.1,000 for each day of default (up to a maximum of Rs.10,00,000).
- Directors, CFO, and Authorized Director: Liable to a minimum fine of Rs. 1 lakh and a maximum of Rs. 5 lakhs, or imprisonment for up to 6 months.