Common Questions
Most Popular Questions
XBRL (eXtensible Business Reporting Language) filing is a digital format for reporting financial information, mandated by the Ministry of Corporate Affairs (MCA) for certain categories of companies.
XBRL filing enhances transparency, accuracy, and efficiency in financial reporting, enables stakeholders to analyze and compare financial data easily, and facilitates regulatory compliance.
Certain categories of private limited companies, based on their turnover and capital, are required to file financial statements in XBRL format as per the Companies Act, 2013.
Financial statements such as balance sheet, profit and loss account, cash flow statement, and notes to accounts need to be filed in XBRL format.
The procedure involves preparing financial statements in XBRL format using approved software, validating the documents, digitally signing them, and filing them with the MCA.
Late filing fees and potential legal action may be imposed by the MCA on companies failing to meet XBRL filing requirements
Absolutely! Even small companies can leverage XBRL for enhanced data analysis, improved record-keeping, and potential future advantages in accessing funding and market opportunities.
Yes, non-compliance may attract penalties, fines, and legal consequences for the company and its directors, underscoring the importance of timely filing.
Yes, Avenue Advisory provides expert assistance for XBRL filing, including preparing financial statements, validating documents, and facilitating timely submission to the MCA.
Avenue Advisory ensures compliance by using approved software, verifying documents, and adhering to MCA guidelines for XBRL filing.
What are the benefits of outsourcing the XBRL filing process to Avenue Advisory?
Yes, Avenue Advisory offers ongoing support and assistance for XBRL filing requirements, ensuring continued compliance with regulatory obligations and updates.
CAA offers comprehensive XBRL filing services, encompassing data preparation, software selection, XBRL tagging, validation, and electronic submission to the MCA portal. We ensure a seamless and accurate filing experience, leaving you free to focus on your core business operations.