The Bombay Stock Exchange (BSE) has released a circular to inform companies that it has adopted the XBRL taxonomy issued by the Ministry of Corporate Affairs, Government of India, for submission of Financial Statements in XBRL mode.
This circular was released in continuation to the Circular to the Companies dated February 08, 2019 with regards to filing of Annual Report in XBRL mode under Regulation 34 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
XBRL is a global and freely available framework for the exchange of business information.This rule has come in place in order to make filing easier and to aid businesses. Companies would now have to submit their Financial Statements in XBRL mode.
According to the circular released by BSE:
- The listed companies can download the XBRL taxonomy from website of Ministry of Corporate Affairs and submit the Annual Report to the exchange.
- The submissions in XBRL mode can be made at the time of filing Form AOC-4 (XBRL) with Ministry of Corporate Affairs.
- The Annual report filings for the periods ending on March 31, 2019, has to be mandatorily done by all listed entities in XBRL mode in addition to the currently used PDF mode.
- The timeline of the submission of the annual report in PDF mode would be as per the amended Regulation 34 of SEBI (LODR) Regulations, 2018 with effect from April 01, 2019.
- The listed entities can file their Annual Report for FY 2017-18 also in XBRL on the BSE Listing Centre if they desire to do so.
Click here to see the circular.
