Step-by-Step Guide for Filing Ind-AS Financial Statements in XBRL on MCA Portal

MCA (Ministry of Corporate Affairs) in India has mandated the filing of financial statements using Extensible Business Reporting Language (XBRL). This format is necessary for all companies adhering to Indian Accounting Standards (Ind-AS), which have merged with International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS).

Ind-As filing manual

Stepping into XBRL Filing for Ind-AS: A Step-by-Step Guide

Filing your Ind AS financial statements in XBRL format on the MCA portal might seem like a new frontier, but fret not! This guide will provide you with the knowledge to navigate the process easily.

1. Creation of XBRL Instance Document:

• This document translates your financial data into a format readable by XBRL software.
• Map your company’s financial statement elements to corresponding elements within the designated Ind AS taxonomy.

2. Download the XBRL Validation Tool:

• The MCA portal offers a free XBRL validation tool to ensure your instance document meets the required specifications.

3. Download and Load the Ind AS Taxonomy:

• Access the “Taxonomy” menu within the validation tool and download the relevant Ind AS 2017 taxonomy.
• This taxonomy provides standardised tags for classifying your financial data.

4. Load and Validate the Instance Document:

• Use the “File” menu in the validation tool to upload your XBRL instance document.
• The tool will then validate your document, identifying any errors or inconsistencies.

5. Pre-scrutiny of the Instance Document:

• This critical step involves thoroughly reviewing your validated document to guarantee its accuracy and completeness.
• The validation tool offers functionalities to assist with pre-scrutiny.

6. Maintain Document Integrity:

• After successful pre-scrutiny, refrain from opening or editing the instance document. Accidental modifications can introduce errors during eForm upload.

7. Convert to PDF and Verify Content:

• Convert your XBRL instance document into a PDF format for verification purposes.
• Ensure the disclosures in the XBRL document align with your audited financial statements adopted at the AGM. Make sure that the textual information is clearly visible.

8. Completing and Uploading Form AOC-4 XBRL:

• Access the MCA portal and fill out Form AOC-4 XBRL.
• Select “Ind AS Taxonomy” within the form.

9. Attach and Pre-scrutinize the Instance Document:

• Attach your pre-scrutinized XBRL instance document to the completed Form AOC-4 XBRL.
• Utilise the “Check Form and Pre-scrutiny” function on the form itself for a final check.

10. Uploading the Form AOC-4 XBRL:

• Once satisfied with your form and the attached document’s accuracy, upload Form AOC-4 XBRL on the MCA portal.

Streamlining Your XBRL Filing Journey with DataTracks

Learn how to file your form AOC-4 XBRL with MCA

DataTracks, a leading compliance solutions provider, offers comprehensive XBRL services designed for Indian businesses adhering to Ind AS. Our expert team will help you with every stage of the XBRL filing process, from creating the instance document to final submission to the MCA portal. With DataTracks, you can ensure accurate, efficient, and hassle-free XBRL filing, allowing you to focus on your core business activities. For further information, email enquiry@datatracks.in or call us at +91 73050 74307.