Companies required to prepare the e-form AOC-4 for the financial year 2016-2017 now have some breathing room as MCA pushes the deadline for filing the XBRL document to 30 April 2018. Previously, organisations compliant with the Indian Accounting Standards (Ind AS), under the Companies Act of 2013, had until the 31st March of this year. The MCA circular released on March 28 relaxes this date, without additional fees.
Whether your company is required to file AOC-4 XBRL, or you’re preparing the document voluntarily, this extension – which is a result of requests from various stakeholders, as the circular from MCA states – would come as welcome relief, giving you the extra time to make sure everything is up to code.
If you’re new to the world of financial reporting, in October last year, the MCA mandated that financial statements filed by companies in accordance with the Indian Accounting Standards can only be in the XBRL format. XBRL (eXtensible Business Reporting Language) is an open global standard that makes financial reports readable by humans and machines in the same format.
If you need help getting your Form AOC-4 done in time, you should visit http://www.datatracks.in/ and check out our XBRL services. It’s as simple as signing up and uploading a document; we take care of the rest.