Applicability:
Under the Companies (Cost Records and Audit) Rules, 2014, companies in certain sectors are required to maintain and file their cost records in XBRL format. This applies to:
- Companies Required to Maintain Cost Records: Companies with a turnover exceeding ₹35 crores in regulated sectors like manufacturing, pharmaceuticals, telecommunications, etc.
- Companies Undergoing Cost Audit: Companies that are required to undergo a cost audit under MCA regulations, including industries like cement, automobiles, steel, and chemicals.
- Public and Private Companies: As specified by the MCA based on industry-specific thresholds.
Due Date:
- Cost Records must be filed in XBRL format within 180 days from the end of the financial year. This means, for a company with a financial year ending on March 31st, the filing must be completed by September 30th.
- The cost audit report must also be filed in XBRL format along with the regular financial filings by the due date for the annual filing.
Why XBRL for Costing Records:
- Ensures consistency and transparency in cost reporting.
- A mandatory requirement for specified industries to enhance the accuracy of cost audits.
- Enables efficient regulatory review and easy access for stakeholders, including regulators and auditors.
Our XBRL Filing Services
At Four Plus Legal Compliance, we provide professional services to assist you with XBRL filing for both financial statements and costing records. Our services include:
| Service | Description |
|---|---|
| XBRL Financial Statement Creation | We assist in creating XBRL files for your financial statements (Balance Sheet, Profit & Loss, Cash Flow, etc.), ensuring compliance with MCA requirements. |
| XBRL Costing Filing Creation | We prepare XBRL costing filings for companies required to submit cost records and cost audit reports, ensuring full compliance with Cost Audit Rules. |
| Filing with MCA | We ensure timely and accurate filing of XBRL financial statements and cost records with the Registrar of Companies (RoC) via the MCA portal. |
| Compliance Check and Review | We verify that your XBRL filings are correct, ensuring there are no errors and that all data is accurate before submission. |
| Timely Filing Management | We manage the filing deadlines and ensure that your XBRL reports are submitted within the stipulated timeframes to avoid penalties. |
Why Choose Us for XBRL Filing?
- Expertise and Experience: Our team has in-depth knowledge of XBRL filing regulations and ensures that your filings are accurate and compliant.
- End-to-End Services: From XBRL file creation to filing with RoC, we handle all aspects of the XBRL filing process.
- Timely Filing: We ensure your filings are completed before the due date, so you avoid penalties for late submissions.
- Cost-Effective Solutions: We offer competitive pricing for XBRL services, ensuring your compliance at a reasonable cost.
Contact Us
For expert assistance with XBRL annual filing, whether it’s for financial statements or cost records, contact Four Plus Legal Compliance today.