Applicability of Financial XBRL Reporting in India

The applicability is categorized as per the Indian Accounting Standards (IND AS), which are a set of accounting standards notified by the Ministry of Corporate Affairs which are converged with International Financial Reporting Standards (IFRS). So, now India has two sets of accounting standards viz. existing accounting standards under Companies (Accounting Standard rules, 2006) and IFRS converged Indian Accounting Standard.

XBRL Applicability in India

Companies following IND AS:

• Companies listed with stock exchanges in India.

• Companies having net worth of rupees 250 crore or more.

• Holding, subsidiary, joint venture or associate companies of above companies.

Companies following Non- IND AS:

• Companies having paid up capital of five crore rupees or above.

• Companies having turnover of one hundred crore rupees or above