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Discussion > Corporate Law > MCA >

Filing Balance Sheet in XBRL format

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Self Employed


[ Scorecard : 857]
Posted On 04 April 2011 at 17:57 Report Abuse

4th April 2011

Dear Members

All listed companies, their subsidiaries including overseas subsidiaries and all companies having a paid up capital of Rs.5.00 crore and above or having a turnover of 100 crores and above have to file their Annual Accounts with ROC (MCA) (balance sheet, profit & loss account...etc) in XBRL format. This is applicable from the year 2010-11. Please refer general circular no.09 / 2011 dated 31st March 2011 issued by the Ministry (notification attached).

with regards

Muralidharan



Attached File : 53 xbrl 31mar2011.pdf downloaded 3960 times

Total thanks : 2 times

Online classes for CA CS CMA



CS Nikita Sheth
cs


[ Scorecard : 186]
Posted On 08 June 2011 at 13:23

thanks Sir for providing this valuable information.

But what confuse me is that whether we have to file Form 23 AC and ACA or not and  another thing i have recived the final taxnomony etc, but how to use it and how to fill up the financial informationa and how to submit the smae to ROC is anothe rconfusing area.


Kindly help me in this matter since its confuse me too much.Hope for ur kind reply.





Pothuganty sudheer
Consultant, C.A, C.S


[ Scorecard : 411]
Posted On 08 June 2011 at 16:16

New XBRL website has been posted in MCA website for this purpose.

It would solve your doubts.

With best wishes,




parag_0302
Commercial Executive (CA-Final) at BITS Pilani


[ Scorecard : 123]
Posted On 22 June 2011 at 15:44

Originally posted by : Pothuganty sudheer

New XBRL website has been posted in MCA website for this purpose.

It would solve your doubts.

With best wishes,

No sir It's not yet posted on MCA Website.




CS Ankur Srivastava
Company Secretary & Compliance Officer


[ Scorecard : 14931]
Posted On 01 September 2011 at 19:00

Filing in xbrl format and its practical aspects

 

As such, following class of companies are required to file their Balance Sheet and Profit and Loss Account in XBRL Format:-

 

1. Listed Companies and their subsidiaries;

2. Companies having paid up capital of Rs. 5 Crores and above;

3. Companies having turnover of Rs. 100 Crores and above.

 

However, banking, insurance, power Companies and NBFCs are exempt for XBRL Filing.

 

Time Limit :-

 

To provide adequate time and flexibility, time limit has been extended to 30th November, 2011.

 

All the above entities are allowed to file their balance sheet upto 30/11/2011 or within 60 days of their due date which ever is later.

 

Authentication of XBRL Document:-

 

Earlier it was decided that only Statutory Auditors will certify the XBRL document. However, it was further clarified that CA / CS/ CWA in whole time practice can certify XBRL documents.

 

1. Creation of XBRL instance document:

 

The Companies and professionals have an option either to obtain complete set of XBRL software or to obtain services of the IT companies / professionals having such XBRL software or access privilege of such software

 

After payment of requisite fee they can have their own user id. Then using that user id the financial statements can be converted into XNRL format. Using the same id Companies / Professionals can convert the financial statements of their Group Companies / Other Companies as well. However, additional fees is to be payable for each company data conversion.

 

A. Map Company’s each financial statement element to a corresponding element in published taxonomy

 

After user registration the next step is to MAP the company’s data into XBRL Taxonomy. Companies have the option to create by their own XBRL documents in house or to obtain the services of the owner of the software or the service provider to convert their financial statements into XBRL form.


Tagging is not a difficult task just to convert the language used in financial statement into the language used in Taxonomy for example:

 

1. First Instance:

 

In balance sheet the word used:- Reserve and Surplus

 

And the approved Taxonomy is :- Reserve & Surplus

 

So, you have to change the specified tab into Reserve&Surplus.

 

2. Second Instance:

 

In the profit and Loss Account the used word is Salaries.

And the approved Taxonomy is Salary & Wages.

So, you have to change the specified tab into Salary & Wages.

This process is called the tagging.

 

There are certain like above errors occurs while tagging the financial statements because in the financial statements Companies use specified Schedule VI and the taxonomy is created keeping in mind that Schedule VI.

 

The excel file is uploaded into XBRL software and it automatically convert the specific fields of financial statements into the Taxonomy specified fields and in case of any error as above, the system will automatically show error. You have to correct that error and save the respective page.

 

B. Create instance document for Balance sheet and Profit and loss Account-

 

Once the tagging of financial statement elements with the published taxonomy elements is done, the next step is to create the instance document. An instance document is a XML file that contains business reporting information and represents a collection of financial facts and report-specific information using tags from the XBRL taxonomy.

 

Separate instance documents need to be created for the following:

 

1. Stand Alone Balance sheet of the company

2. Stand Alone Profit and Loss Account of the company

3. Consolidated Balance sheet of the company

4. Consolidated Profit and Loss Account of the company

 

The instance document should contain the financial information for both the current as well as the previous financial year.

 

Consolidated balance sheet and Profit and Loss instance documents to be created only in case the same is applicable to the company.

 

All the instance documents are in machine readable format.

 

1 – Certify the instance Document created using XBRL software

 

The next step is to certify the instance document. As specified by the MCA now CA / CS / CWA in practice can certify the instance document by using their digital signature.

 

However, this validation is awaited from the Ministry.

 

2 – Download XBRL validation tool from MCA portal

 

There shall be a tool provided at the MCA portal for validating the generated XBRL instance document. Validating the instance document is a pre requisite before filing the balance sheet and profit & loss account on MCA portal. You are required to download the tool from the MCA website and validate the instance document before uploading. There shall also be a facility to view and search the taxonomy. 

 

3 – Use the tool to validate the instance document

 

Once the tool has been downloaded, the next step is to validate the instance document. The following validations shall be performed by the tool-

 

(a) Validating that the instance document is as per the latest and correct version of taxonomy prescribed by MCA

(b) All mandatory elements have been entered

(c) Other validations as per taxonomy

 

4- Perform pre-scrutiny of the validated instance document through the tool

 

Once the instance document is successfully validated from the tool, the next step is to pre-scrutinise the validated instance document with the help of the same tool. For pre-scrutinizing the instance document, a working internet connection shall be required. In the Pre-scrutiny, the server side validations (i.e. validations which are to be validated from the MCA21 system) shall be performed. 

 

Also, there shall be a feature provided in the tool to verify the appearance of the generated XBRL instance document using the built in Viewer. It is imperative that the company should use this feature to verify the accuracy of the instance document.

 

5- Attach instance document to the Form 23AC and Form 23ACA

 

There shall be a separate set of Form 23AC and Form 23ACA available on the MCA portal for filing in XBRL form. First fill up the Form 23AC and Form 23ACA. Thereafter, attach the validated and pre-scrutinised instance document for Balance sheet to Form 23AC. Similarly, the instance document for Profit and Loss account is to be attached to Form 23ACA. Separate instance documents need to be attached with respect to Standalone financial statements and consolidated financial statements.

 

6- Submitting the Form 23ACA and Form 23ACA on the MCA portal

 

After the forms are filled, you are required to perform pre-scrutiny of the form, sign the form and then upload the same as per the normal eForm filing process. It shall be validated that the attached instance documents are validated and pre-scrutinised from the XBRL validation tool.

 

Note:- Validation Tool of MCA is awaited.




Member (Account Deleted)
Taxation Software Developer


[ Scorecard : 182]
Posted On 12 September 2011 at 17:41

MCA Taxonomy and XBRL Instance Document

MCA has provided the Taxonomy which forms the basis for tagging financial and business information in XBRL. This Taxonomy is an electronic classification system of tags defining thousands of business reporting concepts (including Text) and their relationships.

XBRL Instance Document is the end result of how a preparer creates XBRL data. It contains report information typically complied from internal ERP or Financial reporting systems that have been marked up or tagged in XBRL.

eXBace is a One Stop Complete XBRL Software - On Document editing/Tagging, Quick Viewing, Advance Validating and Finally extensible reporting




Siva Sankar
BDM


[ Scorecard : 21]
Posted On 19 January 2012 at 15:09

Dear All:

It is my pleasure to write and introduce DataTracks to you.  

I would like to showcase to you how “We help you maximize the potential of XBRL filing business”

We are DataTracks India, a unit of TaurusQuest Services Private Limited, a global provider of accounting and related services to enterprises worldwide with several years’ track record in preparing regulatory filings in the United States and Europe. We have rich experience in accounting and XBRL technology.

DataTracks India is a recognized vendor for converting regulatory filings into XBRL format for filing with the Ministry of Corporate Affairs. We are an ISO 9001:2008 accredited enterprise for Quality and ISO 27001:2008 accredited enterprise for Security.

How we help you maximize the potential of XBRL filing business?

DataTracks India offers you three customized service offerings:

  • Standard Template:

                                                   Sign up on our website www.datatracks.in Feed in your financial data on the template. Extract the XBRL document. File the XBRL document with MCA. Who can use this service? Small size business unit with simpler financial statement with standard notes on accounts. Easy to operate. No training necessary.

 

  • Assisted Self-service:

                                                       Sign up on our website www.datatracks.in Upload your financial statement. Tag, Review. Extract the XBRL document.  File the XBRL document with MCA.Who can use this service? Mid-size business unit with medium complexity financial statements with non-standard line items and notes on accounts. Low cost, complete control with you and some training necessary.

 

  • Full Service:

Sign up on our website www.datatracks.in Upload your financial statement. We will take care of the rest, while you focus on to your core business activities. We would send you draft   output with reviewers guide to show you the Taxonomy tags chosen.  We would work with you to incorporate all revisions required by you and your auditors. Any number of time at no extra cost. When you are satisfied, use the output to file with MCA. Use our reliable expertise at competitive cost without losing control.

Visit us at www.datatracks.in to learn more about our service offerings. You may reach me at +91 9003050096 or mail me at siva @ datatracks.in

 

Reagrds,

Shiv

 

 

 




ARVINDAKSHAN AKSHAN
ACCOUNTS HEAD


[ Scorecard : 21]
Posted On 13 November 2014 at 12:58

Dear Sir

 

I have difference in opening balance in tally

 

how to rectify it



There are 7 Replies to this message






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