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Hi! Friends greetings of the day to all of you. 

You are aware that XBRL filing of financial statements by a select class of companies for FY 2010-11 was mandated vide Ministry of Corporate Affairs. The e-forms were duly certified by CA/CS/CMA professionals for their completeness and correctness in representation with respect to audited financial statement of the company.

 

Mapping/Tagging- The backbone of XBRL Conversion:

 

The most crucial step in XBRL filling is to map(tag) the Financial Information from Financial Statements to XBRL taxonomy. XBRL taxonomy is not such a technical thing so that you are supposed to have a very good IT background, infact, the requirement is sound accounting knowledge i.e. to interpret what the Line Item is demanding. .The screen-shot below displays various line items like Inventories Raw Material, Inventories stores spares. In short ball Elements (see screen shot) against which figure is to be written are line items.

 

And Friends in XBRL we have to just  fill the figures only against such line items and it is very much similar to ROC Form . The  only difference is that we need to have have XBRL Conversion Software which will provide us the forms of various reports(schedules or notes to accounts) for example- Share Capital, Investments, Sundry Debtors and all other schedules/notes  which we attach with th Balance Sheet. . We just need to identify what the line item requires and accordingly fill up data against the same. 

 

But Yes, In XBRL we have to provide many information's in a detailed way.

 

Taxonomy for FY 2010-11(extract)

 

Elements Year
201 0- 11
Year
2009- 10
Inventories [abstract]
Inventories raw materials
Inventories stores spares
Inventories loose tools
Inventories work-in progress
Inventories contracts work-in progress
Inventories finished goods [abstract]
Inventories finished goods traded
Inventories finished goods manufactured
Inventories finished goods
Inventories transit
Inventories waste scrap
Inventories packing materials
Inventories intangible assets [abstract]
Inventories license
Inventories rights
Inventories other intangible assets
Inventories intangible assets
Inventories other
Share inventories joint venture
Inventories
Additional information regarding inventories [abstract]
Details of inventories in transit
Provision obsolescence
Other details regarding inventories 

 

Now lets have a look on what is correct mapping and what is incorrect mapping(tagging)

 

INCORRECT USAGE OF TAGS

 

A. When appropriate taxonomy element is available
Line Item Tag Used (label) Correct Tag (label)
Secured Cash Credit from Banks Term Loan Working Capital Loans Banks Secured
Investment in Quoted Equity Shares Unutilized Money Equity Securities Long Term Quoted
Bad debts written off Other Provisions Created Bad debts Advances written off
Investment (joint Venture) Equity securities long-term unquoted non-trade Investment joint ventures
Power and fuel expenses Electricity expenses Cost power fuel
Advertising and Brand marketing Travelling conveyance Advertising and promotional expenses
Travelling and conveyance Legal professional charges Travelling conveyance
Purchase/sale of Fixed Assets Purchase other Assets, Proceed disposal other assets Purchase tangible fixed Assets, Proceeds sale disposal tangible fixed assets

 

B. Incorrect tagging/inaccurate disclosures
Line Item Tag Used Correct Tag Remarks
Stock Differential-(Decrease)/lncrease Not tagged separately Increase decrease inventories Clubbed with ‘Other expenditure’.
Salaries, Wages & Bonus Tagged as zero Amount is Rs. 92,539,039 It is a mandatory tag. Clubbed with ‘Other expenditure’.
Power, Fuel, Water & Gas Tagged as zero Amount is Rs. 248,737,864 Clubbed with ‘Other expenditure’.
Manufacturing Cost Tagged as zero   Clubbed with ‘Other expenditure’. It is a manufacturing company.
RAW MATERIALS CONSUMED Opening Stock Not tagged Stock of Raw Materials, Opening Balance Given as part of footnote to ‘Raw Materials Consumed’
RAW MATERIALS CONSUMED Add: Purchases Not tagged Purchase raw materials during year
RAW MATERIALS CONSUMED Less: Closing Stock Not tagged Stock of Raw Materials, Closing Balance
Deferred Tax Liability (Net) Net Deferred Tax Assets Deferred Tax Liability Tagged with negative sign.
Deferred tax liabilities(Net) Deferred tax liability depreciation Deferred tax asset other, Deferred tax asset VRS payment, Deferred tax asset provision for doubtful debts, etc. Disaggregated disclosures all consolidated into ‘Deferred tax liability depreciation’

 

GENERAL XBRL FILING ERRORS

 

Errors Observation
Cash Flow Statement not tagged The Cash Flow Statement for FY 2010-11 is available in the Audited Financial Statements (PDF file). However, the same has not been tagged in XBRL financial statements filed at MCA portal.
Information of all subsidiaries not provided in XBRL financial statements Information about one Subsidiary has been tagged in XBRL financial statements whereas the Company had nine Subsidiaries.
Information of all related party transactions not provided in XBRL financial statements Related Party Disclosures have not been tagged in XBRL financial statement.
Parenthetical (additional disclosures) information not tagged in XBRL financial statements Aggregate Market Value of Investments not provided by way of footnote. Additional information on Issued, Subscribed & Paid up Share Capital not explained by way of footnote. ( Footnote is made available with every report by the software so that any textual information with or without figures can be given(as we see in Annual Reports of the company under the head Additional Notes to Financial Statements)
Footnotes not tagged in XBRL financial statements. Footnotes on Share Capital, Secured Loan, Reserve and Surplus, unsecured loan-Fixed deposits, Investments, Fixed Assets, Security deposit, etc. have not been tagged. Footnote on “Investments” has not been given.
Different presentation in PDF and XBRL filings The Annual Report presented before the shareholders the figures were presented in Rs. Thousands whereas in the XBRL documents the figures were provided in Rs. Lakhs.
Incorrect usage of Footnote Director’s Report provided by way of footnote whereas separate tags are available for tagging of Directors’ Report. Similarly, for Auditors’ Report, Significant Accounting policies, Unsecured Loan, Current Liabilities, etc. Footnote has been incorrectly used.

 

Any Sort of Comments and Suggestions are heartily welcomed.

 

Saurabh Chokhra

CRO0310510, Ahmedabad

Email: saurabhchokhra92@gmail.com

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