XBRL Filing

check mca corrigendum in this regard, now only listed companies having so called paidup or turnover required to do XBRL filing

Agree with Jyotika. In the first phase, only listed companies having a paid up capital of 5 crores and above or a turnover of Rs.100 crores and above are required to do their filings in XBRL filing. MCA circular in this regard is attached.

Originally posted by : Suraj (Thirsty for KNOWLEDGE)
	Hi everyone,   Now, can anybody tell me what is this XBRL Reporting ??? What shud i do to file the statements in this format???        Regards, Suraj.S

What is XBRL?

XBRL is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data. XBRL stands for eXtensible Business Reporting Language. It is already being put to practical use in a number of countries and implementations of XBRL are growing rapidly around the world. XBRL offers major benefits at all stages of business reporting and analysis. The benefits are seen in automation, cost saving, faster, more reliable and more accurate handling of data, improved analysis and in better quality of information and decisionmaking. XBRL enables producers and consumers of financial data to switch resources away from costly manual processes, typically involving time-consuming comparison, assembly and re-entry of data. They are able to concentrate effort on analysis, aided by software which can validate and process XBRL information. XBRL is a flexible language, which is intended to support all current aspects of reporting in different countries and industries. Its extensible nature means that it can be adjusted to meet particular business requirements, even at the individual organization level.

There are a number of ways to create financial statements in XBRL:

• XBRL-aware accounting software products are becoming available which will support the export of data in XBRL form. These tools allow users to map charts of accounts and other structures to XBRL tags.
• Statements can be mapped into XBRL using XBRL software tools designed for this purpose
• Data from accounting databases can be extracted in XBRL format. It is not strictly necessary for an accounting software vendor to use XBRL; third party products can achieve the transformation of the data to XBRL.
• Applications can transform data in particular formats into XBRL. The route which an individual company may take will depend on its requirements and the accounting software and systems it currently uses, among other factors.

XBRL Filing

The idea behind XBRL is simple. Instead of treating financial information as static text – as in a standard internet page or a printed document – XBRL provides an identifying tag for each individual item of data, whether numeric or textual. This tag is computer readable and allows the information to be used interactively

           XBRL is the Financial and Operational business reporting offshoot of Extensible Markup Language (XML), which is a freely licensable, open technology standard (or Vocabulary) used to exchange business information electronically. XML is the universally preferred data descripttion language used to describe the storage, manipulation and exchange of data via the internet.

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.

Hi Suraj,

Yes, you can use any approved XBRL software. One of the best one available is from Tax Print with 100% money back guarantee. Check out: https://www.xbrlsoftwareservices.in 

Tax Print also, provides the XBRL software for Rs. 9,450/- inclusive of all taxes. 

Is there a need to view Instance Document before filing?

Of what I understand its a document which we cant make much sense of as it entirely technical.

If a tool has that option to view, will that be useful?

Thanks!

XBRL conversion at Rs.6,000/- only, and that too within 2 working days

Call +91-7588045666 or mail info @ govpro.in

eXBace ( XBRL Solution ) - Free Demo : As per Revised Schedule VI & Cost Audit Filing in XBRL Call : 09314614930

A Scheme on XBRL Filing Software till Before XBRL Filing due date of 2012.

Originally posted by : Anirudh B Balotiaa
	Is there a need to view Instance Document before filing? Of what I understand its a document which we cant make much sense of as it entirely technical. If a tool has that option to view, will that be useful?   Thanks!

Instant document can be viewed in PDF mode. After loading the instant document in validation tool, it can be converted into PDF and viewed as well.

 

XBRL Conversion Services @ 6,500/- Call 9723459572 or mail your Financial Statements at mehul @ raseshca.com

You can go through the following animated video I made for basic understanding of XBRL. 

https://www.youtube.com/watch?v=-TzYQ9yGPm8