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XBRL Filing

Suraj S (Audit Executive) (335 Points)

16 May 2011

Hi everyone,

I recently came to know the notification from MCA which says that the following 2 classes of companies have to file their statements in ROC from the F.Y. 2010-2011 in XBRL Format:

(i) All companies listed in India and their subsidiaries, including overseas subsidiaries;

(ii) All companies having a paid up capital of Rs. 5 Crore and above or a Turnover of Rs. 100 crore or above .

Now, can anybody tell me what is this XBRL Reporting ??? What shud i do to file the statements in this format???

Also i have a client which is a domestic public company having paid-up capital of 14 Crores...will this XBRL reporting be applicable to my client???

Thanks in advance.

Regards,

Suraj.S

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13 Replies

Jyotika (study study n study) (147 Points)
Replied 17 May 2011

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

Jayashree S Iyer (Company Secretary) (3224 Points)
Replied 17 May 2011

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.

Attached File : 244829 717377 circular 25 2011 12may2011.pdf downloaded: 1848 times

1 Like

CS Ankur Srivastava (Company Secretary & Compliance Officer) (17858 Points)
Replied 21 May 2011

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.

How do companies create statements in XBRL?

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.

(Guest)

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.

MEHUL SHAH (Auditing Taxation XBRL Training ) (440 Points)
Replied 08 October 2011

I am a Chartered Accountant and have 15 Companies for XBRL conversion. Our firm Rasesh Shah and Associates have bought a tool from www.taxorigin.com/xbrl.html for Rs. 9450/- for unlimited Companies which I have found to be cheapest till date. I have started filing and satisfied with their support.

The main thing I like about the Software is , it offers inputs in three ways :

1) Enter values into Taxonomy directly

2) Import Financial Statements into Software and use tagging and mapping for all figures

3) Fill up their pre-defined Excel Template and simply import into Software.

Other Softwares give only one of the above method.

For example, IRIS gives direct input values facility and it charges per Company.

Friends do not go for Software which just offers Excel Templates as you might encounter many errors while validation as there are around 70 Excel Sheets and it is very difficult for us to understand the relationships between all sheets.

Pashminu (CEO) (22 Points)
Replied 30 October 2011

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.

Anirudh B Balotiaa (Manager) (36 Points)
Replied 06 December 2011

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!

Madhur (N. A.) (151 Points)
Replied 06 December 2011

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

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

Vinayak S Bansal (CA Business) (69 Points)
Replied 25 October 2012

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

Aakar Verma (CA) (46 Points)
Replied 29 November 2012

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

CS Ankur Srivastava (Company Secretary & Compliance Officer) (17858 Points)
Replied 30 November 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!