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xbrl software, best xbrl software By Saharsh Kanoria

  in Business Management | Published 2017-06-18 11:59:00 | 98 Reads | Unrated

Summary

XBRL or eXtensive Business Reporting Language is a file system where organizations are essential to tender their economic data to the Government. The Government adopts the important function of defending shareholder interests. It achieves this by sharing all data about organizations to prospective i

nvestors. The financial data thus collated is open to general public. This can be done using xbrl software, and one of the best xbrl software is designed by Adept Infoways.

Full Content

XBRL or eXtensive Business Reporting Language is a file system where organizations are essential to tender their economic data to the Government. The Government adopts the important function of defending shareholder interests. It achieves this by sharing all data about organizations to prospective investors. The financial data thus collated is open to general public. This can be done using xbrl software, and one of the best xbrl software is designed by Adept Infoways.

Ministry of Corporate Affai

rs (MCA) vide its General Circular No 09/2011 has Mandated certain class of Companies to file their Annual Financial Statements in XBRL format only. Therefore the companies falling under the defined category of MCA have to comply with this circular w.e.f. financial year 2011-12. Investors would be using this as a reference to make their decisions. So this brings us to the question-How do companies get their XBRL conversion done?

 

Applicability: In the first instance, the following type of companies will require to file their annual financial statements in XBRL format: · All companies listed in India & their subsidiaries including overseas subsidiaries · All companies having a paid up capital of Rs. 5 Crore or more & above or a Turnover of Rs. 100 Crore or above.
 

What documents need to be filed with MCA in XBRL format?

The following components of Annual reports need to be filed in XBRL Format: (a) Balance Sheet
(b) Profit and Loss Statement
(c) Cash Flow Statement
(d) Schedules related to Balance Sheet and Profit and Loss Statement
(e) Notes to Accounts
(f) Statement pursuant to Section 212 of the Companies Act, 1956 relating to subsidiaries
Please refer to MCA website for full details

Should the XBRL documents submitted to MCA be certified by an auditor?

XBRL documents filed with MCA (in their MCA21 portal) should be signed by:
(a) Signatories under Section 215 of Companies Act 1956 and
(b) the statutory Auditor

What steps are involved in filing XBRL documents with MCA?

Financial statements need to be filed in XBRL format in MCA21 Portal of MCA.
The steps involved are:
(a) Mapping: Mapping refers to the identification, for every piece of financial information in the report, of the most appropriate element in MCA’s taxonomy of accounting labels (in other words associating every data item with the most appropriate label in a dictionary of accounting labels). This would ensure that items disclosed carry a “standardized description” consistently understood by everyone (ignoring the way in which it is actually described in the report) based on sound accounting judgment that includes an understanding of the item disclosed and the notes relating to such an item. Mapping requires sound understanding of the data disclosed and a sound judgment on the most appropriate description of this item in a dictionary of standardized accounting terms.
(b) Tagging: Tagging refers to the creation of an XBRL instance document where each piece of financial information is “associated” with the most appropriate taxonomy element as identified during Mapping. An XBRL instance document is an XML file containing financial facts associated with tags from a standardized taxonomy of accounting terms. If any financial fact cannot be associated with any element in the standardized taxonomy of accounting terms, it is possible to create extensions to the taxonomy. Separate instance documents need to be created for the following:
(i) Stand Alone Balance sheet of the company
(ii) Stand Alone Profit and Loss Account of the company
(iii) Consolidated Balance sheet of the company (if applicable)
(iv) Consolidated Profit and Loss Account of the company (if applicable)
The instance document should contain the financial information for both the current as well as the previous financial year.
(c) Review, verify and validate the XBRL instance document: The XBRL instance document should be reviewed and verified by the Company and its auditors for appropriateness of disclosure. The document should be validated with MCA’s validation tool to ensure the output would eventually be acceptable to MCA (for structure/grammar of the XBRL document). Validation is a pre-requisite before filing and includes validation that the instance document is as per the latest and correct version of taxonomy prescribed by MCA; that all mandatory elements have been entered etc
(d) Scrutiny through tool: The next step is to scrutinize the document using the same tool. This would include server side validations and verification of the document through in built viewer.
(e) Prepare Form 23AC-XBRL (and attach Balance Sheet) and 23ACA-XBRL (and attach Profit and Loss account). Separate instance documents need to be attached for the Standalone financial statements and consolidated financial statements (if applicable).
(f) Submit Form 23AC-XBRL and Form 23ACA-XBRL at the MCA portal.

All the above can be done by XBRL software and the best XBRL Software is provided by Adept Infoways. Visit us at www.adeptinfoways.com for the best XBRL software FREE DEMO

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