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Require XBRL Software

kiran (CA FINAL) (80 Points)

15 July 2011

Dear Experts

as all of u know mandatory fiing of bs,P&L in xbrl format.. any one give me details of how to convert financial statements to xbrl format. all useful links, free softwares

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6 Replies

(Guest)

Sorry Kiran there are no free or demo softwares for XBRL.(as per my knowledge)

You should have good concepts in order to be able to convert any simple financial statement into XBRL form.

In simple steps it is as following:

Export the financial statements in excel format to the XBRL software.
After you have exported, define the nature of each and every item, but remember to be very SPECIFIC. (for example, if you are given Authorised Share Capital - 1000 shares of100 each , so now you have to decide that what is its nature, whether it is AUTHORISED EQUITY SHARE CAPITAL or is it AUTHORISED PREFERENCE SHARE CAPITAL or is it AUTHORISED TOTAL SHARE CAPITAL. So when i told you to be SPECIFIC while defining the nature of items ( which is called TAGGING) the best option to tagg here is AUTHORISED EQUITY SHARE CAPITAL)
Once you are done with the tagging, (which is according to the Indian GAAP, you have direct links to file the same in the MCA websites, or income tax websites etc.

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(Guest)

One more thing that window dressing is very tough in XBRL software! It catches all types of errors

(Guest)

Hi There,

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:

eXBace is a solution for converting and filing Financial Information of the Company in XBRL Format as per MCA mandate
eXBace is a One Stop Complete XBRL Software - On Document editing/Tagging, Quick Viewing, Advance Validating and Finally extensible reporting
eXBace is an Intelligent Solution that enables automated processing of business information and hence cut out laborious and costly processes of manual re-entry and comparison.
Improve the overall quality and accuracy of data obtained from companies.
Reduce potential errors from manual entry through machine transfers of reporting information.
Increase the speed at which financial decision can be made by analysts, investors, lenders rating agencies etc.

XBRL Software is not available in free of cost. You must have to pay for this and you can get affordable price of XBRL from here: https://www.mca.gov.in/XBRL/pdf/KDK_Softwares_%28I%29_Pvt_Ltd.pdf

karthikeyan (XBRL Software Consultant) (37 Points)
Replied 08 May 2012

Hi Every Body This is KarthiKeyan.K From XBRL SOLUTIONS from Chennai. We are Converting 23AC and 23 ACA for absolutely free. 0 Rupees. if any one want any help in XBRL Conversion kindly Contact us NAME: KARTHIKEYAN.K EMAIL:GLOBALXBRLSOLUTIONS @ GMAIL.COM MOBILE: 9962038376 9092080955

Madan (E-Commerce Manager) (22 Points)
Replied 19 July 2012

As far as I know there are no free XBRL software available in the market. But you can try the Self-service tool offered by DataTracks. Through this Self-service, users can upload their financial statements in Microsoft Word format; invoke the taxonomy and set up XBRL tags for every line item and extract the financial statement in XBRL format for a price of Rs 1000 /- per entity for the first two entities. DataTracks has a track record in the XBRL in both US and UK geographies. DataTracks is a reliable service provider for cost-effectively XBRL services in India.