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XBRL implementation

CA krishna Kamthe (Partner) (148 Points)

29 June 2011

Hi friends

As date for XBRL filling is coming near awareness is increasing. At this point many practical difficulties is coming specially tagging data to proper taxonomy item.

What care to take to choose Application Software?

This Topic is now open for discussion. Please post link, Article, Difficulty and solution here to share.

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11 Replies

Yogesh Shah (Managing Corporate Finance) (1051 Points)
Replied 02 July 2011

I also want to know PRACTICAL things about XBRL.

I read some articles on XBRL but still I have not got the clear picture on it.

As far as my knowledge is concerned, companies have to take help of software developers since I saw some demo videos on XBRL and noticed that lot of programming language has to be used in creation of XBRL documents.

In this scenario, our role is also IMP since software developers shall depend on us to a large extent. Defining appropriate relationships between various financial items, selecting suitable category etc. etc. is better known to us rather than them.

[ Does anybody have other things to share? If yes, please reply since one of our client is covered under XBRL category and in our office nobody knows about XBRL. I have taken it as a challenge and I want to prove myself ]

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CA krishna Kamthe (Partner) (148 Points)
Replied 02 July 2011

just assume the bar code as example for xbrl whatever benefit we are getting from bar code that and more than that will get from xbrl

it is giving refference to one item from different direction like

Just send me mail will share material

my mail id is ca.kkamthe @ gmail.com

CS Ankur Srivastava (Company Secretary & Compliance Officer) (17853 Points)
Replied 02 July 2011

Filing of Balance Sheet and Profit and Loss Account in XBRL Format

As such, now following class of companies are required to file their Balance Sheet and Profit and Loss Account in XBRL Format:-

Listed Companies and their subsidiaries;
Companies having paid up capital of Rs. 5 Crores and above;
Companies having turnover of Rs. 100 Crores and above.

However, banking, insurance, power Companies and NBFCs are exempt for XBRL Filing.

Time Limit

All companies, whose Balance Sheets are adopted in the Annual General Meeting held before 30.09.2011 are permitted to file upto 30.09.2011 without any additional filing fee. However, where companies hold the Annual General Meeting in the month of September 2011, they will file the Balance Sheet within 30 days from the date of adoption in the General Meeting as per section 220 of the Companies Act, 1956.

1- Creation of XBRL instance document:

A. Map company’s each financial statement element to a corresponding element in published taxonomy

Companies have the option to create their own XBRL documents in house or to engage a third party to convert their financial statements into XBRL form.

The first step in creation of an instance document is to do tagging of the XBRL taxonomy elements with the various accounting heads in the books of accounts of the company. This would create the mapping of the taxonomy elements with the accounting heads so that the accounting information can be converted into XBRL form.

B. Create instance document for Balance sheet and Profit and loss Account-

Once the tagging of financial statement elements with the published taxonomy elements is done, the next step is to create the instance document. An instance document is a XML file that contains business reporting information and represents a collection of financial facts and report-specific information using tags from the XBRL taxonomy.

Separate instance documents need to be created for the following:

Stand Alone Balance sheet of the company
Stand Alone Profit and Loss Account of the company

Consolidated Balance sheet of the company
Consolidated Profit and Loss Account of the company

The instance document should contain the financial information for both the current as well as the previous financial year.

Consolidated balance sheet and Profit and Loss instance documents to be created only in case the same is applicable to the company.

2 – Download XBRL validation tool from MCA portal

There shall be a tool provided at the MCA portal for validating the generated XBRL instance document. Validating the instance document is a pre requisite before filing the balance sheet and profit & loss account on MCA portal. You are required to download the tool from the MCA website and validate the instance document before uploading. There shall also be a facility to view and search the taxonomy.

3 – Use the tool to validate the instance document

Once the tool has been downloaded, the next step is to validate the instance document. The following validations shall be performed by the tool-

Validating that the instance document is as per the latest and correct version of taxonomy prescribed by MCA
All mandatory elements have been entered
Other validations as per taxonomy

4: Perform pre-scrutiny of the validated instance document through the tool

Once the instance document is successfully validated from the tool, the next step is to pre-scrutinise the validated instance document with the help of the same tool. For pre-scrutinizing the instance document, a working internet connection shall be required. In the Pre-scrutiny, the server side validations (i.e. validations which are to be validated from the MCA21 system) shall be performed.

Also, there shall be a feature provided in the tool to verify the appearance of the generated XBRL instance document using the built in Viewer. It is imperative that the company should use this feature to verify the accuracy of the instance document.

5: Attach instance document to the Form 23AC and Form 23ACA

There shall be a separate set of Form 23AC and Form 23ACA available on the MCA portal for filing in XBRL form. First fill up the Form 23AC and Form 23ACA. Thereafter, attach the validated and pre-scrutinised instance document for Balance sheet to Form 23AC. Similarly, the instance document for Profit and Loss account is to be attached to Form 23ACA. Separate instance documents need to be attached w.r.t. Standalone financial statements and consolidated financial statements.

6: Submitting the Form 23ACA and Form 23ACA on the MCA portal

After the forms are filled, you are required to perform pre-scrutiny of the form, sign the form and then upload the same as per the normal eForm filing process. It shall be validated that the attached instance documents are validated and pre-scrutinised from the XBRL validation tool.

Viewing of balance sheet and profit and loss submitted in XBRL form on MCA portal: The XBRL instance documents submitted along with Form 23AC and 23ACA are in machine readable format. Therefore, for viewing the same in a human readable format, these shall be converted into human readable format by the MCA21 system. For viewing the same on MCA21 portal and for taking certified copies of the same, these converted documents shall be made available.

Ministry has created a separate website for XBRL. The link is as under:-

https://xbrl.icai.org

Note:- MCA website is likely to have options for XBRL reporting by 15th of July. Specific notification will be made to enable stakeholders for early filing.

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CS Ankur Srivastava (Company Secretary & Compliance Officer) (17853 Points)
Replied 02 July 2011

MCA has issued a list of vendors from where the XBRL Software can be purchased. However, MCA is not recommending any of these vendors for XBRL Software/Training. MCA does not certify or authenticate the validity of the services offered by these vendors. Stakeholders are requested to apply their own judgment while negotiating with the vendors. This list has been published for awareness of stakeholders for their XBRL initiative”.

For list issued by MCA you can go through following link

https://xbrl.icai.org/wp-content/uploads/2011/06/resources1.pdf

rama krishna (student) (23 Points)
Replied 07 September 2011

Hi, This is Rama working as XBRL specialist. If you people having any doubt write to me, will give details about XBRL.

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Originally posted by : CA krishna Kamthe
	Hi friends As date for XBRL filling is coming near awareness is increasing. At this point many practical difficulties is coming specially tagging data to proper taxonomy item. What care to take to choose Application Software? This Topic is now open for discussion. Please post link, Article, Difficulty and solution here to share.

KDK Softwares provide XBRL conversion services in all over India and KDK is also deals in XBRL Software for all Chartered Accountants and Corporates.

Here you can purchase XBRL tool in affordable price, follow this link: https://www.mca.gov.in/XBRL/pdf/KDK_Softwares_%28I%29_Pvt_Ltd.pdf

CS.Balakumar.J (Practicing Company Secretary) (32 Points)
Replied 18 September 2011

Hi Friends,

Wait for a XBRL Conversion Software that would be less taxing on the professionals with its User Friendly Features. We, a Chennai based Firm of Company Secretaries through one of our Software Development Company, will be launching the product once the MCA comes out with the Verification Tool. The Product would be available on the net ( Cloud Computing - SaaS Model ) for an affordable reasonable subscripttion price.

We also undertake XBRL Conversion Service on per page / Company / per filing basis. Anyone interested in getting the Conversion Process done through outside Company Secretary and / or Chartered Accountant Professionals, that too through the Professionals who develop Software Products, we humbly submit that we are best suited to do such services. You may reach me at 98401 13064.