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XBRL Filing Made Easy
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XBRL is a data-featured language of XML (Extensible Markup Language), the globally favored language for communicating information through Internet. It was developed precisely to communicate information between businesses and other stakeholders of financial information, such as analysts, investors and regulators. XBRL sets the ground for a common, electronic language format for business reporting. It does not change what is being reported. It only changes how it is reported.
XBRL is widely regarded as a world-wide standard, developed by an international, non-profit-making consortium. In XBRL, information is not considered as a static block of text or set of numbers.
In its place, information is wrecked down into unique items of data (eg total liabilities = 100). These data items are then assigned mark-up tags that make them computer-friendly. For example, the tag
Computers can process information that has been tagged employing XBRL ‘intelligently’; they can identify process, store, and exchange and analyze it automatically using software.
Since XBRL tags are created in a universally-recognizedmanner, they can be delivered and processed by any computer containing XBRL software. XBRL tags are defined and organized using categorization schemes known as taxonomies.Different countries employ different accounting standards. Reporting under each standard reproduces divergent definitions. The XBRL language counts on different dictionaries, called ‘taxonomies’, to describe the specific tags used for each standard.
Benefits of XBRL
In regard to business reporting and analysis, XBRL offers a range of benefits. These benefits are clearly visible in the form of automation, cost saving, faster, more reliable and more accurate handling of data, enhanced analysis and improved quality of information and decision-making.
XBRL filing is applicable to:
Companies Exempt from XBRL requirements:
Which companies should file in XBRL format with Ministry of Corporate Affairs?
The MCA requirement of filing annual reports in XBRL format applies to:
(a) All public companies listed in a stock exchange in India and their Indian subsidiaries
(b) All private companies with a turnover of Rs 100 crores or more or paid up capital of INR 5 crores or more (other than banking companies, insurance companies, power companies and NBFCs)
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
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 do you mean by tags?
XBRL is a collection of standardized, machine-readable “tags” for line items in financial statements, including footnotes and schedules. Using XBRL, each line in a financial statement is assigned a standardized data tag. XBRL is a standards-based way to communicate business and financial information. These communications are defined in the taxonomies. Taxonomies capture the definition of individual reporting concepts as well as the relationships between concepts and other semantic meaning.