XBRL Filing Manual in MCA

Filing Manual

Steps for filing financial statements in XBRL form in MCA21 system

Step 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.

Mapping is the process of comparing the concepts in the financial statements to the elements in the published taxonomy, assigning a taxonomy element to each financial statement concept.

Selecting the appropriate elements for some financial statement elements may require a significant amount of judgment. For that reason those in the company who are most familiar with the financial statements should be involved in matching financial statements concepts to taxonomy elements. The mapping should be reviewed before proceeding further as the complete reporting would be dependant on the mapping.

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.

It is to be noted that no extensions to the core Taxonomy will be allowed.

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$(iv)   Consolidated Profit and Loss Account of the company$

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.

The following are the specifications to be followed while preparing the instance document –

• An XBRL instance document must be schema valid according to all schemas in the DTS
• The scheme element in the context must be http://www.mca.gov.in/CIN

The value of identity element in the context must all be x-equal and must be the CIN of the company.

• Context must not have segment or scenario element present
• An instance must not contain duplicate xbrli:context elements.
• Every xbrli:context element must appear in at least one contextRef attribute in the same instance.
• An instance must not have more than one fact having the same element name and equal contextRef attributes
• All monetary facts must have the same unitRef attribute.
• The facts corresponding to a single concept must not have contextRef attributes pointing to contexts with overlapping time period. In case of periodType=”instant”, it means to have same date, and in case of periodType=”duration”, it means to have a duration that overlap. For example: The following contexts have overlapping duration, this would not be allowed.

<xbrli:context id=”D2010″>
    <xbrli:entity>
      <xbrli:identifier scheme=”http://www.mca.gov.in/CIN”>L24223MH1946PLC005434</xbrli:identifier>    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2009-04-01</xbrli:startDate>
      <xbrli:endDate>2010-03-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>
  <xbrli:context id=”I2010″>
    <xbrli:entity>
      <xbrli:identifier scheme=”http://www.mca.gov.in/CIN”>L24223MH1946PLC005434</xbrli:identifier>    </xbrli:entity>
    <xbrli:period>
      <xbrli:startDate>2009-08-01</xbrli:startDate>
      <xbrli:endDate>2010-07-31</xbrli:endDate>
    </xbrli:period>
  </xbrli:context>

• A link:footnoteLink element must have no children other than link:loc, link:footnote, and link:footnoteArc.
• A link:footnoteLink link:loc xlink:href attribute must start with the sharp sign “#”.
• Every nonempty link:footnote element must be linked to at least one fact
• Non significant digits for values for numeric facts MUST be equal to “0″.
• An instance document must not contain unused units
• If the unescaped content of a fact with base type nonnum:escapedItemType contains the “<” character followed by a QName and whitespace, “/>” or “>”, then the un-escaped content must contain only a sequence of text and XML nodes. <eg:AcidityTextBlock> pH&lt;1.0 </eg:AcidityTextBlock> 
• The value of a fact must be in plain text. HTML/RTF are not allowed
• A fact is defined to have a footnote if it has an id attribute and a link:footnoteArc to a nonempty link:footnote in the same instance.
• A link:footnoteLink element must have no children other than link:loc, link:footnote, and link:footnoteArc.
• Every nonempty link:footnote element must be linked to at least one fact
• The filing is required to reference certain recognized schemas and linkbase. Filings must always refer to recognized files at the specified URI locations. A reference to a local copy will not be allowed.
• In an instance, the sub-elements of a tuple must have the contextRef attribute with values x-equal to each other.
• The xsi:nil=”true” attribute must be used only to convey a value that is different from both “zero” and different from not reporting the fact at all, or to identify a fact detailed only by a link:footnote.
• The value of the decimals/precision attribute of a fact must correspond to the accuracy of the corresponding amount as reported in the financial statements.
• The content of a numeric fact never has a scale factor
• When choosing the most appropriate element for facts in one or more periods, the element’s xbrli:periodType attribute takes precedence over the type attribute, which takes precedence over the element’s documentation string, which in turn takes precedence over the label string, which in turn takes precedence over link:reference elements.
• Do not define or use units that imply a scale factor on a currency.
• Text that is shown in the financial statements at the bottom of a page or at the bottom of a table preceded by a superscript must appear in the instance as the text of a link:footnote element.
• Each unit should appear with only one scale factor in a given instance.
• Every numeric fact (such as ‘Number of shares’) must also have an associated unit (e.g. xbrli:shares) and the unit must be declared.
• XBRL document names must be unique in the disclosure system
• Filers must use one of the taxonomies as specified in the disclosure system as their standard taxonomy.
• Encoding of all XBRL documents must be “UTF8“
• The xbrli:xbrl element must not have any facts with the precision attribute.
• Priority for selection of element must be in following order, Period type, data type, documentation, label and reference.

C.        Review and verify the instance document

Once the instance document is prepared, it needs to be ensured that the instance document is a valid instance document and all the information has been correctly captured in the instance document.

Step 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. 

Step 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

Step 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.

Step 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.

Step 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 

XBRL Glossary

abstract

An attribute of an element to indicate that the element is only used in a hierarchy to group related elements together. An abstract element cannot be used to tag data in an instance document.

attribute

A property of an element such as its name, balance, data type, and whether the element is abstract. Attributes of XBRL US GAAP Taxonomy elements cannot be changed.

authoritative reference

Citations to specific authoritative accounting literature (pronouncements, standards, rules, and regulations) derived from various authoritative sources (Securities and Exchange Commission, Financial Accounting Standards Board, American Institute of Certified Public Accountants, etc.) and used to help define an element.

axis (pl. axes)

An instance document contains facts; an axis differentiates facts and each axis represents a way that the facts may be classified. For example, Revenue for a period might be reported along a business unit axis, a country axis, a product axis, and so forth.

axis-default relationship

The dimensional relationship indicating that the table axis has a default domain member. In the XBRL US GAAP Taxonomies 1.0, the default is always the domain element.

axis-domain relationship

The dimensional relationship indicating that the table axis has members drawn from a domain.

balance

An attribute of a monetary item type designated as debit, credit, or neither; a designation, if any, should be the natural or most expected balance of the element – credit or debit – and thus indicates how calculation relationships involving the element may be assigned a weight attribute (-1 or +1).

calculation relationships

Additive relationships between numeric items expressed as parent-child hierarchies.

concept

XBRL technical term for element.

context

Entity and report-specific information (reporting period, segment information, and so forth) required by XBRL that allows tagged data to be understood in relation to other information.

decimal

Instance document fact attribute used to express the number of decimal places to which numbers have been rounded.

definition relationships file

Technical term for dimensional relationships file.

dimension

XBRL technical term for axis.

domain

An element that represents an entire set of other elements; the domain and its members are used to classify facts along the axis of a table. For example, “Arkansas” is a domain member in the domain “States,” and would be used to classify elements such as revenues and assets in Arkansas as distinct from other states. When a fact does not have any domain member specified, that means it applies to the entire domain.

domain member

An element representing one of the possibilities within a domain.

domain-member relationship

Dimensional relationship indicating that a domain contains the member.

element

XBRL components (items, domain members, dimensions, and so forth). The representation of a financial reporting concept, including: line items in the face of the financial statements, important narrative disclosures, and rows and columns in tables.

element definition

A human-readable description of a reporting concept. From an XBRL technical point of view, the element definition is the label with the type “documentation,” and there are label relationships in a label relationships file, but from a user point of view the definition is an unchangeable attribute of the element.

extension taxonomy or extension

A taxonomy that allows users to add to a published taxonomy in order to define new elements or change element relationships and attributes (presentation, calculation, labels, and so forth) without altering the original.

face of the financial statements

Financial statements without the notes or schedules.

fact

The occurrence in an instance document of a value or other information tagged by a taxonomy element.

hierarchy

Trees (presentation, calculation, and so forth) used to express and navigate relationships.

hypercube

XBRL technical term for a table.

imputed value

A value that is not specifically provided but could be calculated based on other provided numbers and calculation weights.

instance or instance document

XML file that contains business reporting information and represents a collection of financial facts and report-specific information using tags from one or more XBRL taxonomies.

item

XBRL technical term for a kind of element.

label

Human-readable name for an element; each element has a standard label that corresponds to the element name, and is unique across the taxonomy.

label type

A distinguishing name for each distinct element indicating the circumstances in which it should be used; each is given a separate defining role to use in different presentation situations.

line item

Elements that conventionally appear on the vertical axis (rows) of a table.

linkbase

XBRL technical term for a relationships file.

mapping

Process of determining the elements that correspond to lines and columns in a financial statement and which elements must be created by extension.

name

Unique identifier of an element in a taxonomy.

namespace

Every element has a Universal Resource Identifier (URI) that identifies the organization that maintains the element definitions, with an indication of what the term covers. In the XBRL US GAAP Taxonomy, namespaces start with http://xbrl.us/us-gaap/. A namespace prefix is not the namespace.

nillable

An attribute that appears on all taxonomy elements, and is used (false) on elements that, if used in an instance document, must have a non-empty value. XBRL taxonomy tools normally have the default value for nillable as “true.” There is no need for any extension to define an element with nillable “false.”

parent-child hierarchy

Relationship between elements that indicates subordination of one to the other as represented in a print listing or financial statement presentation. Relationships files use parent-child hierarchies to model several different relationships, including presentation, summation of a set of facts, and membership of concepts within a domain used as the axis of a table.

period type

An attribute of an element that reflects whether it is reported as an instant or duration time period.

prefix or namespace prefix

A shorthand sequence of letters for a namespace; “us-gaap,” for example, is a common prefix for the namespace http://xbrl.us/us-gaap/2008-01-31.

presentation relationships

Relationships that arrange elements allowing them to navigate the taxonomy content in parent-child tree structures (hierarchies).

render or rendering

To process an instance document into a layout that facilitates readability and understanding of its contents.

scaling

A process that automatically scales numeric data by value, thus saving time of entering zeros during the entry or creation process. XBRL does not support the scaling of numeric values (all values must be reported in their entirety); however, it is a feature commonly found in instance document creation software.

scenario

Tag that allows for additional information to be associated with facts in an instance document; this information encompasses in particular the reporting circumstances of the fact, as for example “actual or forecast.” The scenario of any fact can be left unspecified.

schema

Technical term for an element declaration file.

segment

Tag that allows additional information to be included in the context of an instance document; this information captures segment information such as an entity’s business units, type of debt, type of other income, and so forth.

sign value

Denotes whether a numeric fact in an instance has a positive (+) or negative (-) value.

standard label

The default label for an element. An extension may override the standard label.

table

An element that organizes a set of axes and a set of line items to indicate that each fact of one of the line items could be further characterized along one or more of its axes. For example, if a line item is Sales and an axis is Scenario, this means that an instance document could have facts that are either for an unspecified scenario or for a specific scenario such as “actual or forecast.”

tag (noun)

Identifying information that describes a unit of data in an instance document and encloses it in angle brackets (<> and ). All facts in an instance document are enclosed by tags that identify the element of the fact.

tag (verb)

To apply tags to an instance document.

taxonomy, taxonomies

Electronic dictionary of business reporting elements used to report business data. A taxonomy is composed of an element names file (.xsd) and relationships files directly referenced by that schema. The taxonomy schema files together with the relationships files define the concepts (elements) and relationships that form the basis of the taxonomy. The set of related schemas and relationships files altogether constitute a taxonomy.

type or data type

Data types (monetary, string, share, decimal, and so forth) define the kind of data to be tagged with the element name.

unit of measure

The units in which numeric items have been measured, such as dollars, shares, Euros, or dollars per share.

validation

Process of checking that instance documents and taxonomies correctly meet the rules of the XBRL specification.

weight

Calculation relationship attribute (-1 or +1) that works in conjunction with the balance of the parent and child numeric elements to determine the arithmetic summation relationship

Benefits of XBRL

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 decision-making. All types of organisations can use XBRL to save costs and improve efficiency in handling business and financial information.  Because XBRL is extensible and flexible, it can be adapted to a wide variety of different requirements.  All participants in the financial information supply chain can benefit, whether they are preparers, transmitters or users of business data.

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 manipulate XBRL information.

Data Collection and Reporting

By using XBRL, companies and other producers of financial data and business reports can automate the processes of data collection.  For example, data from different company divisions with different accounting systems can be assembled quickly, cheaply and efficiently if the sources of information have been upgraded to using XBRL.  Once data is gathered in XBRL, different types of reports using varying subsets of the data can be produced with minimum effort.  A company finance division, for example, could quickly and reliably generate internal management reports, financial statements for publication, tax and other regulatory filings, as well as credit reports for lenders.  Not only can data handling be automated, removing time-consuming, error-prone processes, but the data can be checked by software for accuracy.

Data Consumption and Analysis

Users of data which is received electronically in XBRL can automate its handling, cutting out time-consuming and costly collation and re-entry of information.  Software can also immediately validate the data, highlighting errors and gaps which can immediately be addressed.  It can also help in analysing, selecting, and processing the data for re-use.  Human effort can switch to higher, more value-added aspects of analysis, review, reporting and decision-making.  In this way, investment analysts can save effort, greatly simplify the selection and comparison of data, and deepen their company analysis.  Lenders can save costs and speed up their dealings with borrowers.  Regulators and government departments can assemble, validate and review data much more efficiently and usefully than they have hitherto been able to do.

What is XBRL?

XBRL is a data-rich dialect of XML (Extensible Markup Language), the universally preferred language for transmitting information via the Internet. It was developed specifically to communicate information between businesses and other users of financial information, such as analysts, investors and regulators. XBRL provides a common, electronic format for business reporting. It does not change what is being reported. It only changes how it is reported

XBRL is a world-wide standard, developed by an international, non-profit-making consortium, XBRL International Inc. (XII). XII is made up of many hundred members, including government agencies, accounting firms, software companies, large and small corporations, academics and business reporting experts. XII has agreed the basic specifications which define how XBRL works.

XBRL tags

In XBRL, information is not treated as a static block of text or set of numbers.

Instead, information is broken down into unique items of data (eg total liabilities = 100). These data items are then assigned mark-up tags that make them computer-readable. For example, the tag <Liabilities>100</Liabilities> enables a computer to understand that the item is liabilities, and it has a value of 100.

Computers can treat information that has been tagged using XBRL ‘intelligently’; they can recognize, process, store, exchange and analyse it automatically using software.

Because XBRL tags are formed in a universally-accepted way, they can be read and processed by any computer that has XBRL software. XBRL tags are defined and organized using categorization schemes called taxonomies.

XBRL taxonomies

Different countries use different accounting standards. Reporting under each standard reflects differing definitions. The XBRL language uses different dictionaries, known as ‘taxonomies’, to define the specific tags used for each standard. Different dictionaries may be defined for different purposes and types of reporting. Taxonomies are the computer-readable ‘dictionaries’ of XBRL. Taxonomies provide definitions for XBRL tags, they provide information about the tags, and they organize the tags so that they have a meaningful structure.

As a result, taxonomies enable computers with XBRL software to:

• understand what the tag is (eg whether it is a monetary item, a percentage or text);
• what characteristics the tag has (eg if it has a negative value);
• its relationship to other items (eg if it is part of a calculation).

This additional information is called meta-data. When information that has been tagged with XBRL is transmitted, the meta-data contained within the tags is also transmitted.

Taxonomies differ according to reporting purposes, the type of information being reported and reporting presentation requirements. Consequently, a company may use one taxonomy when reporting to a stock exchange, but use a different taxonomy when reporting to a securities regulator. Taxonomies are available for most of the major national accounting standards around the world.

XBRL & IXBRL SOLUTIONS FOR SEC, USA & HMRC CT-UK FILLINGS

We are a Delhi, India based professionally managed and innovative corporate law service provider firm, with a multi-disciplinary focus providing top quality professional Consultancy Services keeping in mind the rapidly changing Indian and corporate world business environment with strictest and highest quality of independence and ethical standards to our various clients. We got accreditation for XBRL and IXBRL conversion, tagging, fillings, consultancy and trainings from our channel partners SOFTPARK 21 (INDIA) who has domain expertise and only recognized Indian Company for HMRC -UK and has successfully implemented the US GAAP, UK GAAP, IFRS and Custom-XBRL taxonomies in a report filing project and maintained that taxonomy for a period of 2 to 3 years. 

PNJ Legal Consultants is committed to help its clients by providing top quality and innovative business solutions by early identification of business risks and timely remedial action so that they can manage and respond to business risks that add value and contribute to their overall business growth and to establish a single window for corporate to obtain expert consultancy towards their business needs.

1.                 CONVERSION TO XBRL DATA for SEC filings of USA and iXBRL DATA for HMRC CT Filings of UK

iXBRL is the name for the format in which all future HMRC CT filings will have to be made. iXBRL is hybrid that combines the XBRL data tags with HTML formatting that make it possible to view an accurate reproduction of the accounts in a web browser.

The iXBRL tags are embedded in the XHTML version of your computation in such a manner that the browser displays the tax computation only, and ignores the XBRL tags. Its purpose is to maintain independent presentation of statutory accounts so that your electronic filing is not different to a paper copy.

 

 

 

Step 1. Request an XBRL Translation of a Financial Report

A company contacts us to request an XBRL translation of its financial statements. With our tagging platform, tags are automatically applied to the company’s financial statements (income statement, balance sheet, statement of cash flows and statement of shareholders’ equity) based on established business rules. A random manual inspection is subsequently performed by our team of taxonomy experts to quality check for any exceptions. The company then receives an intuitive XBRL proof in RIF’s format containing the translated core financial statements. On the proof, each line item is assigned an XBRL tag, followed by the definition and other relevant details of that tag in a property box. The company reviews the definitions to make sure each tagged line item is accurately described. Once the XBRL tags are mapped for a company’s core financials, the tag mapping can be reused, reducing the lead time on subsequent filings.

Step 2. Review and Validate

The company may have comments or question about some of the assigned tags. We will recommend alternate tags or create the appropriate extension for a company in line with concerned regulators specifications.

Step 3. File with the concerned statutory compliance body

We provide XBRL output files ready for filing to concerned regulatory body. This 3-step program is extremely efficient, accurate and simple for first time XBRL filers.

 

Our Partner Ms Neha Jain also got accredition from Softpark

Our Partner Ms Neha Jain also got accredition from Softpark

XBRL ACCREDITION FROM SOFTPARK

XBRL ACCREDITION FROM SOFTPARK

XBRL SOLUTIONS for MCA, SEBI and RBI FILLINGS

XBRL SOLUTIONS for MCA, SEBI and RBI FILLINGS

                                                                                                           

We are a Delhi, India based professionally managed and innovative corporate law service provider firm, with a multi-disciplinary focus providing top quality professional Consultancy Services keeping in mind the rapidly changing Indian and corporate world business environment with strictest and highest quality of independence and ethical standards to our various clients. PNJ Legal Consultants. LLP got accreditation for XBRL and IXBRL conversion, tagging, fillings, consultancy and trainings from our channel partners SOFTPARK 21 (INDIA) who has domain expertise and only recognized Indian Company for HMRC -UK and who has successfully implemented the US GAAP, UK GAAP, IFRS and Custom-XBRL taxonomies in a report filing project and maintained that taxonomy for a period of 2 to 3 years. 

Contact us for any further information at parascs@gmail.com or visit website www.pmandassociates.in

PNJ Legal Consultants L.L.P is focussed on:

1. High quality XBRL documents – we follows the maker-checker approach for XBRL document creation combined with multiple layers of quality checks.

2. Expertise & understanding of both XBRL taxonomies and client specific needs

3. A strong pool of XBRL analysts with experience in handling documents across all industries and complexities

4. Our in-house XBRL tool Proton will validate the XBRL filing against the MCA filing and business rules ensuring perfect compliance

5. Emphasis on client confidentiality and information security

Contact us for any further information at parascs@gmail.com.

1. CONVERSION SERVICES TO XBRL DATA

Financial statements in XBRL format for companies' filing with Ministry of Corporate Affairs.

Companies that are listed or having revenue in excess of Rs 100 crores or paid up capital in excess of Rs 5 crores need to file financial statements in XBRL format with MCA.

Regulatory filings in XBRL format for Mutual Funds' filing with SEBI

SEBI is planning to mandate Mutual Funds to file all regulatory and other filings into SUPER-D (SEBI Unified Platform for Electronic Reporting-Dissemination) in XBRL format.

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

Mapping is the process of comparing the concepts in the financial statements to the elements in the published taxonomy, assigning a taxonomy element to each financial statement concept.

Selecting the appropriate elements for some financial statement elements may require a significant amount of judgment.

MCA Taxonomy

The taxonomy developed by the MCA. The taxonomy is based on Schedule VI requirements, Accounting Standards issued by ICAI, MCA specific requirements and other regulatory requirements.

Tagging

It is the process of assigning tags (referred as elements in taxonomy) from the taxonomy  to the company specific reporting concepts. Along with XBRL tags, other information like reporting period, currency, scale etc. also needs to be specified for all the reported concepts which are to be included in the taxonomy.  Tagging required appropriate selection of elements from the taxonomy based on its attributes, documentation and relationships with other elements

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.

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.

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

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

PNJ Legal Consultants L.L.P is focussed on:

1. High quality XBRL documents – we follows the maker-checker approach for XBRL document creation combined with multiple layers of quality checks.

2. Expertise & understanding of both XBRL taxonomies and client specific needs

3. A strong pool of XBRL analysts with experience in handling documents across all industries and complexities

4. Our in-house XBRL tool Proton will validate the XBRL filing against the MCA filing and business rules ensuring perfect compliance

5. Emphasis on client confidentiality and information security

Different countries use different accounting standards. Reporting under each standard reflects differing definitions. The XBRL language uses different dictionaries, known as ‘taxonomies’, to define the specific tags used for each standard. Different dictionaries may be defined for different purposes and types of reporting. Whether your interest lies in creating instance documents, defining relationship hierarchies or building extension taxonomies, our comprehensive training offerings incorporate real-world examples and industry best practices to help bridge the gap between theory and implementation. Recognizing the strategic importance of data quality and process efficiency, our team of experienced project managers and technical consultants is uniquely positioned to deliver tried and tested solutions to your financial and business reporting requirements.

Understanding the Indian GAAP Taxonomy (MCA/ICAI C&I) is critical to producing accurate, consistent XBRL-formatted financials for filing at MCA.

This informative, hands-on program is geared to external reporting professionals who are new to XBRL. We are working in partnership with SoftPark 21 - the only Indian company recognized by HMRC – UK. Our expert trainers are skilled professionals who have years of experience working with the IFRS, US GAAP and UK GAAP Financial Reporting Taxonomy.

The one day workshop divided into 2 parts of 4 hour each and is designed to provide guided practice in selecting elements and creating an XBRL-formatted financial statement.

Part 1 is an interactive presentation to get a fundamental understanding of the XBRL, its scope, Financial Reporting Taxonomy viz. IFRS, UKGAAP, USGAAP and MCA requirements and planning considerations. Part 2 is an demo on software where you will learn to map, extend, tag, create and validate an XBRL exhibit.
By the end of the workshop, you'll know how to:
• Comply with the new SEC, HMRC and MCA requirements for XBRL filings
• Identify, budget and plan resources to implement XBRL for reporting
• Select taxonomy elements for financial statement line items
• Create a customized taxonomy and instance document
• Validate your filing for SEC/HMRC/MCA submission.

Who should attend?
CFOs, Controllers, Assistant Controllers, External Reporting Managers, and finance staff members who have direct responsibility for implementing XBRL filing requirements.

Contact us for any further information at parascs@gmail.com.

iXBRL & XBRL CONSULTING

iXBRL & XBRL CONSULTING

Different countries use different accounting standards. Reporting under each standard reflects differing definitions. The XBRL language uses different dictionaries, known as ‘taxonomies’, to define the specific tags used for each standard. Different dictionaries may be defined for different purposes and types of reporting.

Whether your interest lies in creating instance documents, defining relationship hierarchies or building extension taxonomies, our professional consultancy services offerings incorporate real-world examples and industry best practices to help bridge the gap between theory and implementation. Recognizing the strategic importance of data quality and process efficiency, our team of experienced project managers and technical consultants is uniquely positioned to deliver tried and tested solutions to your financial and business reporting requirements.

Contact us for any further information or further training schedule and fees details at parascs@gmail.com or visit web site www.pmandassociates.in

XBRL & IXBRL SOLUTIONS FOR SEC, USA & HMRC CT-UK FILLINGS

XBRL & IXBRL SOLUTIONS FOR SEC, USA &  HMRC CT-UK FILLINGS

                                                                                                           

We are a Delhi, India based professionally managed and innovative corporate law service provider firm, with a multi-disciplinary focus providing top quality professional Consultancy Services keeping in mind the rapidly changing Indian and corporate world business environment with strictest and highest quality of independence and ethical standards to our various clients. We got accreditation for XBRL and IXBRL conversion, tagging, fillings, consultancy and trainings from our channel partners SOFTPARK 21 (INDIA) who has domain expertise and only recognized Indian Company for HMRC -UK and has successfully implemented the US GAAP, UK GAAP, IFRS and Custom-XBRL taxonomies in a report filing project and maintained that taxonomy for a period of 2 to 3 years. 

PNJ Legal Consultants is committed to help its clients by providing top quality and innovative business solutions by early identification of business risks and timely remedial action so that they can manage and respond to business risks that add value and contribute to their overall business growth and to establish a single window for corporate to obtain expert consultancy towards their business needs.

1.                 CONVERSION TO XBRL DATA for SEC filings of USA and iXBRL DATA for HMRC CT Filings of UK

iXBRL is the name for the format in which all future HMRC CT filings will have to be made. iXBRL is hybrid that combines the XBRL data tags with HTML formatting that make it possible to view an accurate reproduction of the accounts in a web browser.

The iXBRL tags are embedded in the XHTML version of your computation in such a manner that the browser displays the tax computation only, and ignores the XBRL tags. Its purpose is to maintain independent presentation of statutory accounts so that your electronic filing is not different to a paper copy.

 

 

 

Step 1. Request an XBRL Translation of a Financial Report

A company contacts us to request an XBRL translation of its financial statements. With our tagging platform, tags are automatically applied to the company’s financial statements (income statement, balance sheet, statement of cash flows and statement of shareholders’ equity) based on established business rules. A random manual inspection is subsequently performed by our team of taxonomy experts to quality check for any exceptions. The company then receives an intuitive XBRL proof in RIF’s format containing the translated core financial statements. On the proof, each line item is assigned an XBRL tag, followed by the definition and other relevant details of that tag in a property box. The company reviews the definitions to make sure each tagged line item is accurately described. Once the XBRL tags are mapped for a company’s core financials, the tag mapping can be reused, reducing the lead time on subsequent filings.

Step 2. Review and Validate

The company may have comments or question about some of the assigned tags. We will recommend alternate tags or create the appropriate extension for a company in line with concerned regulators specifications.

Step 3. File with the concerned statutory compliance body

We provide XBRL output files ready for filing to concerned regulatory body. This 3-step program is extremely efficient, accurate and simple for first time XBRL filers.

 

Conclusion

XBRL is set to become the standard way of recording, storing and transmitting business financial information.  It is capable of use throughout the world, whatever the language of the country concerned, for a wide variety of business purposes.  It will deliver major cost savings and gains in efficiency, improving processes in companies, governments and other organisations. 

Role of a Preparer of XBRL Financial Statements

We as accountants need to understand how to interpret the taxonomy, which does not necessarily include understanding the XSD language and its semantics. As an accountant we should be able to appropriately link each element of the financial statements to the relevant element in the taxonomy. In case suitable taxonomy elements are not available company specific extensions have to be created within the taxonomy customized for the company. Generally softwares are available for facilitating the linking of financial statement items to the relevant elements in the taxonomy, which alleviates the need of hard coding by accountants. After tagging the financial statement items, the file is validated against a set of predefined XBRL validation rules and a XSD document is generated with a help of tagging software.

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National Scenario

As relates the Scenario of implementation of XBRL in India is concerned, financial reporting using XBRL along the lines of filing with the SEC is yet to come up into effect. However a few of the regulators have initiated with the XBRL filings.

The Reserve Bank of India (RBI) is the Central Bank of India, established on 1 April 1935 in accordance with the provisions of the RBI Act, 1934. As a part of online filing of returns, the RBI also felt the need for adoption of best international technology solution, such as XBRL, which attempts standardization of business reporting especially financial reporting. The RBI embarked on a plan to migrate the entire bank regulatory reporting into an XBRL framework in a phased manner. The capital adequacy returns based on Basel II norms was the first return to be XBRLised. With the aim of keeping the reporting simpler for banks and at the same time leveraging the benefits of XBRL reporting, it was decided to develop a user friendly software (that does not expose the XBRL tags), which would be supplied by RBI itself, and used by the banks to file information. On October 6, 2008, RBI launched the XBRL based reporting system for Capital Adequacy returns.

The XBRL reporting framework is now steadily being extended to encompass other returns. Some of the forms which are XBRLised are Form-RCA 2 (Liquidity Returns) and GPB Return (Gap Position and Balances).

As per the RBI press release dated August 14, 2008 and December 17, 2008, the RBI stated that it could bring down the number of returns from 291 to 225 with the use of XBRL. The taxonomies used for these returns have the core taxonomy as C&I developed by ICAI, which has been extended appropriately. Further the RCA – 2 taxonomy is broadly based on Co rep taxonomy of the European Union and is also in line with C&I taxonomy.

Both the leading stock exchanges of India, BSE and NSE have migrated to XBRL from paper based model and offer a unified electronic platform, popularly known as ‘Corpfiling’ system, which enables the Companies listed in either or both of the exchanges to electronically file their disclosures. The system helps the investors get real-time access.

SEBI is putting in place a unified regulatory filing system for all listed companies and market entities in a standardised format to enable dissection of bulky documents for relevant information without any delay. Besides disseminating the information on real-time basis to investors and others, the XBRL technology-based new system will also help SEBI itself as also other regulatory and investigative agencies in monitoring any irregularities in the affairs of companies and market intermediaries. In addition to mandatory regulatory filings to be made under listing agreements and other regulations, the entities would have to use the new XBRL-based platform for all their reporting purposes to the regulator. It is currently in the process of finalizing the technology provider for the system. It is also in the process of developing taxonomy for Mutual Fund

The Ministry of Corporate Affairs (MCA) in India has made it mandatory for certain class of companies (Phase 1) to file balance sheets and profit and loss accounts for the year 2010-11 onwards by using XBRL. The financial statements required to be filed in XBRL format will be based upon the taxonomy on XBRL developed for the existing Schedule VI and non-converged accounting standards notified under the Companies (Accounting Standards) Rules, 2006.

Coverage in Phase I to file the Financial Statements for year 2010-2011 in XBRL form would be for the class of companies  who are listed in India and their subsidiaries, including overseas subsidiaries and all companies having a paid up capital of Rs. 5 Crore and above or a Turnover of Rs 100 crore or above . These companies are permitted to file upto 30-09-2011 without any additional filing fee.

This represents a significant change in the manner in which companies are required to share financial information with regulatory authorities. XBRL will facilitate the transmission of data in electronic form between companies and different regulatory agencies in India, and has the potential to increase comparability and transparency of financial information.

The versatility of the XBRL framework provides significant opportunities in the area of regulatory filings. In India, in particular, there is a considerable scope for reducing overlaps in filing information, which today is span a number of regulatory agencies viz the ROC, Stock Market Regulators, RBI, Stock Exchange, IT department, Excise, Custom & Sales Tax department, etc.

Regulators are taking steps to make entities under their domain to get XBRL compliant. The aim is to make data about fund movements within available at a single place in electronic format so as to make multiple analysis and forecast. This kind of information pool would also come in handy for regularities in making market forecast and taking presumptive measures in case of any unfavorable trend.