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.