Financial statements need to be filed in XBRL format in MCA21 Portal of MCA.The steps involved are:(a) Mapping: Mapping refers to the identification, for every piece of financial information in the report, of the most appropriate element in MCA’s taxonomy of accounting labels (in other words associating every data item with the most appropriate label in a dictionary of accounting labels). This would ensure that items disclosed carry a “standardized description” consistently understood by everyone (ignoring the way in which it is actually described in the report) based on sound accounting judgment that includes an understanding of the item disclosed and the notes relating to such an item. Mapping requires sound understanding of the data disclosed and a sound judgment on the most appropriate description of this item in a dictionary of standardized accounting terms.(b) Tagging: Tagging refers to the creation of an XBRL instance document where each piece of financial information is “associated” with the most appropriate taxonomy element as identified during Mapping. An XBRL instance document is an XML file containing financial facts associated with tags from a standardized taxonomy of accounting terms. If any financial fact cannot be associated with any element in the standardized taxonomy of accounting terms, it is possible to create extensions to the taxonomy. 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 (if applicable)(iv) Consolidated Profit and Loss Account of the company (if applicable)The instance document should contain the financial information for both the current as well as the previous financial year.(c) Review, verify and validate the XBRL instance document: The XBRL instance document should be reviewed and verified by the Company and its auditors for appropriateness of disclosure. The document should be validated with MCA’s validation tool to ensure the output would eventually be acceptable to MCA (for structure/grammar of the XBRL document). Validation is a pre-requisite before filing and includes validation that the instance document is as per the latest and correct version of taxonomy prescribed by MCA; that all mandatory elements have been entered etc(d) Scrutiny through tool: The next step is to scrutinize the document using the same tool. This would include server side validations and verification of the document through in built viewer.(e) Prepare Form 23AC-XBRL (and attach Balance Sheet) and 23ACA-XBRL (and attach Profit and Loss account). Separate instance documents need to be attached for the Standalone financial statements and consolidated financial statements (if applicable).(f) Submit Form 23AC-XBRL and Form 23ACA-XBRL at the MCA portal.