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What is XBRL Filling
XBRL is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data. XBRL stands for extensible Business Reporting Language. It is already being put to practical use in a number of countries and implementations of XBRL are growing rapidly around the world.
Exemption From XBRL Filling
Companies in Banking & Insurance
Non-Banking Financial Companies
Applicability Of XBRL Filling
As Under Section 137 Of The Companies Act, 2013 Using The Extensible Business Reporting Language (XBRL) Taxonomy For Financial Year Commencing On Or After 1st April, 2014 Is Mandatory On :
- All companies listed with any Stock Exchange(s) in India and their Indian subsidiaries.
- All companies having paid up capital of Rupees five crore and above.
- All companies having turnover of Rupees one hundred crore and above.
- All companies which were hitherto covered under the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2011.
Advantages of XBRL Filing
Improved way of reporting
Reliable & Accurate
Low Risk in Data Handling
Documents Required for Filling Through XBRL?
- Profit & Loss Account.
- Details of Share holders
- Notice of AGM, Company’s Directors’ report & Auditors’ report.
- Details of shareholding of the company for filing e-form MGT-7.
- Documents Required for Filling Cost Audit Report Through XBRL
- Cost Audit Report in form CRA-3.
- Challan of CRA-2 filed for appointment of Cost Auditory
Procedure for XBRL filing
- Check whether the company falls under the XBRL Limit.
- Install the XBRL Software from XBRL Software vendor. The parent system is regarded as the main system and other systems will be considered as the client systems.
- Check active net connection in the main system as well as client systems.
- Create the user id and password for the Company.
- Feed all the relevant data on the XBRL generated Company. The details of the company contains financial tagging, Fixed Asset tagging and non financial tagging.
- Once the details have been filled, check the errors generated.
- Eliminate the errors to 0.
- Generate the XML file of the Company that is instance document.
- Download the C&I taxonomy from MCA Portal.
- Validate the XML document using MCA XBRL validation tool V2.0.4 available on MCA21 portal.
- Generate the Pdf of the same XML document.
- Attach the Pdf file as attachment in the annual filing form AOC-4 (XBRL).
- Upload the form on MCA Site.
|At 7999/- (All inclusive)|
|Unilex files financial Statements on your behalf through XBRL|
|At 14999/- (All inclusive)|
|Unilex files financial statements on your behalf through XBRL|
Frequently Asked Questions
What are the Advantages 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 decisionmaking. 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 process XBRL information. XBRL is a flexible language, which is intended to support all current aspects of reporting in different countries and industries. Its extensible nature means that it can be adjusted to meet particular business requirements, even at the individual organization level.
Who can benefit from using XBRL?
All types of organizations 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.
What is the future of XBRL?
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 organizations.
Does XBRL benefit the comparability of Financial Statements?
XBRL benefits comparability by helping to identify data which is genuinely alike and distinguishing information which is not comparable. Computers can process this information and populate both pre defined and customized reports.
How does XBRL works?
XBRL makes the data readable, with the help of two documents – Taxonomy and instance document. Taxonomy defines the elements and their relationships based on the regulatory requirements. Using the taxonomy prescribed by the regulators, companies need to map their reports, and generate a valid XBRL instance document. The process of mapping means matching the concepts as reported by the company to the corresponding element in the taxonomy. In addition to assigning XBRL tag from taxonomy, information like unit of measurement, period of data, scale of reporting etc., needs to be included in the instance document.
What is Taxanomy?
Taxonomy can be referred as an electronic dictionary of the reporting concepts. Taxonomy consists of all the data definitions, the basic XBRL properties and the interrelationships amongst the concepts. It includes terms such as net income, EPS, cash, etc. Each term has specific attributes that help define it, including label and definition and potentially references. Taxonomies may represent hundreds or even thousands of individual business reporting concepts, mathematical and definition relationships among them, along with text labels in multiple languages, references to authoritative literature, and information about how to display each concept to a user.