WELCOME

X B R L IN…..

By:-

Aruna

Pooran

Durga

Nrusimha

*Tagging guidelines (Indian GAAP)

*Introduction to XBRL

eXtensible Business Reporting Languagean XML-based mark-up language used to communicate financial and business data electronically provides increased functionality over traditional reporting

formats enables computers (XBRL-enabled software's) to classify, sort,

and analyse facilitates analysis by standardising business reporting

terminologyXBRL does not change or add to GAAP and financial reporting

disclosure requirements; it is strictly a method of transmitting financial information in a way that leverages computer technology

*Key benefits for XBRL

Cost savings

Efficiency

Accuracy

Reliability of data

Reduce manual data entry time

Business analysis

* .

Which companies need to file?

* All companies listed in India and their Indian Subsidiaries; or

* Companies having a paid up capital of Rs. 5 crores and above; or

* Companies having a turnover of Rs. 100 crores and above

What is required to be filed?

* Balance sheet statement

* Profit and loss account

* Cash flow statement

* Schedules to balance sheet and P&L statement

* Notes to accounts

*Continued……*Statement pursuant to Section 212 of

Companies Act

*Auditors report

* directors report

*General information about the company

*Signatories to balance sheet

*All the above sections need to be filed in XBRL starting with financial year 2010-11

*MCA MandateWhich companies are excluded from the mandate?

* banks,

* insurance,

* non-banking finance companies

* power sector

Proposed mandate?

*Allow for extensions in the taxonomy by the filers to capture sector specific information from FY 2011-12 onwards

*Early adoption permitted for those covered in subsequent phases

*Broad Tagging Types

Level of tagging?

*Block text tagging – capturing information at a group level – e.g. notes to accounts, directors report, etc

*Detailed tagging – capturing granular information – e.g. related party transactions, schedules to BS and P&L, etc

* Creation of XBRL instance document

*Creation of XBRL instance document

* Steps for filing financial statements in

XBRL format on MCA portalCreation of

XBRL instance document

Download XBRL

validation tool

Load the instance

document

*CONTINUE……

*Map Company’s each financial statement

element to a corresponding element in

published taxonomy

*Create instance document for Balance sheet

and Profit and Loss Account.

*Specifications to be followed for creation of

instance document .

*Use the tool to validate the instance

document

*XBRL Documents

XBRL documents comprise two main sections:

*Taxonomies and

*Instance documents

*Taxonomies

Taxonomies for Indian companies are developed based on the requirements of

*Schedule VI of Companies Act,

*Accounting Standards, issued by ICAI

 

*SEBI Listing requirements

*Continued…II. Taxonomies are in turn made up of:

 

1.Schema-dictionary of business and financial term along with XBRL properties and

2.Linkbases– Inter relationship among the terms defined in the schema

 

*XBRL Schema stores information about taxonomy elements viz. names, ids etc. It consists of a set of unrelated items. The schema file has an extension of .xsd. The schema file along with the link bases makes up the taxonomy. 

*Linkbases provide relationship between elements. They use the elements defined in the schema file and provide structure to those elements

Mapping financial statements using an XBRL tool

*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.

*XBRL Tags *Like Net Profit / Loss

Store following information:

 

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

*Entity name – The profit / Loss belongs to what entity.

*Period- What period that fact pertains to.

*Meaning of the concept – The profit or loss derived after deducting all expenses, incurred for earning revenues from the total revenues. Such profit or loss is before any appropriation or write backs of reserves and also before distribution of any dividends, if any. Expenses and revenues include extraordinary and prior period items.

 

.

*Accounting reference-

 

*Companies Act, 1956; Schedule VI; Part II; 2(a)

 

*SEBI Listing Agreement; Clause 41; Annexure I

 

*Scale factor – Value reported as actual, in thousands , in lacs or crores

* Unit- Whether a fact is monetary (i.e. INR, USD, GBP or EURO etc.) or a number, Shares, Ratio etc.

II- Instance Document

*It contains facts that are defined by the elements in the taxonomy it refers to, together with their values and an explanation of the context in which they are placed. XBRL Instances contain the reported data with their values and “contexts”. Instance document must be linked to at least one taxonomy, which defines the contexts, labels or references

http://www.innodata-isogen.com/