Steps for Filing Xbrl

Vision

XBRL is a language for the electronic communication of business and financial data that has revolutionized business reporting around the world.  Its major benefits include ease in preparation, analysis and communication of business information by the corporates.  It offers cost savings, greater efficiency, improved accuracy as well as reliability to all those involved in supplying or using financial data. With increased coverage, it is hoped that the XBRL data thus collected would significantly enhance the Ministry’s capabilities in policy formulation and regulatory functions for advantage of corporates as well as public and investors at large.

Implementation Approach of XBRL in MCA

It is proposed to include all companies to file their Balance Sheet and Profit and Loss account statements in XBRL from Financial Year 2011-12 onwards. With the development of taxonomies for Banks, Insurance, Non-Banking Finance Companies and Power sector, the companies operating in these sectors would also be filing their financial reports in XBRL from FY 2011-12. In order to capture sector specific details, it is proposed to allow for extensions in the taxonomy by the filers from FY 2011-12 onwards. If required, the taxonomies would be updated and maintained with applicability of revised Schedule VI from 01.04.2011. Training programs, seminars, conferences, etc would also be organized in tier-II and tier-III cities by the Ministry in association with professional institutes and industry bodies.

Steps for filing financial statements in XBRL form in MCA21 system

Step 1 – Creation of XBRL instance document:

[pic]

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...