XBRL Filing Article Series about what is XBRL, how to convert financial statements to XBRL for ACRA filing, who has to and when to file XBRL. Read now.
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For conversion of financial statements into XBRL format and financial statements filing with MCA
All About XBRL Tagging | Article Series Part 1
What is iXBRL
XBRL, abbreviation for eXtensible Business Reporting Language, is an XML-based language for tagging financial data that enables business to efficiently process and share their data. XBRL allows the presentation of financial information in a computer readable format. This is achieved by tagging each piece of financial information with a label that identifies it in terms of standard accounting or tax concepts.
iXBRL, or inline XBRL, is a more recent version of the language which allows financial information to be presented in a format that is both human readable and machine readable.
Why you should file financial statements in XBRL with MCA
On June 7, 2011 the Ministry of Corporate Affairs (MCA) mandated the filing of the annual financial statements in XBRL format for all the financial statements prepared for the period starting from 31st March 2011 (i.e. from the financial year 2010-11). .
To facilitate acceptance of XBRL report MCA has set up the MCA21 system that will allow data automatically entered into systems without the need to re-key, re-format or introduce other "translation" efforts.
The financial statements which should be converted to XBRL format include statement of financial position (balance sheet), statement of profit or loss and other comprehensive income, statement of changes in equity, statement of cash flows and Notes comprising of a summary of accounting policies and other explanatory information.
Company level extensions are not allowed while submitting XBRL data to MCA. Separate instance documents to be prepared for consolidated and standalone reports.
By when should you file financial statements in XBRL
Every business entity that is required to file their annual returns must prepare their financial statements in XBRL format after the end of its financial year. They should file the financial statements within 30 days after the annual general meeting.
If a company fails to file the copy of the Financial Statements in XBRL format to MCA within prescribed time limit, it is liable to attract penalty.
Companies have multiple options to consider when it comes to preparing their XBRL reports. The best option will depend on the resources available in house.
If you have in-house expertise then you can install a customized software package which incorporates the appropriate taxonomy and allows tagging of data elements against the taxonomy.
If you prefer an XBRL expert’s help then you could consider outsourcing to expert iXBRL service providers like FinTags. We receive financial statements in Word, Excel or PDF formats and deliver accurately tagged and MCA-pre-validated XBRL files.
Disclaimer : For your benefit we have collated relevant information related to regulatory reporting. Although we try our best to ensure the accuracy of the information on this website, you rely on it at your own risk. The information is provided as a guide only and is not professional advice including legal advice. You should obtain specific professional advice before taking action.
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