What are the XBRL filing requirements
What documents have to be compiled in the financial statements for XBRL conversion
What are components of financial statements that need to be filed in XBRL Format
The following components of financial statements need to be filed in XBRL Format:
- Balance Sheet
- Profit and Loss Statement
- Cash Flow Statement
- Schedules related to Balance Sheet and Profit and Loss Statement
- Notes to Accounts
- Statement pursuant to Section 212 of the Companies Act, 1956 relating to subsidiaries
- Audit and Annual Report
What are the taxonomy and accounting standards adopted in India?
In India, the MCA Taxonomy is created based on disclosure requirements for financial statements from the
- Schedule VI requirements,
- Accounting Standards issued by ICAI,
- MCA specific requirements
- other regulatory requirements
Company level extensions are not allowed while submitting XBRL data to MCA. Separate instance documents to be prepared for consolidated and standalone reports.
What is XBRL tagging and what are the different levels of tagging?
It is the process of assigning tags (referred as elements in taxonomy) from the taxonomy to the company specific reporting concepts. Along with XBRL tags, other information like reporting period, currency, scale etc. also needs to be specified for all the reported concepts which are to be included in the taxonomy. Tagging required appropriate selection of elements from the taxonomy based on its attributes, documentation and relationships with other elements.
Level of tagging and type of levels
Level of tagging refers to the extent of details required to be provided in XBRL instance document. There are two levels of tagging :
- Text Block Tagging - This indicates capturing a group of information as one single fact, using one single tag from the taxonomy. Presently, information given in Notes to Accounts which appear in many paragraphs will be tagged completely under the data type Text Block.
- Detailed tagging - This implies capturing the granular information or the specific information as reported by the companies. The filing manual lists down all the information requirements which have to be tagged and captured in detail in the instance documents. This information should be captured by entities, if it is applicable to them and prepared by them as part of annual report or annual returns as submitted to MCA
What is minimum tagging requirement?
The scope of information that is at least to be captured in XBRL format in the instance document. The information prescribed as minimum tagging requirement in this filing manual, should be captured by entities, if it is applicable to them and prepared by them as part of annual report or annual returns as submitted to MCA
What are the mandatory tags?
The tags as included in the MCA taxonomy, for which values have to be necessarily included in the instance document. If there is no corresponding value for the tag, then “0” should be entered.
A note on calculation inconsistency error
The taxonomy has predefined mathematical rules between accounting concepts, which is stored in calculation linkbase. The values which are included in instance documents are checked for correctness based on the rules defined in calculation relationship. If the values for totals and sub-totals do not match as per calculation linkbase, the XBRL software will highlight the same as calculation inconsistency