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TMI BlogFiling of Balance Sheet and Profit and Loss Account in eXtensible Business Reporting Language( XBRL) mode.X X X X Extracts X X X X X X X X Extracts X X X X ..... BRL taxonomy. The Financial Statements required to be filed in XBRL format would be based upon the Taxonomy on XBRL developed for the existing Schedule VI, as per the existing, (non converged) Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006. The said Taxonomy is being hosted on the website of the Ministry at www.mca.gov.in shortly. The Frequently Asked Questions (FAQs) about XBRL have been framed by the Ministry and they are being annexed as Annexure I with this circular for the information and easy understanding of the stakeholders. Coverage in Phase I 2. The following class of companies have to file the Financial Statements in XBRL Form only from the year 2010-2011 :- (i) All companies ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, accounting, technology, government and financial services bodies. XBRL is and will remain an open specification based on XML that is being incorporated into many accounting and analytical software tools and applications. 3. 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 decision making. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in accounting standards? No. XBRL is simply a language for information. It must accurately reflect data reported under different standards it does not change them. 8. What are the benefits to a company from putting its financial statements into XBRL? XBRL increases the usability of financial statement information. The need to re-key financial data for analytical and other purposes can be eliminated. By presenting its statements in XBRL, a company can benefit investors and other stakeholders and enhance its profile. It will also meet the requirements of regulators, lenders and others consumers of financial information, who are increasingly demanding reporting in XBRL. This will improve business relations and lead to a range of ben ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are products are becoming available which will support the export of data in XBRL form. These tools allow users to map charts of accounts and other structures to XBRL tags. Statements can be mapped into XBRL using XBRL software tools designed for this purpose Data from accounting databases can be extracted in XBRL format. It is not strictly necessary for an accounting software vendor to use XBRL; third party products can achieve the transformation of the data to XBRL. Applications can transform data in particular formats into XBRL. The route which an individual company may take will depend on its requirements and the accounting software and systems it currently uses, among other factors. 11. Is India a member of XBRL Internationa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ionary 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 definitional 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. 16. What is meant by extending taxonomy? Taxonomy is extended to accommodate items/relationship specific to the owner of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate affairs 5th Floor, A Wing, Shastri Bhavan, Dr.R.P. Road, New Delhi Contact No. 011-23384470 Email: [email protected] (ii) Dr. Avinash Chandra, Technical Director The Institute of Chartered Accountants of India, ICAI Bhawan , Post Box No. 7100, Indraprastha Marg, New Delhi-110002. Contact No. 011-3011456, 30110427 Email: [email protected] (iii) Shri Pankaj Srivastava, Joint Director Ministry of Corporate affairs 5th Floor, A Wing, Shastri Bhavan, Dr.R.P. Road, New Delhi Contact No. 011-23384657 Email : [email protected] [email protected] (iv) Dr. Surinder Pal, Secretary, Committee on Members in Industry (CMII), The Institute of Chartered Accountants of India, ICAI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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