XBRL Data Conversion Services
As per the Ministry of Corporate Affairs’ General Circular No: 37/2011 dated 07.06.2011, (i) all listed companies and their Indian subsidiaries, (ii) all companies having a paid-up capital of Rs 5 Crore or more, and (iii) all companies having a turnover of Rs 100 Crore or above are mandated for compulsory XBRL filing. However, banking companies, insurance companies, power companies, and non-banking finance companies are exempted from XBRL filing till further orders.
Services provided by Us:
- Mapping up financial statements with XBRL tags
- Validation for tags and appropriate calculations
- Creation of XBRL instance document in XML format for e-filing
- Creation of extended taxonomy as necessary
- Provision of a “highlight” report to facilitate review and provide concurrence on:
- Tagging decisions that require concurrence
- Labels added that require concurrence
- Rendering of XBRL instance document in readable form.
- E-filing XBRL data with respective Regulatory Authorities viz MCA, SEBI, Stock Exchanges, RBI, Mutual Fund Associations etc.
XBRL – AN OVERVIEW
eXtensible Business Reporting Language (XBRL) is a language for the electronic communication of business and financial data revolutionizing business reporting around the world. XBRL is a member of the family of computer languages based on XML (Extensible Markup Language), which is a standard for the electronic exchange of data between businesses and on the internet.
It provides major benefits in the preparation, analysis, and communication of business information. It offers cost savings, greater efficiency, and improved accuracy and reliability to all those involved in supplying or using financial data.
XBRL is being developed by XBRL International, an international non-profit consortium of approximately 450 major companies, organizations, and government agencies working together to build the XBRL language and promote and support its adoption.
As a concept, XBRL enables various systems and software to exchange business information using common, standardized, universal terminology. Instead of treating financial information as a block of text as in a standard internet page or a printed document – it provides an identifying tag for each individual item of data. This is computer-readable.
It is a technical supply chain standard for moving financial and business reporting information into an interactive, comparable, intelligent, machine-readable information format.
Meaning of Taxonomy
Taxonomies are the reporting-area specific hierarchical dictionaries used by the XBRL community. Specific tags are coined for each item and their attributes and interrelationships are defined. Different taxonomies are required for different business reporting purposes.
Example of ‘Tag’ in XBRL Taxonomies: Company’s net profit has its own unique tag. Computers can treat XBRL data “intelligently”: they can recognize the information in an XBRL document, select it, analyze it, store it, exchange it with other computers and present it automatically in a variety of ways for users.
Application of XBRL can be applied to a wide range of business and financial data. Among others it can handle:
- Company internal and external financial reporting.
- Business reporting to all types of regulators, including tax and financial authorities, central banks, and governments.
- Filing of loan reports and applications; credit risk assessments.
- Exchange of information between government departments or between other institutions, such as central banks.
- Authoritative accounting literature–providing a standard way of describing accounting documents provided by authoritative bodies.