What is XBRL filings? XBRL means extensible Business Reporting Language.XBRL is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. With the development of business and finance reporting, the Government of India has adopted a system to develop XBRL filing compliance which are required for companies in India. Some of the advantages offered through this system are the increase in compliance requirements for the company. Moreover, through this system, it is easier to communicate any form of business information and reporting standards. There are different benefits offered by this system of reporting. Costs of the company can be saved by the company. Not just the costs of the company, increase of transparency is also another form of benefit offered through this system. Such system has been developed and incorporated across the world to exchange business reports. Such system has improved the overall transparency of companies when they exchange reports and other agendas. Applicability of XBRL As under section 137 of the Companies Act, 2013 using the Extensible Business Reporting Language (XBRL) taxonomy for financial year commencing on or after 1st April, 2014 is mandatory on All companies listed with any Stock Exchange(s) in India and their Indian subsidiaries; or. All companies having paid up capital of Rupees five crore and above; or. All companies having turnover of Rupees one hundred crores and above; or. All companies which were hitherto covered under the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2011: Benefits of XBRL Filing The following benefits can be achieved by a company through XBRL filing: Cost Saving- A company can save costs. Before XBRL filing came into picture, companies which are listed in stock exchanges would have to go for the process of physical filing. This will usually take lot of time and effort if an applicant or company has to go for the physical process of filing. Through this system of filing the applicant can take the benefits of online system and speed up the process of filing. Data Collection- Data collection through advanced systems and automation processes can be conducted quickly. For example, if a company has different form of subsidiaries, data from the same can be collected quickly, assembled and processed by the company. Through this system, different reports and subsets can be created in a quick and efficient manner. Report Analysis- The performance analysis of the reporting system can also be achieved through the system of XBRL reporting. Such standards would not be possible through other systems of reporting. The data which is collected and consumed can be analysed through such system of XBRL filing. Helps in Decision Making- Using such software would cut costs and not waste time. The reports would be produced effectively. Time sheets, balance sheet, and information on the amount of tax would also be present through this system. Such reports would directly reduce the amount of effort put in the process of decision making. Any company utilizing this system would secure the benefits. Data Consumption- Through such processes of XBRL filing, data consumption can be seen by the company. Accuracy can be achieved through this system, and such software can reduce the amount of error in such systems. No Human Error- By utilising this system, the chances of human error is null, as most of the system works on automation and data. There is less amount of human effort in this system. Human effort can be spent on more productive areas to increase the resources in the firm. Exemption from XBRL filing Companies in Banking, Insurance Power Sector Non-Banking Financial Companies Checklist of Procedure of XBRL Check whether the company falls under the XBRL Limit. Install the XBRL Software from XBRL Software vendor. The parent system is regarded as the main system and other systems will be considered as the client systems. Check active net connection in the main system as well as client systems. Create the user id and password for the Company. Feed all the relevant data on the XBRL generated Company. The details of the company contains financial tagging, Fixed Asset tagging and non financial tagging. Once the details have been filled, check the errors generated. Eliminate the errors to 0. Generate the XML file of the Company that is instance Document. Download the C&I taxonomy from MCA Portal. Validate the XML Document using MCA XBRL validation tool V2.0.4 available on MCA21 portal. Generate the Pdf of the same XML Document. Attach the Pdf file as attachment in the annual filing form AOC-4 (XBRL). Upload the form on MCA Site. Enhancement of XBRL Validation Tool The Ministry of Corporate Affairs has brought out the system of validation. There are specific enhancements which would be applicable to Documents. However, such introduction of enhancements would not affect any Documents or reports which are already present in the software and system. All the existing versions related to XBRL format i.e. 2.0, 2.0.1, 2.0.2, 2.0.3 would be present on these enhancements. Amendments in the Business Rules There are some amendments with respect to fortified shares or specific fortified shares reissued at a particular point of time Share Capital Valuation would be considered as the value of the subscribed shares. This would be the amount of shares plus the amount of equity The number of shares which are paid up should be lesser than the number of shares which are subscribed Value of the paid up shares must be lesser or equal to the value of then subscribed shares Value of the shares which are called must be lesser than the value of the shares which are subscribed Amendments in the tool related to validation All the values such as borrowings, advances, loans wherever errors have been spotted the same has been amended. Documents for XBRL Filing The company or the applicant would have to provide the following Documents for XBRL filing: Balance sheet of the Company Annual Returns of the Company Profit and Loss Account of the Company Notes and information relating to any accounts of the company Audited Reports Any other Information as requested by the authority How to reach Enterslice for XBRL Filing/ Validation Fill The Form Get a Callback Submit Document Track Progress Get Deliverables
The government has utilised this system related to XBRL to increase the speed and efficiency at which reporting is conducted by the company.
There are many benefits of using the system of XBRL reporting. However, the main benefits of this system of reporting are increased speed, accuracy and efficiency in the system.
More than 160 member country currently utilise the system related to XBRL filing. XBRL filing is carried out by the countries that belong to the member group of international community.
Mainly this system is utilised for reporting of financial statements which are produced. Apart from this, the software can be used for the system of filing loans and credit risk analysis procedures. XBRL reporting can also be utilised for exchange of information between different government departments such as the Central Banks. Accounting processes can also be utilised through the system of XBRL reporting.
The system of XBRL reporting was brought out by an international non-profit group of international companies and major organisations. Some of the supporters of this form of reporting include large accounting , finance and technological firms.
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