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XBRL SIMPLIFIED. Presented by : CA Kusai Goawala. Present Filling Procedure. Basic data captured in form 23AC and 23ACA PDF files of Audited BS and Audited P&L attached Size restrictions of 2.5 MB Difficulties in accessing website. CA Kusai Goawala July 2011.
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XBRL SIMPLIFIED Presented by : CA Kusai Goawala
Present Filling Procedure • Basic data captured in form 23AC and 23ACA • PDF files of Audited BS and Audited P&L attached • Size restrictions of 2.5 MB • Difficulties in accessing website CA KusaiGoawala July 2011
Filing of Audited Financial Statements with ROC Mandatory filing of Audited Financial Statements of certain companies in XBRL format – Form 23AC and 23ACA. CA KusaiGoawala July 2011
Phase I Applicability: • Following categories of companies are covered under Phase I for Financial Year ending on or after 31st March 2011. • Listed Companies • Their Indian Subsidiaries • Companies having turnover of Rs.100 cr or more • Companies having paid up capital of Rs.5 crore or more. CA KusaiGoawala July 2011
Exclusions : • Banks • Insurance Companies • Non Banking Financial Companies • Power Companies • However Subsidiaries of above will be covered if they are under Commercial and Industrial ( C & I ) category • In this phase around 28000 companies are expected to be covered. CA KusaiGoawala July 2011
Phase II • Although not yet notified, it is expected that all companies are likely to be covered in Phase II with effect from Financial Year ending on or after 31st March 2012. • Around 850000 companies will be covered in this phase II CA KusaiGoawala July 2011
Revised due date for filing with ROC. • Actual due date is 30 days from date of AGM • The filings will commence only after 31st July 2011. • The revised due date will be : • 30th September 2011 or • Actual due date . Whichever is later. The due date is likely to be extended to 30.11.2011 CA KusaiGoawala July 2011
People say it is complex Is XBRL a monster that is going to hurt us? No. It is a very simple digital coding tool to make the data intelligent and capable for further processing CA KusaiGoawala July 2011
What is XBRL ? • It stands for eXtensible Business Reporting Language • It is based on XML (eXtensible Markup Language) platform. CA KusaiGoawala July 2011
History of XBRL • XBRL's beginning can be traced to the initial efforts of one person, Charles Hoffman, a CPA from Tacoma, Washington • The AICPA was also instrumental in pulling together what eventually became XBRL International CA KusaiGoawala July 2011
What www (World Wide Web) did with Text (words), pictures, Video, etc. XBRL can do for Numbers CA KusaiGoawala July 2011
How does XBRL benefit • The data is captured in uniform/standard manner • Capable of further processing and analysis • Data Analysis • Automated data processing • Multi-language Capability • Reliability and Enhanced Quality CA KusaiGoawala July 2011
How does XBRL benefit • Comparatives across companies/sectors • Highlight errors and violations • Enable action for any qualifications in Auditors Report • Minimum file size CA KusaiGoawala July 2011
It comprises of two parts : • Taxanomy • Instance Document Taxanomy Instance Documents Business reports / XBRL documents CA KusaiGoawala July 2011
Taxanomy • A taxanomy is the directory of accounting and business related information in a harmonized hierarchy structure. • Each application may have a different taxanomy. • MCA has issued a taxanomy of 3076 items. • Other countries have their own taxanomies. (US has taxanomy of about 50000 items). CA KusaiGoawala July 2011
Taxanomy Definition: Derived from ancient Greek words Taxismeaning arrangement and nomia meaning method. That means methodological arrangement of data CA KusaiGoawala July 2011
Taxanomy • Based on • Schedule VI, Companies Act • Accounting Standards • MCA specific requirements • Other regulatory requirements CA KusaiGoawala July 2011
Unstructured Text Profit Before Tax: Profit before tax of the Company declined to `192.46 million from `212.35 million in the previous year. CA KusaiGoawala July 2011
Structured Text < Profit Before Tax> Profit Before Tax: Profit before tax of the Company declined to `192.46 million from `212.35 million in the previous year. </Profit Before Tax> CA KusaiGoawala July 2011
<Profit Before Tax> <bold>Profit Before Tax:</bold> Profit before tax of the Company <StatedAt> declined </StatedAt>to <Value2011>`192.46</Value2011>million from <Value2010>`212.35</Value2010>million in the previous year. </Profit Before Tax> CA KusaiGoawala July 2011
Taxanomies - Options • Balance Sheet as per Indian GAAP or IFRS • Profit and Loss as per Function or Nature of Expenses • Cash Flow – Direct or Indirect Method CA KusaiGoawala July 2011
Taxanomies - Breakup CA KusaiGoawala July 2011
Instance Documents • The file where data is captured as per above structure is called Instance Document. • The instance document file is prepared for the following documents separately for, • Stand Alone • CFS for listed companies only CA KusaiGoawala July 2011
XBRL elements CA KusaiGoawala July 2011
XBRL Supply chain CA KusaiGoawala July 2011
Attributes of XBRL Schema The power of XBRL Balance Sheet Data Application of Attribute नक़द स्र्पया CA KusaiGoawala July 2011
Instance Documents The Instance Documents will be prepared for the followings items : To be attached to 23ACA • Profit and Loss and its schedules To be attached to 23AC • Balance Sheet and its schedules • Cash flow • Notes, Directors Report, Auditors Report and other information. CA KusaiGoawala July 2011
What to file CA KusaiGoawala July 2011
How to file? • File Compliance Certificate wherever applicable and obtain SRN • File Form 23B and obtain SRN. • Take the file containing Financial Statements in excel format. CA KusaiGoawala July 2011
How to file? • Use software to Map/Tag the taxanomies with the items in Financial Statements • Automated tagging • Manual tagging Types of tagging: • Text block tagging • Detailed tagging • The program will convert the mapped Financial Statements to XBRL Instance Documents CA KusaiGoawala July 2011
How to file? • The program will ask for certain information not provided in the Financial Statement but required by taxanomies. • Directors particulars like DOB/DIN • Related parties – CIN etc • MSME parties – CIN etc • Ensure Minimum data required is tagged • Validate by using validation utility of MCA CA KusaiGoawala July 2011
How to file? • Read the output file in XBRL Viewer • Approve the conversion by comparing with the original document • Attach the xml files with Form 23AC and 23ACA. • Digitally sign the document by Director/CA-CS • Certification from Statutory Auditors • Upload the file with ROC. CA KusaiGoawala July 2011
Validation Rules : • Parent – Child relationship • Group Items completeness • No images, charts maps etc will be allowed • Maximum 2 decimals for monetary items • Reporting currency will be INR. CA KusaiGoawala July 2011
Validation Rules : • Date Validation e.g. Directors Age cannot be less than 18 years. • Previous years data is mandatory except in case of first year CA KusaiGoawala July 2011
Business Rules Analysis CA KusaiGoawala July 2011
Tuple Elements CA KusaiGoawala July 2011
Future usage of XBRL formats • All statutory filings : • Annual Return • Service tax and VAT returns • Fema returns • SEBI reportings CA KusaiGoawala July 2011
Future usage of XBRL formats (b) Commercial applications : • CMA data for banks • Internal MIS • Analysis CA KusaiGoawala July 2011
Posers CA KusaiGoawala July 2011
Posers • Scope of Attest function by Statutory Auditor / CA / CS • Due Professional Care CA KusaiGoawala July 2011
Any Questions? CA KusaiGoawala July 2011
