TaxTMI 
TaxTMI 
Filing of Balance Sheet and Profit and Loss Account in eXtensible Business Reporting Language( XBRL) mode.
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....nwards by using XBRL 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 :- &n....
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....ow made up of over 650 members, which includes global companies, 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, asse....
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....efined and customised reports. 7. Does XBRL cause a change 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. T....
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....e financial statements in XBRL: • XBRL-aware accounting software 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 accoun....
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....made up of the actual facts and figures. Taxonomy and Instance document together make up the XBRL documents. 15. What is Taxonomy? Taxonomy can be referred as an electronic dictionary 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 in....