TaxTMI 
TaxTMI 
Filing of Balance Sheet & Profit & 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
....ctor's and Auditor's Report for the year 2010-11 onwards by using XBRL taxonomy. The Taxonomy Business Rules, Validity tools etc. required for preparation the above documents in XBRL format as the existing Schedule VI and Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 have been prepared and hosted on the website of the Ministry at www.mca.gov.in . 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. To enable filing on XBRL by stakeholders, MCA-21 portal will have XBRL filing module by July, 2011. Actual date will be informed separately. (J.N. Tikku) ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... and improved accuracy and reliability to all those involved in supplying or using financial data. XBRL stands for eXtensible Business Reporting Language. It is already being put to practical use in a number of countries and implementations of XBRL are growing rapidly around the world. 2. Who developed XBRL? XBRL is an open, royalty-free software specification developed through a process of collaboration between accountants and technologists from all over the world. Together, they formed XBRL International which is now 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....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... throughout the world, whatever the language of the country concerned, for a wide variety of business purposes. It will deliver major cost savings and gains in efficiency, improving processes in companies, Governments and other organisations. 6. Does XBRL benefit the comparability of financial statements? XBRL benefits comparability by helping to identify data which is genuinely alike and distinguishing information which is not comparable. Computers can process this information and populate both pre-defined 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 th....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ibed by the regulators, companies need to map their reports, and generate a valid XBRL instance document. The process of mapping means matching the concepts as reported by the company to the corresponding element in the taxonomy. In addition to assigning XBRL tag from taxonomy, information like unit of measurement, period of data, scale of reporting etc., needs to be included in the instance document. 10. How do companies create statements in XBRL? There are a number of ways to create 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 ma....
X X X X Extracts X X X X
X X X X Extracts X X X X
....isit www.xbrl.org. Also Ministry of Corporate Affairs would be shortly developing its webpage on XBRL with list of contact persons for training purposes. 14. What are XBRL Documents? An XBRL document comprises the taxonomy and the instance document. Taxonomy contains description and classification of business & financial terms, while the instance document is 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....