2. What is XBRL? XBRL stands for eXtensible Business Reporting Language Language for the electronic communication of business and financial data. Provides major benefits in the preparation, analysis and communication of business information. Offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data. Being put to practical use in a number of countries.
3. What does it contain? XBRL documents filed by the companies should include the following information reported by the companies as per the existing provisions of law - Information disclosed in the following sections of the Annual Report : Balance Sheet Profit and Loss Statement Cash Flow Statement Schedules related to Balance Sheet and Profit and Loss Statement Notes to Accounts Statement pursuant to Section 212 of the Companies Act, 1956 relating to subsidiary companies Disclosures specific to MCA requirements
4. Who is it applicable for? Following class of companies have to file the Financial Statements in XBRL Form from the year 2010-2011: All companies listed in India and their subsidiaries, including overseas subsidiaries All companies having a paid up capital of Rs. 5 Crore and above or a Turnover of Rs 100 crore or above
5. Advantages of XBRL Offers major benefits at all stages of business reporting and analysis. 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. Switch resources away from costly manual processes Concentrate effort on analysis, aided by software which can validate and process XBRL information.
6. Benefits for a company Increases the usability of financial statement information. 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. Meet the requirements of regulators, lenders and others consumers of financial information, who are increasingly demanding reporting in XBRL.
7. Benefits (continued…) With full adoption of XBRL, companies can automate data collection. For example, data from different company divisions with different accounting systems can be assembled quickly, cheaply and efficiently. Reports using varying subsets of the data can be produced with minimum effort. A company finance division, for example, could quickly and reliably generate internal management reports, financial statements for publication, tax and other regulatory filings, as well as credit reports for lenders.
8. How does XBRL work? XBRL makes the data readable, with the help of two documents – Taxonomy and Instance Document. Taxonomy defines the elements and their relationships based on the regulatory requirements. Using the taxonomy prescribed by the regulators, companies need to map their reports, and generate a valid XBRL instance document. Mapping is a process for matching the concepts as reported by the company to the corresponding element in the taxonomy.
9. How do companies create statements in XBRL? Use XBRL-aware accounting software products which support the export of data in XBRL form. These tools allow users to map charts of accounts and other structures to XBRL tags. Use third party products which connect to the accounting system to achieve the transformation of the data to XBRL. Use third party service by submitting the financial statements to them
10. How Partner can help? MAIA Partners provide XBRL solution in the form of: PostXBRL software from MAIA Intelligence – a software product that can be installed in your premises and create XBRL reports after appropriate mapping. XBRL service – clients can submit their financial statements in appropriate digital format and partner will convert them into XBRL reports
43. Hardware / Software Specification Hard Disk – 40 GB RAM – 1 GB Processor – Dual Core Operating System – Windows 7 or XP Meta Data – SQL 2008 MS Dot Net Framework – 3.5 MS Office – 2003 or above Browser – IE 6.0 or above
1.On the click of My Desk it will display company wise header data of the XBRL reports.
1. This window is used to change the user password.
1. This will be used to create Company, Context, Currency, Precision and Language master.
1. This list all the company details.
1.Go To Control Center Company2. Click on Add button to add new company details.
1.This list all the context details.
Go to Control Center Context Master To edit the existing context click on Edit button.
1.This is used to delete the selected currency.
1. Go To Control Center Currency 2. Click on Edit button to modify the existing currency details.
1.This list all the precision details.
This is used to create new precision like formatting numbers in the form of thousands, billion, lakhs, hundred etc..
Taxonomy Master
1.This will list all the created XBRL Instance.
1. Go To Instance 2.SelectFillData from the combobox and then click on New Instance to create New XBRL Instance.
If you want to create New Instance and if you want to enter the values manually then ..1. Go To Instance Tab- select FillData from the combobox – click on New Instance2. Select schema file(.xsd). 3. To create new period wise context select company from Company Master , Currency ,Precision , Language from particular masters and give proper entity name for the context.
1.The data will be displayed from the file which we have selected in the Choose Taxonomy form.2.The combobox will display all the roles from the selected files.3.The data will be displayed as per the selected role.4.You can enter the values only for the non-abstract XBRL elements in the context period fields.5.The yellow strips will define the abstract fields.6. To generate the XBRL file click on Save button.
Go To Instance Select Fill Data from combobox To edit the existing XBRL file click on Open Instance.This window will allow to edit as well as add the values in the existing XBRL file.On the selection of particular elements it will display all the information like data-type , abstract or non-abstract, periodType etc..on the left- bottom side of the window.
If you want to tag data with the existing excel file then …Go To Instance Tab- select on Tag Data from combobox and click on New Instance.Click on Entity Profile button to choose taxonomy.3. Select schema file(.xsd). 4. To create new period wise context select company from Company Master , Currency ,Precision , Language from particular masters and give proper entity name for the context.
Click on Import Excel File to tag the XBRL data from the existing Excel File.The imported data from the excel file will be displayed in the right-hand side of the window.
Thecombobox will display all the roles.The tree will display all the data according to the selected roles.The Abstract text will display all the XBRL abstract elements in the tree.
To Tag the data Click on the value from the excel file and select the XBRL elements from the tree and click on the Tag Data.The tagged data will be highlighted automatically.
1. To view the alreadyTagged Data click on the Tagged Data button.
Go To My Desk Show ReportTo view the report click on the Show Report button.
