1. XBRL –New
Opportunities for the
Accountancy Profession
CA K.Raghu
Director XBRL India
Central Council Member

2. What is XBRL
 XBRL stands for eXtensible business reporting
language.
 XBRL is a language for electronic communication of
business and financial data.
 XBRL is set to revolutionise business reporting
around the world.
 XBRL provides major benefits in preparation,
analysis and communication of business
information.
 XBRL offers cost savings, greater efficiency and
improved accuracy and reliability to all users of
financial data

3. XBRL – The new language in
business reporting
 XBRL enables automated processing of business
information by computer software.
 Avoids manual entry of financial data
 Computers can treat XBRL data intelligently and
recognise the information in a XBRL document,
select it, store it, exchange it with other computers
and present it in many ways to a user.
 XBRL increases the speed of handling of financial
data and reduces the chances of errors.

4. Users of XBRL data
 Regulators like MCA, RBI,SEBI, IRDA, can automatically review and
analyse pre-validated XBRL filings.
 Banks and Financial Institutions can automatically review and analyse
pre-validated customer financial statements for monitoring loans and
also assist them in credit risk assesment.
 Analysts can automatically import pre-validated company financial
information in XBRL format for investment analysis.
 Investors can access XBRL corporate reporting data and analyse the
same at a lower cost.
 Management can benchmark their performance against competitors
and peers anywhere in the world.

5. XBRL – Very flexible
 XBRL can handle data in different languages
 XBRL can be flexibly be adapted to meet
different reqauirements and users.
 Users of financial data can compare and
analyse data much more rapidly in XBRL
format

6. XBRL – Huge savings
 Regulators, banks, financial institutions,
companies spend a lot of money and time in
re-keying, cleansing and analysing financial
data as and when quarterly and annual
results are published by various companies.
 XBRL tools and applications will eliminate
the tasks of duplication and promote
transperancy and reliability of information

7. How to creat Financial
Statements in XBRL ?
 XBRL aware accounting software will support
the export of data in XBRL form. These tools
will allow users to map charts off accounts
and other structures to XBRL tags.
 Financial statements can be mapped into
XBRL by using XBRL software tools.
 Data from accounting databases can be
extracted in XBRL format by using XBRL
software.

8. Formation of a group on
XBRL in India
In the year 2007 the Institute of
Chartered Accountants of India (ICAI),
the premier accounting body and the
National Standard setter constituted a
Group for promotion and development of
XBRL in India.

9. Support of Regulators
The group had representatives of the
major regulators in India viz. the
 Securities and Exchange Board of India
(SEBI)
 Ministry of Corporate Affairs (MCA)
 Reserve Bank of India (RBI)
 Insurance Regulatory and Development
Authority (IRDA)
 National Stock Exchange (NSE)
 Bombay Stock Exchange (BSE)

10. XBRL India
In the year 2008, ICAI set up an Indian XBRL
Jurisdiction in the year 2009 as an extended
arm of XBRL International in India. The
Jurisdiction was Provisional in nature for a
period of 2 years.

11. Taxonomies
Like other standard setters, across the
globe, ICAI developed taxonomies
based on the Indian Accounting
Standards and the Indian Company Law
requirements.

12. Taxonomies
The jurisdiction first developed a general
purpose taxonomy called the
Commercial and Industrial (C&I)
Taxonomy which could be used by any
Commercial and Industrial Enterprise. It
is based on the IFRS 2006 architecture.

13. C&I Taxonomy
This taxonomy was developed through a due
consultative process where the Industry
experts reviewed the draft taxonomy,
thereafter it was exposed in the public
domain for comments. After finalisation on
the basis of comments, the taxonomy was
acknowledged by XBRL International.

14. C&I Taxonomy Cont….
This taxonomy has been developed to enable
companies prepare their financial statements,
viz., Profit and Loss Statement, Balance
Sheet and Cash Flow Statement in XBRL
format, based on the requirements of the
accounting standards, Indian company law
and the requirements under Clause 41 of the
Listing Agreement.

15. Banking Taxonomy
Mean while a need was felt to develop
Industry-specific taxonomy for Banking
Sector as their requirement could not be
met with the C & I Taxonomy as their
format for presentation of financial
statement were very different. Therefore
Taxonomy for banking was developed.

16. Banking Taxonomy
Banking taxonomy is an extension to the core
Indian XBRL C&I taxonomy.
The banking specific elements have been
added to the core schema.
The schema file contains all the element
declarations along with there XBRL
properties (including the elements of C&I
taxonomy).

17. Taxonomies in future
It is proposed to develop other industry-
specific taxonomies viz. the Insurance
and Power sector. Taxonomy for NBFCs
is also in the process of development.

18. XBRL India – an
Established Jurisdiction
In the year 2010,
XBRL India was awarded the status of an
“Established jurisdiction” capable of having a
representative of India at the International
Steering Committee (ISC), the governing
body of XBRL International.

19. XBRL India – A Company
‘XBRL India’ is now a company registered
U/s 25 of Companies Act, 1956. The
company is facilitated by ICAI.
It has been incorporated for managing the
affairs of Indian Jurisdiction of XBRL
International.

20. Website of XBRL India
A separate website dedicated to the XBRL
India Jurisdiction to keep members and other
users aware about the Indian XBRL
Jurisdiction has been set up by the ICAI.
Its URL is www.xbrl.org/in.

21. Way Forward
ICAI being the neutral facilitator of XBRL
India Jurisdiction, shall assist the regulators
and users of the financial statements by:
 Developments of XBRL taxonomies.
 Ensure compliance of taxonomies with the
requirement of Companies Act 1956 and
other relevant legislations (LLP).

22. Way Forward Cont….
 Update the existing taxonomies as per the
requirements of the IFRSs on implementation
of Indian AS in India.
 Maintenance and updation of the XBRL
Taxonomies from time to time as per the
requirements and any revisions in the
Accounting Standards.

23. XBRL India-Membership
The membership of XBRL India is open to the
following categories:
(a) Regulators
(b) Organizations
(c) Academicians
Certain parameters have been laid down for
the interested organizations and
academicians to become member of XBRL
India.

24. XBRL India – MCA
Mandate
The Ministry of Corporate Affairs (MCA) has
issued a circular dated 31st March, 2011
mandating certain class of companies for
filing their financial statements in XBRL
formats for the year 2010-11.

25. XBRL India – MCA Mandate
Cont…..
 Considering the requirement for training professionals
in view of the mandate issued by MCA, it has been
decided to provide trainings in collaboration with CMII
and CPE Committees of ICAI across the country.
However, to start with the hands on training on XBRL
filing, it shall be imparted at the metros and bigger
cities viz. Bangalore, Ahmedabad, Pune etc. as of
now, covering 17 cities in all in the initial phase, which
shall be extended to other cities in the future
 XBRL India is also developing basic Training material
and schedule on the basic concepts and process
involved in XBRL filings.

26. XBRL India – Road Ahead
 It is proposed to design the XBRL
Certification Programs in India for the
promotion and education of XBRL in India.
 Facilitating education in XBRL through a
series of workshops, seminars and
conferences.

27. XBRL, India – Road
Ahead Cont…..
 Roping in other regulators like CBDT/ IRDA
for implementing XBRL in their reporting
requirements.
 Launching a certificate e-learning course on
XBRL

28. XBRL – Opportunities for
Chartered Accountants
 Assist companies in preparing XBRL
compliant Financial Statements.
 Assist companies in their regulatory filings.
 Investment and Credit analysis

29. Thank you
 cakraghu@kraghu.com