XBRL Overview

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

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

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

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

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

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

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

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

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

postXBRL Software

Facts for an XBRL Report

Master Page of Common Task

1.On the click of My Desk it will display company wise header data of the XBRL reports.

Change Password

1. This will be used to create Company, Context, Currency, Precision and Language master.

This list all the company details.

This list all the context details.

1.This is used to delete the selected currency.

This list all the precision details.

Taxonomy Master

List all the created XBRL Instance.

Fill Data  New Instance

Select schema file(.xsd).

Generate XBRL File.
The data will be displayed as per the selected role.

Edit /Add value

Select schema file(.xsd).

Import Excel File

The data will be displayed as per the selected role.

Tagged Data

XBRL Reports

Business Report

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

THANK YOU

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XBRL Overview

by Dhiren Gala on Jul 08, 2011

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XBRL Overview — Presentation Transcript