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XBRL Presentation Handout

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Presentation Handout on XBRL Conference at 21 Jan 2012 at Guwahati...

Presentation Handout on XBRL Conference at 21 Jan 2012 at Guwahati...

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  • 1. Presented By: CA. Nirmal Ghorawat 21/01/2012 SESSION 1 OVERVIEW XBRL - SETTING THE SCENE WHY? WHAT? “the future of financial WHO? reporting” HOW? WHERE? BENEFITS! HOW TO DO THE TAGGING? Presented by: NIRMAL GHORAWAT ACA, B.Com (Hons) Presented By: CA. Nirmal Ghorawat 2 SETTING THE SCENE Presented By: CA. Nirmal Ghorawat 3 Presented By: CA. Nirmal Ghorawat 4 WHAT WE SAY TO INVESTORS? PUBLIC CORPORTATION LIMITED CONSOLIDATED PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 2011 Sales 1,500,000 1,000,000 Cost of Sales 1,300,000 900,000 Operating Profit 200,000 100,000 Finance Expenses (Net of Income) 70,000 50,000 Net Profit before Tax 270,000 150,000 Provision for Taxation 90,000 45,000 Net Profit 180,000 105,000 Earnings Per Share 1.80 1.05 Presented By: CA. Nirmal Ghorawat 5 Presented By: CA. Nirmal Ghorawat 6Guwahati Branch of EIRC of ICAI 1
  • 2. Presented By: CA. Nirmal Ghorawat 21/01/2012 WHAT THEY HEAR? PUBLIC CORPORTATION LIMITED CAN WE TALK? CONSOLIDATED PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 2011 Sales 1,500,000 1,000,000 BLAH BLAH 1,300,000 900,000 BLAH BLAH 200,000 100,000 BLAH BLAH 70,000 50,000 BLAH BLAH 270,000 150,000 BLAH BLAH 90,000 45,000 Net Profit 180,000 105,000 Earnings Per Share 1.80 1.05 Presented By: CA. Nirmal Ghorawat 7 Presented By: CA. Nirmal Ghorawat 8 WHY XBRL? WHY XBRL? FINANCIAL REPORTING model today is MANUAL & DISJOINTED FINANCIAL REPORTING INVOLVES MANUAL PROCESSES AUDIT COMPANY DATA INSPITE OF AUTOMATION SOFTWARE PACKAGE ERP REPOSITORY OF DATA PROCESSING MANUAL REGULATOR WHY? EXTRACTION AND BECAUSE COMPUTER APPLICATIONS REKEYING MANUAL MANUAL SELDOM INTERACT THEMSELVES OF PROCESSES MANUAL PROCESSES PROCESSES DATA WHY? AUDITORS REPORTING DIFFERENT APPLICATION HAVE COMPANY USERS DIFFERENT DATA STRUCTURES Presented By: CA. Nirmal Ghorawat 9 Presented By: CA. Nirmal Ghorawat 10 ACCESSING REPORTING DATA TODAY..!! WHY XBRL? FINANCIAL REPORTING IS DISJOINTED WHY? BECAUSE REGULATORS/ USERS HAVE DIFFERING REQUIREMENTS SEBI / ROC INCOME TAX DEPARTMENT RBI / CERC / IRDA BANKS / FI’s / LENDERS IF INTERNATIONAL OPERATIONS? ET CETERA Courtesy: Ms. Liv Watson, XII Presented By: CA. Nirmal Ghorawat 11 Presented By: CA. Nirmal Ghorawat 12Guwahati Branch of EIRC of ICAI 2
  • 3. Presented By: CA. Nirmal Ghorawat 21/01/2012 WHAT IS XBRL? WHAT IS XBRL? An Abbreviation for: XBRL is eXtensible Tagged Data XBRL Open Standard IS THE Business Based on XML EMERGING Reporting GLOBAL Language for Electronic Language Communication of STANDARD OF Business and Financial Information & On the Internet FINANCIAL REPORTING eXtensible Presented By: CA. Nirmal Ghorawat 13 Presented By: CA. Nirmal Ghorawat 14 XBRL IS TAGGED DATA WHAT IS TAGGING? PLAIN ‘UNSTRUCTURED’ TEXT TAGGED DATA XBRL tags INDIVIDUAL FINANCIAL TAXONOMY INFORMATION Nirmal Ghorawat CONCEPTS for Electronic 434, Ajanta Shopping Dissemination Centre, Ring Road, Surat – 395002 CONCEPTS are defined TAGGING Gujarat based on a Common +91-261-2327434 Framework (say, Indian nirmal.ghorawat@icai.org GAAP, IFRS) – in a INSTANCE DOCUMENT TAXONOMY Presented By: CA. Nirmal Ghorawat 15 Presented By: CA. Nirmal Ghorawat 16 WHAT’S IN A TAG? XBRL IS OPEN STANDARD Label XBRL is Description FREE OF ALL LICENSES Data Type ATTRIBUTES Balance Type OR SOFTWARE / Period Type META DATA APPLICATION Reference (DATA ABOUT DATA) INDEPENDENT Presentation Calculation Presented By: CA. Nirmal Ghorawat 17 Presented By: CA. Nirmal Ghorawat 18Guwahati Branch of EIRC of ICAI 3
  • 4. Presented By: CA. Nirmal Ghorawat 21/01/2012 XBRL IS ‘customized’ XML XBRL IS EXTENSIBLE XBRL is FLEXIBLE.. Based on the XML Every entity’s business operations have UNIQUE aspects of reporting. However, XBRL is DEFINE THE CONCEPT DISCLOSE THE Powerful & Flexible version of TAXONOMY ANNUAL DEFINITION TOGETHER REPORT XML WITH THE FACT Defined specifically to meet ------ the requirements of Business USE THE CONCEPT EXTENSION TAXONOMY & Financial information DEFINED IN THE TAXONOMY Presented By: CA. Nirmal Ghorawat 19 Presented By: CA. Nirmal Ghorawat 20 WHO DEVELOPS XBRL? WHO DEVELOPS XBRL? XBRL is being developed by XBRL Mr. Charles Hoffman, International Inc. (XII) AICPA, proposed the idea XII is Not for Profit Consortium of to use XML for electronic Regulators / Government reporting of Financial Agencies, Accountancy Institutes, Information to the AICPA Leading Corporates & IT & Mr. Charles Hoffman, High Tech Task Force AICPA Financial / Professional Services XBRL was born…!! Companies. Presented By: CA. Nirmal Ghorawat 21 Presented By: CA. Nirmal Ghorawat 22 WHO DEVELOPS XBRL? XBRL International Inc. (XII) is a Consortium similar to how the U. P. C. Seal (commonly ‘Bar Code’) was developed… & BAR CODING HAS REVOLUTIONISED PRODUCT DISTRIBUTION… WHAT WILL XBRL DO TO FINANCIAL REPORTING? Presented By: CA. Nirmal Ghorawat 23 Presented By: CA. Nirmal Ghorawat 24Guwahati Branch of EIRC of ICAI 4
  • 5. Presented By: CA. Nirmal Ghorawat 21/01/2012 HOW XBRL WORKS? HOW XBRL WORKS? Unstructured Text Structured Text Unstructured Text Inventory <InventoryInformation> Inventory Inventory Inventory consists of produce purchased for resale and Inventory consists of produce Inventory consists of produce purchased for resale and supplies and are stated at the lower of cost or market purchased for resale and supplies supplies and are stated at the using the first-in, first-out (FIFO) method. Inventory as of and are stated at the lower of cost lower of cost or market using December 31, 2006 and 2005 amounted to $45,594 and 45, or market using the first-in, first-out the first-in, first-out (FIFO) $34,456 respectively. 34,456, (FIFO) method. Inventory as of method. Inventory as of December 31, 2006 and 2005 amounted to $45,594 and December 31, 2006 and $34,456, respectively. 2005 amounted to $45,594 45, and $34,456 respectively. 34,456, </InventoryInformation> Courtesy: Mr. Charles Hoffman, AICPA Courtesy: Mr. Charles Hoffman, AICPA Presented By: CA. Nirmal Ghorawat 25 Presented By: CA. Nirmal Ghorawat 26 HOW XBRL WORKS? HOW XBRL WORKS? Structured for PRESENTATION Unstructured Text Structured for MEANING Unstructured Text <html> Inventory <Inventory> Inventory <p><bold>Inventory</bold></p> <p><bold> </bold></p> <ConsistsOf>produce purchased for ConsistsOf> <p>Inventory consists of produce Inventory consists of </ConsistsOf </ConsistsOf> resale and supplies</ConsistsOf> Inventory consists of <p> purchased for resale and supplies and are produce purchased for StatedAt> <StatedAt>lower of cost or produce purchased for resale and supplies and market</StatedAt> </StatedAt </StatedAt> stated at the lower of cost or market using are stated at the lower of resale and supplies and are the first-in, first-out (FIFO) method. <ValuationMethod>FIFO</ValuationMet ValuationMethod> </ValuationMet </ stated at the lower of cost or cost or market using the hod> hod> Inventory as of December 31, 2006 and first-in, first-out (FIFO) market using the first-in, 2005 amounted to <bold> <bold>$45,594</bold> <Value2006 <Value2006>$45,594</Value2006> 2006> </Value2006 </Value2006> first-out (FIFO) method. </bold> method. Inventory as of and <bold>$34,456</bold> </bold>, December 31, 2006 and <Value2005>$34,456</Value2005> Value2005> 2005 </Value2005> </Value2005 Inventory as of December <bold> </bold> respectively.</p> </p> 2005 amounted to </Inventory> 31, 2006 and 2005 </html> $45,594 and $34,456 45, 34,456, amounted to $45,594 and 45, respectively. $34,456 respectively. 34,456, Courtesy: Mr. Charles Hoffman, AICPA Courtesy: Mr. Charles Hoffman, AICPA Presented By: CA. Nirmal Ghorawat 27 Presented By: CA. Nirmal Ghorawat 28 HOW XBRL WORKS? TERMS IN XBRL Structured for MEANING, GLOBAL STANDARD Unstructured Text TAXONOMY <InventoryComponents contextRef=“D- contextRef=“D- Inventory 2006”> ”>produce purchased for resale and 2006”> An XBRL TAXONOMY is a dictionary supplies</InventoryComponents> </InventoryComponents> <InventoryCostBasis contextRef=“D- contextRef=“D- Inventory consists of of financial reporting terms or produce purchased for 2006”> ”>lower 2006”> of cost or resale and supplies and concepts which the XBRL market</InventoryCostBasis > </InventoryCostBasis are stated at the lower of LABELS language uses, and it helps to <ValuationMethod contextRef=“D- contextRef=“D- cost or market using the 2006”> ”>FIFO</ValuationMethod> 2006”> </ValuationMethod> first-in, first-out (FIFO) define specific tags (LABELS) for <Value2006 <Value2006 contextRef=“D-2006” contextRef=“D-2006” method. Inventory as of unitRef=“USD”decimals=“0”>45594</Value2 unitRef=“USD”decimals=“0”> </Value2 </Value December 31, 2006 and individual items of data 006> 006> 2005 amounted to CONCEPTS (CONCEPTS) . <Value2005 <Value2005 contextRef=“D-2006” contextRef=“D-2006” $45,594 and $34,456 45, 34,456, unitRef=“USD”decimals=“0”>$34,456</Value unitRef=“USD”decimals=“0”> </Value respectively. 2005> 2005> Courtesy: Mr. Charles Hoffman, AICPA Presented By: CA. Nirmal Ghorawat 29 Presented By: CA. Nirmal Ghorawat 30Guwahati Branch of EIRC of ICAI 5
  • 6. Presented By: CA. Nirmal Ghorawat 21/01/2012 TERMS IN XBRL XBRL TAXONOMY Presentation Presentation Presentation Presentation Presentation Standardization Presentation INSTANCE Деньгиenїх et эквиваленты Comptant Comptant 現金及び現金等価物 现金与现金等价物 Гроші &&Cashеквіваленти Cash та Geld nahe Mittel Kas и Geldmiddelen ихEquivalents Geld Equivalents DOCUMENT References An XBRL instance document is an Label cashCashEquivalentsAndS GAAP I.2.(a) Instructions XML file, designed to be read only hortTermInvestments Ad Hoc disclosures XBRL by computers, that contains Item business reporting information Calculation and represents a collection of Cash = Currency + Formulas Deposits Cash ≥ 0 financial facts using tags from one Contexts US $ taxonomies. or more XBRL taxonomies. FY2004 Validation Budgeted Courtesy: Ms. Liv Watson, XII Presented By: CA. Nirmal Ghorawat 31 Presented By: CA. Nirmal Ghorawat 32 TERMS IN XBRL TERMS IN XBRL PRESENTATION CALCULATION LINKBASE LINKBASE • Part of Taxonomy • Part of Taxonomy • Defines relationships that • Defines ADDITIVE (+ OR -) arrange elements allowing relationships between them to NAVIGATE the NUMERIC items in taxonomy parent- taxonomy content in parent- expressed as parent-child parent- child structures structures (hierarchies). (hierarchies). (hierarchies). (hierarchies). Presented By: CA. Nirmal Ghorawat 33 Presented By: CA. Nirmal Ghorawat 34 TERMS IN XBRL TERMS IN XBRL REFERENCE FORMULA LINKBASE LINKBASE • Part of Taxonomy • Part of Taxonomy • LINKS the Concepts to their • Defines LOGICAL Statutory References or to relationships between authoritative (Accounting NUMERIC items in taxonomy Standards) references in the expressed as parent-child parent- GAAP. GAAP. (hierarchies). structures (hierarchies). Presented By: CA. Nirmal Ghorawat 35 Presented By: CA. Nirmal Ghorawat 36Guwahati Branch of EIRC of ICAI 6
  • 7. Presented By: CA. Nirmal Ghorawat 21/01/2012 TERMS IN XBRL AFTER XBRL..!! yes… we BUSINESS RULES YES can..!! • FORMAL statements that defines or constrains some aspect of the concepts in the taxonomy or to control or influence their behaviour in DOCUMENT. the INSTANCE DOCUMENT. Courtesy: Ms. Liv Watson, XII Presented By: CA. Nirmal Ghorawat 37 Presented By: CA. Nirmal Ghorawat 38 AFTER XBRL..!! AFTER XBRL..!! FINANCIAL REPORTING IN THE ERA OF XBRL WILL BE AUTOMATED. FINANCIAL REPORTING IN THE ERA OF XBRL WILL BE AUTOMATED. AUDIT COMPANY DATA AUDIT COMPANY DATA SOFTWARE ERP REPOSITORY SOFTWARE ERP REPOSITORY PACKAGE PACKAGE REGULATOR REGULATOR APPLICATIONS ARE INTERACTING WITHOUT HUMAN INTERVENTION MANUAL MANUAL MANUAL MANUAL PROCESSES PROCESSES PROCESSES (m2m – machine 2 machine) PROCESSES AUDITORS REPORTING AUDITORS REPORTING COMPANY USERS COMPANY USERS Presented By: CA. Nirmal Ghorawat 39 Presented By: CA. Nirmal Ghorawat 40 BENEFITS OF XBRL !! AFTER XBRL..!! Accounting ERP Printed Financials XBRL “In-house” Regulatory Investors Filings Analysts what Bar Code has done for Product Distribution, Internal XBRL XBRL Management XBRL will do for Financial & Business Reporting Reports Regulators Analytics Creditors Spreadsheets XBRL Documents Other Sources Web sites Presented By: CA. Nirmal Ghorawat 41 Presented By: CA. Nirmal Ghorawat 42Guwahati Branch of EIRC of ICAI 7
  • 8. Presented By: CA. Nirmal Ghorawat 21/01/2012 XBRL USES..!! BENEFITS OF XBRL !! Company internal and external Financial Reporting Cost Savings, Reporting to all types of Regulators Greater Efficiency and Tax and Financial Authorities Corporate Regulators Improved Accuracy and Loan Reports to Banks / Central Banks reliability Exchange of Information between Enhanced Comparability Government Departments To all those who create, transmit, create, Can be used for a wide range of other use or analyze financial and financial and statistical data which needs business information to be stored, exchange and analysed. Presented By: CA. Nirmal Ghorawat 43 Presented By: CA. Nirmal Ghorawat 44 BENEFITS OF XBRL !! XBRL MYTHS..!! "Through Internet delivery, XBRL will also provide analysts XBRL is and investors with extensible financial data to make informed Complex & Difficult decisions about the company. We see XBRL as not only the future standard for publishing, delivery and use of financial an Accounting Standard information over the Web, but also as a logical business a Computer Program choice.“ - John Connors, Chief Financial Officer, Microsoft a Limited Chart of Accounts Proprietary Information Standard or software Reporting / Regulatory XBRL does not change what is Reported, only how it is burden Reported…!! Presented By: CA. Nirmal Ghorawat 45 Presented By: CA. Nirmal Ghorawat 46 XBRL EVERYWHERE!! WHERE? XBRL IN PLAIN ENGLISH How we submitted Financial Information till date..!! Particulars 31/03/2011 31/03/2010 Cash and Cash Equivalents 20,000 15,000 How we will submit Financial Information in XBRL..!! <in-gaap:CashCashEquivalents id="TAB1" TAB1 TAB decimals="0" 0 contextRef="I2011 I 2011" unitRef="INR 20000 INR">20000 INR 20000</in- gaap:CashCashEquivalents> <in-gaap:CashCashEquivalents id="TAB2" TAB2 TAB decimals="0" 0 contextRef="I2010 I 2010" unitRef="INR 15000 INR">15000 INR 15000</in- gaap:CashCashEquivalents> Source: Presented By: CA. Nirmal Ghorawat w w w . x b r l p l a n e t . o r g 47 Presented By: CA. Nirmal Ghorawat 48Guwahati Branch of EIRC of ICAI 8
  • 9. Presented By: CA. Nirmal Ghorawat 21/01/2012 XBRL IN PLAIN ENGLISH The story so far..!! Decoding the XBRL Label / Tag XBRL is all about tagging TAG LABEL TAG ID DECIMALS … but these tags are electronic <in-gaap:CashCashEquivalents id="TAB1 decimals="0“ TAB1" TAB1 0 A bit like a bar code contextRef="I2011 unitRef="INR 20000</in-gaap:CashCashEquivalents> I2011" I2011 INR">20000 INR … but for financial reporting concepts CONTEXT UNIT VALUE TAG LABEL Presented By: CA. Nirmal Ghorawat 49 Presented By: CA. Nirmal Ghorawat 50 A bit like a bar code … YEAR- END ACCOUNTS FILING • But instead of tagging a tin of beans • … we’re tagging an Bookkeeping Year-end accounts Filing item in a set of accounts HOW TO DO THE TAGGING? Presented By: CA. Nirmal Ghorawat 51 Presented By: CA. Nirmal Ghorawat 52 POST-PRODUCTION TAGGING ACCOUNTS PRODUCTION SOFTWARE Extra process Tagged accounts Tagged accounts Bookkeeping Year-end accounts Bookkeeping Year-end accounts Software adds XBRL tags Software adds XBRL tags NO CHANGE IN THE PRESENT PROCESS EXTRA PROCESS + other adjustments INTEGRATED PROCESS and inputs Presented By: CA. Nirmal Ghorawat 53 Presented By: CA. Nirmal Ghorawat 54Guwahati Branch of EIRC of ICAI 9
  • 10. Presented By: CA. Nirmal Ghorawat 21/01/2012 SESSION 2 OVERVIEW XBRL IN INDIA o XBRL INDIA – ESTABLISHED JURISDICTION OF XII o REGULATORS ADOPTING XBRL IN INDIA o MCA21 FILING & CONVERSION o XBRL CERTIFICATION o XBRL ~ AN OPPORTUNITY..!! Presented By: CA. Nirmal Ghorawat 55 Presented By: CA. Nirmal Ghorawat 56 XBRL IN INDIA XBRL IN INDIA XBRL India XBRL India is the Indian Jurisdiction of XBRL is the Indian Jurisdiction of XBRL International. International. is a Company registered under Section 25 of is a Company registered under Section 25 of Companies Act, 1956 Companies Act, 1956 is incorporated for managing the affairs of is incorporated for managing the affairs of Indian Jurisdiction of XBRL International. Indian Jurisdiction of XBRL International. Its main objective is to promote and Its main objective is to promote and encourage the adoption of XBRL in India as encourage the adoption of XBRL in India as the standard for electronic business the standard for electronic business India. reporting in India. India. reporting in India. Presented By: CA. Nirmal Ghorawat 57 Presented By: CA. Nirmal Ghorawat 58 XBRL IN INDIA XBRL IN INDIA IMPLEMENTED UNDER DEVELOPMENT Capital Adequacy Reporting by Banks as per Basell II Norms “SUPER-D” FILING for ALL LISTED COMPANIES / MUTUAL MANDATED FUNDS e-Filing of Annual Reports for a class of Companies from April UNDER DEVELOPMENT 1, 2011 XBRL based REGULATORY INFORMATION MANAGEMENT SYSTEM (RIMS) Presented By: CA. Nirmal Ghorawat 59 Presented By: CA. Nirmal Ghorawat 60Guwahati Branch of EIRC of ICAI 10
  • 11. Presented By: CA. Nirmal Ghorawat 21/01/2012 XBRL IN INDIA MCA XBRL IMPLEMENTATION APPROACH PHASE I – 1/APRIL/2011 PHASE II – 1/APRIL/2012 SELECT Class of Companies ALL COMPANIES (Including Banking, NBFC, Insurance & XBRL will change the way All Listed Companies & Power Sector Companies) their Subsidiaries Existing C & I (Commercial & we COMMUNICATE with Companies with Paid up Industrial) Taxonomy to be UPDATED & MAINTAINED to REGULATORS in the Capital > 5 crores conform with REVISED Companies with Turnover > VI. coming years..!! 100 crores SCHEDULE VI. New Taxonomy(ies) for Banking, However, Banking, NBFC, NBFC, Insurance & Power Sector Insurance & Power Sector Companies. companies are excluded. Source: http://xbrl.icai.org Presented By: CA. Nirmal Ghorawat 61 Presented By: CA. Nirmal Ghorawat 62 MCA XBRL IMPLEMENTATION APPROACH MCA21 XBRL FILING PROCESS PHASE I – 1/APRIL/2011 Taxonomy EXTENSIONS are NOT ALLOWED V Companies WHICH ARE O 1. NOT Listed Companies or their Subsidiaries L SEPARATE INSTANCE DOCUMENTS FOR FORM U 23AC BALANCE SHEET & 2. Companies with Paid up Capital < 5 crores N BS T PROFIT & LOSS ACCOUNT 3. Companies with Turnover < 100 crores A AND IF APPLICABLE : R CONSOLIDATED BALANCE SHEET & 4. Banking, NBFC, Insurance & Power Sector Y FORM CONSOLIDATED PROFIT & LOSS ACCOUNT 23ACA companies PL Are EXCLUDED. Presented By: CA. Nirmal Ghorawat 63 Presented By: CA. Nirmal Ghorawat 64 MCA21 XBRL MUTUALLY EXCLUSIVE MCA21 XBRL SCOPE EXTENDED LINKS FORM 23AC – BALANCE SHEET SOURCE & APPLICATION OF FUNDS (VERTICAL) BALANCE SHEET BALANCE SCHEDULES RELATED A– FORM 23AC A– P&L ACCOUNT SHEET PROFIT & LOSS ACCOUNT TOTAL ASSETS AND LIABILITIES TO BALANCE SHEET (HORIZONTAL) CASH FLOW STATEMENT SCHEDULES RELATED TO NOTES ON ACCOUNTS PROFIT AND LOSS MAIN DIRECTORS RESPONSIBILITY ACCOUNT INCOME STATEMENT AUDITOR’S STATEMENT ALTERNATIVE REPORT DIRECTOR’S REPORT DIRECT METHOD GENERAL INFORMATION CASH FLOW ABOUT THE COMPANY STATEMENT INDIRECT METHOD SIGNATORIES TO THE BALANCE SHEET Presented By: CA. Nirmal Ghorawat 65 Presented By: CA. Nirmal Ghorawat 66Guwahati Branch of EIRC of ICAI 11
  • 12. Presented By: CA. Nirmal Ghorawat 21/01/2012 MCA21 XBRL MCA21 XBRL Filing Manual Use of Footnotes INSTANT (I) “AS AT” Link on Non-financial information in Annual Reports DURATION (D) “FOR THE PERIOD ENDED ON” to the Concepts ABSTRACT GROUP OF ELEMENTS for eg. Security furnished in the case of Secured Loans TUPLES TABLE OF ELEMENTS DETAILED TAGGING Whenever any value or information are adjusted or BLOCK TEXT TAGGING clubbed to match the calculation relationships (and thus are different from the actual financial statements of the company) – XBRL Filing Manual Presented By: CA. Nirmal Ghorawat 67 Presented By: CA. Nirmal Ghorawat 68 MCA21 XBRL Filing Manual MCA21 XBRL FILING PROCESS HTML Guidelines FINANCIAL TAXONOMY ON MCA INFORMATION PORTAL Only specific HTML tags are allowed in XBRL Instance Document FORM 23AC FORM “Clean HTML” Converters – available with the Filing TAGGING 23ACA ATTACH Tool / Freely available on the Internet. Warning Message during the Validation INSTANCE DOCUMENT VALIDATION PRE-SCRUTINY Presented By: CA. Nirmal Ghorawat 69 OFFLINE Presented By: CA. Nirmal Ghorawat ONLINE 70 MCA21 XBRL ICAI Guidance Note on XBRL Certification Objective PROPER VALIDATION AS PER MCA XBRL FILING VALIDATION TOOL To provide guidance to the practitioners in certification of XBRL formatted statements in terms of the requirements of the Ministry’s General Circular No. 57/ 2011 dated July 28, 2011 read with CERTIFICATION OF XBRL MCA’s General Circular No. 43/2011 dated July 07, 2011. FINANCIAL STATEMENTS BY PRACTISING PROFESSIONAL Presented By: CA. Nirmal Ghorawat 71 Presented By: CA. Nirmal Ghorawat 72Guwahati Branch of EIRC of ICAI 12
  • 13. Presented By: CA. Nirmal Ghorawat 21/01/2012 ICAI Guidance Note on XBRL Certification ICAI Guidance Note on XBRL Certification General Approach to Preparation of XBRL Financial Statements Management Responsibility - Primary Completeness Selection, Maintenance and Testing of Taxonomy. Mapping Accurate Tagging & Mapping of Data Accuracy Elements to XBRL reports.. Structure Enforcing change Management Procedures for XBRL processes Presented By: CA. Nirmal Ghorawat 73 Presented By: CA. Nirmal Ghorawat 74 ICAI Guidance Note on XBRL Certification ICAI Guidance Note on XBRL Certification Practitioner’s Responsibility Practitioner’s Responsibility - Procedures To certify that the said XBRL financial statements Compare Source Document (Annual Report) with fairly present, in all material respects, the audited XBRL Instance Document (Human Readable financial statements of the Company from which generated through relevant converter. such XBRL financial statements have been prepared, in accordance with the taxonomy Management Representation Letter prescribed by MCA. Presented By: CA. Nirmal Ghorawat 75 Presented By: CA. Nirmal Ghorawat 76 XBRL - AN OPPORTUNITY ..!! COMPLIANCE WITH MCA REGULATORY ENVIRONMENT IMPACT ASSESSMENT OF XBRL ON MIS MAPPING / TAGGING OF LINE ELEMENTS IN MIS (ACCOUNTS MASTER) WITH XBRL TAXONOMY CONSIDERING THE NEED FOR EXTENSION TAXONOMY Presented By: CA. Nirmal Ghorawat 77 Presented By: CA. Nirmal Ghorawat 78Guwahati Branch of EIRC of ICAI 13