Interesting facts about xbrl in india blue consulting
Interesting facts about XBRL in India Blue Consulting Pvt. Ltd. Doing common things, Uncommonly well.July 13’ 2009 Blue Consulting Pvt. Ltd. Consulting F&A Outsourcing Internal Audit A Finance & Accounts Outsourcing Company
Purpose Blue Consulting Pvt. Ltd.2 www.xbrlconsulting.co.in This is a quick look at some interesting facts related to the XBRL space in India. In the next few slides, you will get conversant with some interesting facts related to XBRL conversion services.
#1. No certification of software vendors Blue Consulting Pvt. Ltd.3 www.xbrlconsulting.co.in As on date (31st Oct’2011), there are 18 software vendors listed on MCA’s website (http://bit.ly/uaQKKI ) and MCA has categorically mentioned that MCA does not certify or authenticate the validity of the software/services offered by any of these vendors. This list is only for awareness of stakeholders for their XBRL initiative. There is no guidance available for end users of the software offerings, or, on how to select a particular software.
#2. Huge variation in prices Blue Consulting Pvt. Ltd.4 www.xbrlconsulting.co.in There is a huge variation in the prices of XBRL software and XBRL conversion services. This price variation is not just on the MCA listed software and services - the variation among non-listed vendors and service providers is even larger. XBRL software prices range from Rs. 5,400 to Rs. 400,000. Similarly, conversion fees range from Rs. 9,000 per company to Rs. 45,000 per company and Rs. 300 per page to Rs. 3,000 per page.
#3. Preparedness of service providers Blue Consulting Pvt. Ltd.5 www.xbrlconsulting.co.in In the absence of any accreditation or certification by a responsible authority, most service providers claim to have been working in the XBRL space even before the introduction of XBRL regulation by MCA in March’11 which, barring a few service providers, is dubious. By the middle of Oct’11, the Financial Statements of only 9 companies were filed in XBRL format, which shows the state of preparedness of service providers in this domain. (Source: an article in Economic Times, click here to access the article)
#4. Lack of awareness among companies Blue Consulting Pvt. Ltd.6 www.xbrlconsulting.co.in There is a large gap in understanding about XBRL, its concept and implications among the companies who are required to file financial statements in XBRL format. Companies (even renowned business houses) are deciding on XBRL service providers on just the basis of lowest fee without enquiring about basic information about a service provider, i.e., team size, experience, etc.
#5. Role of XBRL software misunderstood Blue Consulting Pvt. Ltd.7 www.xbrlconsulting.co.in People have misunderstood the role of software in the XBRL conversion process at this initial stage in India. Software is just an enabler; nothing more than that. XBRL conversion is a specialized service for which experience in handling of Financial Statements across various Industries is a basic requirement. Secondly, familiarity with mandatory business rules of taxonomy is a pre-requisite to effectively handle the errors during validation phase.
Contact us Blue Consulting Pvt. Ltd. is a listed service provider for XBRL conversion by MCA. Blue Consulting Pvt. Ltd.8 www.xbrlconsulting.co.in BC, has its roots in a well established, four decade old chartered accountants firm. Chandan Goyal We have a separate division for XBRL Chief Executive Officer conversion services. email@example.com Our XBRL team members also have +91 98104 10421 experience of XBRL filing for UK and US +91 120 4230649 companies as well. For further detail, please log on to: www.xbrlconsulting.co.in Delhi Pune “A dream is not that which you see in sleep A dream is that which does not let you sleep”