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XBRL

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    XBRL XBRL Presentation Transcript

    • Rajender Kapoor, FCS,LLB 9811056067 DirectorWebtel Electrosoft Pvt. Ltd. (An ‘e’ regime Company) rkapoor@webtel.in www.webxbrl.com 1
    • Recapitulate…. Need for XBRL in India – To get data over information/Report. To bring standardization in Business Reporting for analysis by stakeholders. Use of data by Regulators for detecting irregularities in compliances.
    • No Standardisation (contd.) Annual Reports of cos. Prepared in several ways. Horizontal/ Vertical Presentation. Schedules, Annexures, Grouping © 2012 Webtel. All Rights Reserved.
    • No Standardisation (contd.) © 2012 Webtel. All Rights Reserved.
    • Kaha milega???Annual Report Infosys 2011(116 pages) 5
    • In XBRL….STANDARDISATION.. © 2012 Webtel. All Rights Reserved.
    • IN XBRL ? Place for each item Net DeferredNet Block Tax Asset Plant Machinery NetDeposit Assets 7
    • What is XBRL..? X – eXtensible B – Business R – Reporting L – Language
    • What is XBRL..contd… Language For BUSINESS REPORTING.X in XBRL Stands for Extensible - No Relevant Tag found in Taxonomy we can create element name based on Properties of line Item. Powerful Version of XML. Puts content in right context.
    • Terms used in XBRLTAXONOMYTAGLINE ITEMELEMENT NAMELINK BASESINSTANCE DOCUMENTHYBERCUBES AND DIMENSIONS 10
    • Taxonomy Nomy : System of Rules, Laws or knowledge about a particular field Taxonomy : Rules or Knowledge of Taxes. Taxonomy : Science of Classifying Organisms. 11
    • INFORMATION IN XBRL TAG SUNDRY RECEIVABLES as on 31st March 2012 ELEMENT NAME- Data Type- Trade Receivable monetary BALANCE TYPE- PERIOD TYPE- Debit Instant DEFINITION-RECEIVABLES ARISING FROM SALE OF GOODS AND SERVICES ,PROVIDED IN NORMAL COURSE OF BUSINESS AND OUTSTANDING AS ON THE FINANCIAL STATEMENT DATE.
    • Line Item Vs Element Name(Standard Name) Line Item Element Name (Standard Name)
    • LINKBASES Schema Linkbases Labels Reference Definition Calculation Presentation Formulas
    • Presentation Linkbase Business reports are in identifiable data structures. e.g. Balance Sheet. Defines structure for displaying data + label. Manages relationship between Taxonomy elements. Hierarchy structure. 15
    • Label Linkbase Taxonomies represent business data in multiple languages. Lebel linkbase manages text associated with taxonomy element in various languages. Stores & links labels to respective elements. 16
    • Reference Linkbase Most elements refer to particular concepts in authoritative literature. Storage of source identification name & paragraph e.g. IAS, para 75. 17
    • Calculation Linkbase Defines basic calculation validation rules. Restricted to (+) or ( -). Trade Receivables = Receivables – Provision for doubtful debts 18
    • 19
    • Definition Linkbase Defines additional rules attached to taxonomy elements, Defines relationship between reporting concepts. 20
    • INSTANCE DOCUMENT Instance Doc. has reported data with values & contexts. Electronic report of Financial Statement. The final generated XBRL output files
    • Taxonomy Extensions  Adding some new elements.  Dictionary is based on certain rules.  How is it pronounced?  Noun or verb?  What it means?  What are other meanings?  Bazaar & Brahmin not in dictionary.  Such wide use that included.  Problems in US due to extended taxonomy.  No extended Taxonomy in UK.  India following same principle. 22
    • New Business Rules1.Parent- Child Relationship to be maintained with certain exception.2.Validations in the extended links shall be performed based on their applicability to the BS instance document or the P&L instance document.3. Inclusion of images/ charts/ graphs etc. shall not be allowed in the instance document.
    • New Business Rules…4. If any financial element is entered in CY then it shall be mandatory to enter corresponding PY with certain exception.5.Common element for specifying the opening and closing balance.6. Monetary values up to maximum 2 decimal places shall be allowed.
    • New Business Rules…7. Reporting currency should be INR in case of all financial elements except for the elements in Details of subsidiary.8. All dates entered in the instance document should be greater than or equal to the date of incorporation of the filing company with certain exception.MORE ABOUT BUSINESS RULES
    • APPLICABILITY- FY 2012-2012General Circular No. 16/2012 - Dated 06.07.2012FY Starts On Or After 1 Arp 2012All Listed Companies And Their Indian Subsidiary.All Companies Having Turnover Of 100 Cr. & Above.All Companies Having Paid Up Capital Of 5cr. & AboveAll Companies Who Were Required To File Their FY 2010– 2012 Using XBRL Mode
    • Pending Clarification ???? Banking Companies Insurance Companies Power Companies And Non-banking Financial Companies (NBFC) Are Exempted From XBRL Filing Till Further Order.
    • Time Limit Without Additional Fee All companies Covered in XBRL Upto 15th November, 2012 or within 30 days from the date of their AGM, whichever is later.
    • Implementation Process…..for select class of companies…. Understanding Taxonomy TAXONOMY DIVISION COMMERCIAL AND INDUSTRIAL AS PER REVISED SCHEDULE VI
    • Process cont…TAGGING Tagging Text Block Detailed Tagging tagging Scope of Detailed Tagging expected to get widened as Revised Schedule VI covers more item in Notes to Accounts and more emphasis has been put on Cross referencing and detailed disclosure…. 30
    • WEB-XBRL SOFTWARE
    • SELECT CELL FOR DETAIL TAGGING
    • MAPPING WITH MOSTAPPROPRIATE ELEMENT
    • HOW LINE ITEMS LOOKS LIKE AFTERTAGGING
    • Generation of XML
    • Uploading the XML on ValidationTool
    • Validate the XML
    • XML Validated successfully
    • Prescrutiny of XML
    • XML Prescrutinised successfully
    • Export to PDF
    • PDF created successfully
    • How XBRL Works?Annual ReportXMLXBRL PDF
    • Road Map
    • XBRL : Is Magic Possible? © 2011 Webtel. All Rights Reserved.
    • XBRL in 10 Simple Steps © 2011 Webtel. All Rights Reserved.
    • SoftwaresGood XBRL Solution Simple interface Excel based might be time consuming. Data Mapping functions. Built in Validations 47
    • Practical Approach Analyze Annual Report. Check list of items in Taxonomy but not in Annual Reports.  CIN Company  DIN of Directors & their date of birth  Details of Auditor/Company Secretary © 2011 Webtel. All Rights Reserved.
    • Practical Approach…contd..  Details of Related Parties  PAN  CIN  Outstanding Balances  Description of Related Party Transactions  Other information Information about Subsidiaries, Investment in Joint Ventures, Associates etc. Check Minimum Tagging Requirements. Check Mandatory Items. Prepare Balance Sheet as per Taxonomy items.
    • Form 23AC XBRLMandatory Attachments (XBRL Format) Standalone  Balance sheet  Notes  Directors’ Report  Auditors’ Report Consolidated Balance Sheet etc. (XBRL format) © 2011 Webtel. All Rights Reserved.
    • Form 23AC XBRL (otherattachments(contd.)  Statement of Foreign Subsidiaries u/s 212.  Statement of facts & reasons for not adopting balance sheet .  Statement of the fact & reasons for not holding AGM.  Approval letter for extension of financial year or AGM.  Supplementary or Test Audit Report u/s 619(3)(b).  Corporate Governance Report.  Management Discussion & Analysis etc.  Others. © 2011 Webtel. All Rights Reserved.
    • Form 23AC XBRL : Issues XBRL filing possible only if Schedule VI applicable, others are exempt. Filing only if Balance Sheet Audited. Whether Consolidated Balance also filed? Serial no. & Date of Board Resolution. AGM date/due date/ extension date same in all Annual forms. (Forms 20B, 23AC, 21A, 66) AGM date > Date of signing of Audit Report. © 2011 Webtel. All Rights Reserved.
    • XBRL Assurance/Certification Practising CA/CS/ICWA to certify integrity of Balance Sheet , Profit & Loss account filed in XBRL format. Wikipedia : Concept of consistency of actions, values, methods, measures, principles, expectations & outcomes. Data Integrity : data with complete or whole structure. Tagged financial statements accurate & consistent with traditional format. © 2011 Webtel. All Rights Reserved.
    • Point 26 of Guidance note
    • CERTIFICATE FORMAT
    • Inference….. Revised Schedule VI is towards Standardization and disclosures which were missing earlier. Cross referencing of information in Notes to Accounts with so many disclosures make it easier for Regulator to check irregularities. If anything is left XBRL does X-RAY of information by using technology to go further deep into compliance irregularities.