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XBRL Overview

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XBRL stands for eXtensible Business Reporting Language - an language for the electronic communication of business and financial data which provides major benefits in the preparation, analysis and communication of business information and offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data; now being put to practical use in a number of countries including India

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XBRL Overview

  1. 1. XBRL Overview<br />
  2. 2. What is XBRL? <br />XBRL stands for eXtensible Business Reporting Language<br />Language for the electronic communication of business and financial data<br />Provides major benefits in the preparation, analysis and communication of business information<br />Offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data<br />Being put to practical use in a number of countries<br />
  3. 3. What does it contain?<br />XBRL documents filed by the companies should include the following information reported by the companies as per the existing provisions of law -<br />Information disclosed in the following sections of the Annual Report :<br />Balance Sheet<br />Profit and Loss Statement<br />Cash Flow Statement<br />Schedules related to Balance Sheet and Profit and Loss Statement<br />Notes to Accounts<br />Statement pursuant to Section 212 of the Companies Act, 1956 relating to subsidiary companies<br />Disclosures specific to MCA requirements<br />
  4. 4. Who is it applicable for?<br />Following class of companies have to file the Financial Statements in XBRL Form from the year 2010-2011:<br />All companies listed in India and their subsidiaries, including overseas subsidiaries<br />All companies having a paid up capital of Rs. 5 Crore and above or a Turnover of Rs 100 crore or above<br />
  5. 5. Advantages of XBRL<br />Offers major benefits at all stages of business reporting and analysis<br />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<br />Switch resources away from costly manual processes<br />Concentrate effort on analysis, aided by software which can validate and process XBRL information<br />
  6. 6. Benefits for a company<br />Increases the usability of financial statement information<br />Need to re-key financial data for analytical and other purposes can be eliminated<br />By presenting its statements in XBRL, a company can benefit investors and other stakeholders and<br />enhance its profile<br />Meet the requirements of regulators, lenders and others consumers of financial information, who are increasingly demanding reporting in XBRL<br />
  7. 7. Benefits (continued…)<br />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<br />Reports using varying subsets of the data can be produced with minimum effort<br />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<br />
  8. 8. How does XBRL work?<br />XBRL makes the data readable, with the help of two documents – Taxonomy and Instance Document<br />Taxonomy defines the elements and their relationships based on the regulatory requirements<br />Using the taxonomy prescribed by the regulators, companies need to map their reports, and generate a valid XBRL instance document<br />Mapping is a process for matching the concepts as reported by the company to the corresponding element in the taxonomy<br />
  9. 9. How do companies create statements in XBRL?<br />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<br />Use third party products which connect to the accounting system to achieve the transformation of the data to XBRL<br />Use third party service by submitting the financial statements to them<br />
  10. 10. How Partner can help?<br />MAIA Partners provide XBRL solution in the form of:<br />PostXBRL software from MAIA Intelligence – a software product that can be installed in your premises and create XBRL reports after appropriate mapping<br />XBRL service – clients can submit their financial statements in appropriate digital format and partner will convert them into XBRL reports<br />
  11. 11. postXBRL Software<br />
  12. 12. Facts for an XBRL Report<br />
  13. 13.
  14. 14. Master Page of Common Task<br />
  15. 15. 1.On the click of My Desk it will display company wise header data of the XBRL reports.<br />
  16. 16. Change Password<br />
  17. 17. 1. This will be used to create Company, Context, Currency, Precision and Language master.<br />
  18. 18. This list all the company details.<br />
  19. 19.
  20. 20. This list all the context details.<br />
  21. 21.
  22. 22. 1.This is used to delete the selected currency.<br />
  23. 23.
  24. 24. This list all the precision details.<br />
  25. 25.
  26. 26. Taxonomy Master<br />
  27. 27. List all the created XBRL Instance.<br />
  28. 28. Fill Data  New Instance <br />
  29. 29. Select schema file(.xsd). <br />
  30. 30. Generate XBRL File.<br />The data will be displayed as per the selected role.<br />
  31. 31. Edit /Add value <br />
  32. 32. Select schema file(.xsd). <br />
  33. 33. Import Excel File<br />
  34. 34. The data will be displayed as per the selected role.<br />
  35. 35. Tagged Data<br />
  36. 36. Tagged Data<br />
  37. 37.
  38. 38.
  39. 39. XBRL Reports<br />
  40. 40. Business Report <br />
  41. 41.
  42. 42.
  43. 43. Hardware / Software Specification<br />Hard Disk – 40 GB<br />RAM – 1 GB<br />Processor – Dual Core<br />Operating System – Windows 7 or XP<br />Meta Data – SQL 2008<br />MS Dot Net Framework – 3.5<br />MS Office – 2003 or above<br />Browser – IE 6.0 or above<br />
  44. 44. THANK YOU<br />

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