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Overview on XBRL

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Overview on XBRL

  1. 1. eXtensiable Business Reporting Language By: Divyashree
  2. 2.  Language for electronic communication. Family of XML. Open standard, free of licence fees. Implementation of XBRL are growing.
  3. 3.  All listed companies in India and their Indian subsidiaries OR All companies having Paid up capital of Rs.5 crore and above OR All companies having turnover of Rs.100 crore and above .
  4. 4.  Banking companies, Insurance companies, Power Companies Non-banking Financial Companies(NBFCs)
  5. 5. Indian Foreign Indian Foreign Subsidiary SubsidiarySubsidiary SubsidiaryStand alone Stand alone No need to Attach PDF B/s- attach PDF B/s- file Compulsory fileCompulsory
  6. 6. Ex : 1A pvt ltd , havingTurnover – 155 crore Paid up capital – 4 croreAns:Ex : 2X a listed companyPaid up capital-4.5 croreTurnover- 78 croreAns:
  7. 7. Ex : Y Pvt ltdTurnover: 57 crorePaid up capital: 4.5 croreManagement wishes to report under XBRLAns:Ex : Electricity companyManagement wishes to report under XBRL.Ans:
  8. 8. 30th November 60 days of THEIR 2011 DUE DATE Which ever is later
  9. 9. Date of AGM: 15th August 2011Due date is:15/08/11 30 days 15/09/11 60 days 15/11/11(a) OR 30/11/11(b)Which ever is later (a or b)So due date is 30/11/2011
  10. 10. Date of AGM: 25th September, 2011Due date is:25/09/11 30 days 25/10/11 60 days 25/12/11(a) OR 30/11/11(b)Which ever is later (a or b)So due date is 30/12/2011
  11. 11.  Developed by XBRL International XBRL India- A Indian jurisdiction of XBRL International Members of XBRL India - Regulators -Stock Exchange -Software Companies Registered u/s 25 Manages affairs of Indian jurisdiction of XBRL International.
  12. 12. XBRL Documents InstanceTaxonomy Document
  13. 13.  Dictionary Electronic description Regulated by requirements and standards Country specific Developed for Indian Companies on basis of -Schedule VI of Companies act -Accounting Standards, issued by ICAI -SEBI listing Requirements
  14. 14.  Elements defined – are referred as “XBRL Tags” Taxonomy and instance document is collection of tags Enables the computer to understand XBRL instance and taxonomy
  15. 15. XBRL tag on “Employee Benefits expense”Represents1. Fact2. Name of entity3. Period4. Meaning5. Accounting reference6. Scalar Factor7. Unit
  16. 16.  Business report in electronic format Linked Contains Facts with their values Explanation to the contexts which they are placed
  17. 17.  Facts means values included with corresponding concepts in taxonomy The facts – numeric or non numericEx: Concept Fact Tangible Assets 5000 Name of subsidiary X Ltd Date of Board meeting 2011-05-30
  18. 18. Without XBRL … Average Time for Updating Financial Information—11 days Value-added Analysis and Decision-making? 90% time spent on Mechanics 10% With XBRL … Average Time for Updating Financial Information—1 daysMechanics More Time for AnalysisXBRL? Analysis => Less Risk With => Better
  19. 19.  Time and Cost saving Flexibility Enhances usability of Financial Statements Transparency Multiple language Capacity
  20. 20.  Balance sheet Profit and loss statement Cash flow statement Schedules relating to Balance sheet and Profit and loss statements Notes to accounts Statement pursuant to Section 212 of the Companies Act. Disclosure specific to MCA requirements -Directors report -Auditors report -Signatories to Balance Sheet General Information about the company
  21. 21.  Step 1: Start with financial statements Step 2: Map each item of Financial statements with corresponding element in Published Taxonomy Step 3: Create instance document Step 4: Review and verify the instance document Step5: Download XBRL validation tool Step6: Use tool to validate instance documents
  22. 22.  Step 7: Perform pre-scrutiny of validated instance documents Step 8: Attach instance documents Step 9: Submitting form 23AC AND 23ACA

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