Xbrl

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Xbrl

  1. 1. M S Godbole & Co Chartered AccountantsM S GODBOLE & CO,CHARTERED ACCOUNTANTS
  2. 2. Introduction XBRL is a world-wide standard, developed by an international, non-profit-making consortium, XBRL International Inc. It is made up members, including government agencies, accounting firms, software companies, academics and business reporting experts from worldwide. It has agreed the basic specifications which define how XBRL works. M S GODBOLE & CO
  3. 3. Why use XBRL? Provides a database-like structure, using text files Defines a collection of financial facts for a specific report, industry, and jurisdiction (taxonomy) Facilitates the data exchange between proprietary systems Promotes the re-use of data with far less effort M S GODBOLE & CO
  4. 4. Meta Data Metadata is defined as data providing information about one or more aspects of the data, such as: Means of creation of the data Purpose of the data Time and date of creation Creator of data Placement on a computer network where the data was created M S GODBOLE & CO
  5. 5. Schemas: Standard data naming convention  Micro Data Reference Manual  Standard used for all data series Standard customer information  National Information Center Standard customer ID Begin and End dates - Version M S GODBOLE & CO
  6. 6. XBRL Concepts: XBRL is an extension of XML It is a set of files referred to as an XBRL framework For Example:  Validation Criteria  Report Instructions  Business Rules  Presentation  Micro Data Reference Manual Consists of XML files and XSD files (XML Schema Definition) Utilizes the concept of link bases which provides the ability to link XML files together M S GODBOLE & CO
  7. 7. Tags: Computers can treat information that has been tagged using XBRL ‘intelligently’; they can recognize, process, store, exchange and analyze it automatically using software. As XBRL tags are formed in a universally accepted way, they can be read and processed by any computer that has XBRL software. XBRL tags are defined and organized using categorization schemes called taxonomies. M S GODBOLE & CO
  8. 8. XBRL Detail Concepts: XBRL Taxonomies  Defines a set of business report concepts that can be used in the exchange of financial information. The concept types are further defined in an XSD file. <XBRLTags> <Tag name=”Name”> Micro <Tag name=”Address”> data reference <Tag name=”Revenue”> manual <Tag name=”Expense”> <Tag name=”SubmissionPeriod”> </XBRLTags> M S GODBOLE & CO
  9. 9. XBRL Detail Concepts: Instructions  Instructions can be associated with each XBRL tag element that is defined. <Instructions> <Instruction tag=”Name”> Enter the business name </Instruction> <Instruction tag=”Revenue”> Enter the revenue for the current period </Instruction> <Instruction tag=”Expense”> Enter the expense for the current period </Instruction> </Instructions> M S GODBOLE & CO
  10. 10. XBRL Detail Concepts: Business Rules  Business Rules can be defined for business reports and forms by using a syntax language that refers to XBRL tags and predefined functions. Examples of functions, validations, or edits could be:  Expense > 0  Revenue > PREVIOUS(Revenue) <Calculations> <Calculation tag=”Name” function=”MustExist(Name)” error=”Name must exist”/> <Calculation tag=”Revenue” function=”PREV(Revenue) < Revenue” error=”Revenue must increase”/> <Calculation tag=”Expense” function=”Expense > 0” error=”Expense must be greater than zero”/> </Calculations> M S GODBOLE & CO
  11. 11. XBRL Detail Concepts: Instance files  Instance files contain data for a business form or report. <InstanceData> <Data tag=”Name” value=”First Union Bank” /> <Data tag=”Period” value=”2002-03-31” /> <Data tag=”Revenue” value=”13893288” /> <Data tag=”Expense” value=”293388” /> </InstanceData> M S GODBOLE & CO
  12. 12. Transport Mechanism: Web Services  SOAP -Simple Object Access Protocol  It is simple XML-based protocol to let applications exchange information over HTTP.  WSDL - Web Services Description Language  WSDL is a document written in XML. The document describes a Web service. It specifies the location of the service and the operations (or methods) the service exposes Security  WS-I  It provides interoperability guidance for core web services specifications such as SOAP,WSDL  SSL-Secure sockets layers  The Secure Sockets Layer (SSL) is a commonly-used PROTOCOL for managing the security of a message transmission on the Internet Connectivity requirements  Adequate bandwidth with Internet connectivity M S GODBOLE & CO
  13. 13. System Requirement: Dual Screens (min. resolution 1024 x 768) Minimum of 4 GB RAM 80 GB Hard Disk Space Windows Operating System (XP, Vista, 7 or above) Microsoft Office .NET Framework 3.5 Compact 3.5.1 JDK (Java Development Kit) 1.5 or above M S GODBOLE & CO
  14. 14. MCA Mandate:Which accounting principles are used- -IGAAP Public Float exceeding Rs 5 cr (Paid up Capital) Turnover exceeding Rs 100 Cr Listed entities on NSE and BSE and their Indian Subsidiaries Detail tagging : No grace period - 31st December 2011. M S GODBOLE & CO
  15. 15. Taxonomy Overview: Taxonomy tailored to MCA Reporting Requirements Multi dimensional in nature and template based information capture Taxonomies enable computers with XBRL software to: understand what the tag is (e.g. whether it is a monetary item, a percentage or text); what characteristics the tag has (e.g. if it has a negative value); its relationship to other items (e.g. if it is part of a calculation). M S GODBOLE & CO
  16. 16. M S GODBOLE & CO
  17. 17. ICAI Taxonomy Structure: Industry-based classification Commercial and Industrial companies Banking companies Non-Banking Financial companies Power companies Insurance companies Core Schema Exhaustive list of all element declarations Common elements defined once Distinct extended links for each industry M S GODBOLE & CO
  18. 18. Data Model Issues:Notes to accounts information is largely tabular and therefore is Multi-dimensional data Data points having similar attributes M S GODBOLE & CO
  19. 19. Methodology: Automated Extraction Patch to existing Software Service Providers – Conversion of data into XBRL format M S GODBOLE & CO
  20. 20. M S GODBOLE & CO
  21. 21. M S GODBOLE & CO
  22. 22. M S GODBOLE & CO
  23. 23. M S GODBOLE & CO
  24. 24. Taxonomy categorization Company Information Financial Information Disclosures Notes M S GODBOLE & CO
  25. 25. Taxonomy categorization Company Information Name CIN PAN Consolidated / Standalone Reporting Period Reporting Authority Address Industry Type M S GODBOLE & CO
  26. 26. Taxonomy categorization Financial InformationSourcesAndApplicationOfFundsTotalAssetsLiabilities ScheduleShareCapitalScheduleReservesAndSurplus ScheduleFixedAssetsScheduleFixedAssetsNetGrossClassificationScheduleInvestments AdditionalDetailsBalanceSheetIncomeStatementMain IncomeStatementAlternative ScheduleIncomeScheduleExpenditureAdditionalDetailsIncomeStatement StatementOfCashFlowsIndirectMethod M S GODBOLE & CO
  27. 27. Taxonomy categorization DisclosuresDisclosuresAuditorsReportDisclosuresDirectorsReportDisclosuresSignatoriesOfBalanceSheet M S GODBOLE & CO
  28. 28. Taxonomy Categorization: Notes NotesAccountingPoliciesAndBasisOfPresentation NotesChangesInAccountingPoliciesAndEstimates NotesPriorPeriodAndExtraordinaryItems NotesForeignExchangeTransactions NotesSegmentReporting Notes NotesRelatedParties NotesEarningsPerShare NotesSubsidiaryInformation NotesInvestmentsInAssociates NotesInvestmentsInJointVentures NotesDirectorsRemunerationAndOtherInformation NotesAuditorsRemuneration NotesOtherDisclosures M S GODBOLE & CO
  29. 29. General Features 1.Validation –Mandatory , Data , Business rules 2. Parent and child 3. Footnotes 4. Tuples - Tuples are type of elements which have multiple values for a given reporting period 5. Edit 6. Collapse / Expand features 7. Save / Validate each page M S GODBOLE & CO
  30. 30. Practical Issues Rounding off Shareholding Pattern Multiple Tuples Subsidiary and Related parties Fixed Assets Schedule Difference in totals Actual figures of amount Error Management – Ticket with MCA M S GODBOLE & CO
  31. 31. M S GODBOLE & CO
  32. 32. Agenda: Introduction Client case MCA mandate Client request Approach M S GODBOLE & CO
  33. 33. Client Case: ABC Company listed on BSE / NSE Indian Gaap Public Float > 5 cr Year End 31/03 M S GODBOLE & CO
  34. 34. Steps for e Filing of XBRL documents:1. Creation of XBRL instance document2. Download XBRL validation tool3. Load the instance document4. Validate the instance document5. Pre-scrutiny of the instance document6. Convert to pdf and verify the contents of the instance document.7. Attach instance document to the Form 23AC-XBRL and Form 23ACA-XBRL8. Submitting the Form 23AC-XBRL and Form 23ACAXBRL on the MCA portal M S GODBOLE & CO
  35. 35. ThanksMandar S Godbolecamsgodbole@gmail.com M S GODBOLE & CO

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