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eXtensive Business Reporting Language

eXtensive Business Reporting Language. The way forward to Business Reporting. Contents. MCA Circular Approach Process of Conversion Roles & Responsibilities Way Forward. MCA Circular.

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eXtensive Business Reporting Language

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  1. eXtensive Business Reporting Language The way forward to Business Reporting

  2. Contents • MCA Circular • Approach • Process of Conversion • Roles & Responsibilities • Way Forward

  3. MCA Circular • Filing of Balance Sheet & Profit & Loss Account in electronic format (XBRL) mandatory for the year 2010-11: • Applicable to Companies • Listed in India and their subsidiaries, (excluding overseas subsidiaries); • Having a paid up capital of Rs. 5 Crore • Turnover of Rs 100 crore or above .

  4. MCA Circular • Not Applicable to Companies • Banking companies • Insurance companies • Power companies • Non Banking Financial Companies (NBFCs). • Last day for filing 30th September 2011

  5. Approach • Prepare Balance Sheet, Profit & Loss Account, Schedules manually • Understanding the taxonomy given by MCA • Submit necessary information for tagging. • Getting the XBRL File Prepared and validated. • Final Sign Off of XBRL File • File XBRL with MCA21 Website • Outsource the entire project

  6. Process of Conversion to XBRL DurgaRao & Co Deliver BS, P&L, Schedules Tags Instance Doc. Excel Output Company Quality Check Deliver Render for viewing Seek Clarifications Clarify to DurgaRao & Co Deliver XBRL, Excel File Opt2: File XBRL MCA 21 Opt1: File XBRL Directly

  7. Company ‘s Responsibilities • Prepare and Deliver the Balance Sheet, Profit & Loss a/c and other info. • Coordinate with Durga Rao & Co for any specific issues or requirements. • Formalize procedure for sending data to Durga Rao & Co till the completion of XBRL filing. • Verify tagging of done by Durga Rao & Co & resolve issues • Getting the XBRL File audited by statutory auditors • Final sign-off of XBRL Document along with Secretarial Dept • File the document with MCA21 (Option1) • Confirm the XBRL File to DurgaRao & Co. for filing with MCA21 (Option2)

  8. Our Responsibilities • Mapping of Annual accounts of Company and its subsidiary, associate and joint venture companies with MCA taxonomy. • Tagging of BS, P&L, Schedules, Notes to accounts, etc. on the basis of mapping done • Hold discussions with Company on the issues in mapping and tagging before creation of Instance Document • Verification of instance document in all respect including the correctness of mapping / tagging. • Facilitate smooth filing in ROC’s portal (Option1) • File it in MCA21 and deliver Ack. To Company (Option2)

  9. XBRL is the way forward to Business Reporting Thank You

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