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Filing of Balance Sheet and Profit and Loss Account in XBRL Format

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Filing of Balance Sheet and Profit and Loss Account in XBRL Format

Post by Ankur Srivastava on Mon Jun 13, 2011 3:19 pm

Filing of Balance Sheet and Profit and Loss Account in XBRL Format

As such, now following class of companies are required to file their Balance Sheet and Profit and Loss Account in XBRL Format:-

o Listed Companies and their subsidiaries;
o Companies having paid up capital of Rs. 5 Crores and above;
o Companies having turnover of Rs. 100 Crores and above.

However, banking, insurance, power Companies and NBFCs are exempt for XBRL Filing.

Time Limit

All companies, whose Balance Sheets are adopted in the Annual General Meeting held before 30.09.2011 are permitted to file upto 30.09.2011 without any additional filing fee. However, where companies hold the Annual General Meeting in the month of September 2011, they will file the Balance Sheet within 30 days from the date of adoption in the General Meeting as per section 220 of the Companies Act, 1956.

1- Creation of XBRL instance document:


A. Map company’s each financial statement element to a corresponding element in published taxonomy

Companies have the option to create their own XBRL documents in house or to engage a third party to convert their financial statements into XBRL form.
The first step in creation of an instance document is to do tagging of the XBRL taxonomy elements with the various accounting heads in the books of accounts of the company. This would create the mapping of the taxonomy elements with the accounting heads so that the accounting information can be converted into XBRL form.

B. Create instance document for Balance sheet and Profit and loss Account-

Once the tagging of financial statement elements with the published taxonomy elements is done, the next step is to create the instance document. An instance document is a XML file that contains business reporting information and represents a collection of financial facts and report-specific information using tags from the XBRL taxonomy.
Separate instance documents need to be created for the following:
(i) Stand Alone Balance sheet of the company
(ii) Stand Alone Profit and Loss Account of the company
(iii) Consolidated Balance sheet of the company
(iv) Consolidated Profit and Loss Account of the company
The instance document should contain the financial information for both the current as well as the previous financial year.
Consolidated balance sheet and Profit and Loss instance documents to be created only in case the same is applicable to the company.


2 – Download XBRL validation tool from MCA portal


There shall be a tool provided at the MCA portal for validating the generated XBRL instance document. Validating the instance document is a pre requisite before filing the balance sheet and profit & loss account on MCA portal. You are required to download the tool from the MCA website and validate the instance document before uploading. There shall also be a facility to view and search the taxonomy.

3 – Use the tool to validate the instance document

Once the tool has been downloaded, the next step is to validate the instance document. The following validations shall be performed by the tool-
• Validating that the instance document is as per the latest and correct version of taxonomy prescribed by MCA
• All mandatory elements have been entered
• Other validations as per taxonomy

4: Perform pre-scrutiny of the validated instance document through the tool

Once the instance document is successfully validated from the tool, the next step is to pre-scrutinise the validated instance document with the help of the same tool. For pre-scrutinizing the instance document, a working internet connection shall be required. In the Pre-scrutiny, the server side validations (i.e. validations which are to be validated from the MCA21 system) shall be performed.
Also, there shall be a feature provided in the tool to verify the appearance of the generated XBRL instance document using the built in Viewer. It is imperative that the company should use this feature to verify the accuracy of the instance document.

5: Attach instance document to the Form 23AC and Form 23ACA

There shall be a separate set of Form 23AC and Form 23ACA available on the MCA portal for filing in XBRL form. First fill up the Form 23AC and Form 23ACA. Thereafter, attach the validated and pre-scrutinised instance document for Balance sheet to Form 23AC. Similarly, the instance document for Profit and Loss account is to be attached to Form 23ACA. Separate instance documents need to be attached w.r.t. Standalone financial statements and consolidated financial statements.

6: Submitting the Form 23ACA and Form 23ACA on the MCA portal

After the forms are filled, you are required to perform pre-scrutiny of the form, sign the form and then upload the same as per the normal eForm filing process. It shall be validated that the attached instance documents are validated and pre-scrutinised from the XBRL validation tool.
Viewing of balance sheet and profit and loss submitted in XBRL form on MCA portal: The XBRL instance documents submitted along with Form 23AC and 23ACA are in machine readable format. Therefore, for viewing the same in a human readable format, these shall be converted into human readable format by the MCA21 system. For viewing the same on MCA21 portal and for taking certified copies of the same, these converted documents shall be made available.
Ministry has created a separate website for XBRL. The link is as under:-

[You must be registered and logged in to see this link.]


Note:- MCA website is likely to have options for XBRL reporting by 15th of July. Specific notification will be made to enable stakeholders for early filing.

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Ankur Srivastava

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Re: Filing of Balance Sheet and Profit and Loss Account in XBRL Format

Post by madhurna on Mon Jun 13, 2011 3:34 pm

thanks for this valuable input.

madhurna

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Re: Filing of Balance Sheet and Profit and Loss Account in XBRL Format

Post by maslekar on Mon Jun 13, 2011 7:59 pm

While the above info is usefull, suggest that a Practical sample may be presented to enable the members to understand better. Let us say :-
1. Draw a Trial Balance or Group of Ledger Accounts.
2. Then show us how to do the mapping.

Similarly the other steps so that we understand the things better.
Others views solicited.
-V.Maslekar

maslekar

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Re: Filing of Balance Sheet and Profit and Loss Account in XBRL Format

Post by nsharma on Tue Jun 14, 2011 12:32 pm

HELLO..kindly let me know as soon as possible about XBRL software our company will file annual return before 31st august,2011. so how and from where we will get XBRL software.

nsharma

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Location : kolkata

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Re: Filing of Balance Sheet and Profit and Loss Account in XBRL Format

Post by Jelphine Angel on Wed Jun 15, 2011 1:58 pm


Hi,

Thanx for this valuable info, atleast have understood what XBRL format is.

Thanx and Regards,
Jelphine Angel

Jelphine Angel

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Re: Filing of Balance Sheet and Profit and Loss Account in XBRL Format

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