What is XBRL in simple terms?
What is XBRL in simple terms?
eXtensible Business Reporting Language (XBRL) is a freely available global framework of accounting standards used for exchanging business information. XBRL is based on XML coding and is a standardized way of transmitting financial records around the world. The most current version of XBRL, v2.
What is C & I and taxonomy?
To begin with, the Group decided to develop general purpose taxonomy for Commercial and Industrial Companies (C&I) which could be used by the regulators for their financial reporting requirements.
How do I file a consolidated XBRL?
With respect to consolidated financial statements, if consolidation is not applicable for previous year, then consolidated financial statements of current year is to be attached in pdf format only. In this case only standalone financial statement is to be attached in XBRL mode.
What is MCA XBRL?
MCA XBRL Validation Tool ensures that only those XBRL documents; that satisfy the requirements of Taxonomy and Business Rules, are filed with MCA under section 220 of the Companies Act, 1956. MCA Validation Tool is an important mean for improving the quality of financial information/disclosures in XBRL.
What is the purpose of XBRL?
XBRL stands for eXtensible Business Reporting Language. It is a language for the electronic communication of business and financial data worldwide. As one of the family of “XML” languages, it is becoming a standard means of communicating information between businesses and on the Internet.
What is XBRL and why do we need that?
What is XBRL? XBRL is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information.
What are iXBRL accounts?
Inline XBRL (iXBRL) – HMRC has adopted the internationally recognised form of XBRL called inline XBRL (iXBRL), which allows the computer-readable tags to be attached to an electronic file which can also be read by people on screen or in printed form.
How do you convert financial statements in XBRL format?
Filing Manual
- Step 1 – Creation of XBRL instance document:
- Step 2 – Download XBRL validation tool from MCA portal.
- Step 3 – Use the tool to validate the instance document.
- Step 4: Perform pre-scrutiny of the validated instance document through the tool.
- Step 5: Attach instance document to the Form 23AC and Form 23ACA.
What is XBRL in Roc?
XBRL means eXtensible Business Reporting Language. The XBRL filing provides benefits in analysing, preparing, and communicating business information. The Ministry of Corporate Affairs (MCA) introduced XBRL filing of financial statements with the Registrar of Companies (ROC) through the MCA portal.
How do I read an MCA XBRL file?
A system converted PDF document is available for viewing the XBRL balance sheet and profit and loss account in human readable format. Please click on the category ‘Annual Returns and balance sheet Attachment’ while using the ‘View Public Documents’ facility available on the MCA21 portal for viewing the same. .
How do companies use XBRL?
Companies using XBRL can extend current taxonomies by defining new tags, or by creating their own taxonomies for their specific purposes. Transparency – XBRL allows for increased transparency of financial information to stakeholders, at a granular level.
What are some of the most important features of XBRL?
Important Features of XBRL Software
- Integration with MCA: Seamless integration with MCA Website.
- Excel Import-Export: Simple import-export functionality through excel templates.
- Prepare & File Unlimited Returns with XBRL Tool:
- Interlinking:
- Audit Trails:
- Auto Calculation:
- Simplified Work Flow:
- Support:
How do accountants use XBRL?
XBRL enables preparers to utilize software to tag all financial items in their business reports to the elements within a taxonomy. This is accomplished with an Instance Document which can be electronically exchanged and validated between computers or viewed in a human readable format (this is called rendering).
What is the difference between XBRL and iXBRL?
Whereas an XBRL report provides only the tagged data, an iXBRL report is a human-readable report with tagged data embedded in it. The tagged data in an iXBRL report can be extracted and converted into an XBRL report by an iXBRL processor.
Who needs to file iXBRL accounts?
The accounts sent with your return need to be in iXBRL format if they are required to be prepared under any of the following legislation:
- individual accounts required to be prepared under Chapter 4 of Part 15 of the Companies Act 2006.
- Building Societies Act 1986.
- Friendly and Industrial and Provident Societies Act 1968.
How do I convert Excel to XBRL?
Generate EBA XBRL Once your report is complete in Excel, simply click the Export XBRL button in the EBA ribbon, and the add-in will generate a valid XBRL document for submission, which you can save as required.
Why is XBRL important to financial reporting?
The use of XBRL enables users to receive financial statements and footnotes of all public companies directly from the companies, without changes by third-party data providers. In doing so, XBRL helps facilitate analysis by investors, credit rating agencies, and regulators, and can even help management run the business.
What is XBRL and how it works?
Why XBRL is filed?
XBRL is a language for the communication of financial and business data electronically used for business reporting around the world. XBRL means eXtensible Business Reporting Language. The XBRL filing provides benefits in analysing, preparing, and communicating business information.
How do I extract financials from XBRL?
How to convert XBRL File to PDF in 4 Easy Steps
- Step 1: Download the required documents from MCA website.
- Step 2: Download the XBRL Validation tool.
- Step 3: Select the appropriate taxomony.
- Step 3: Upload the document.
- Step 4: convert XBRL File to PDF.
What is mca-21?
MCA-21 is an ambitious e-governance initiative of the Government of India that builds on the Government’s vision of National e-gover¬nance in the country. Question 6.
What is the XBRL glossary?
This glossary defines terms for concepts that are commonly referenced when discussing XBRL and electronic business reporting implementations. These terms are the preferred terms to be used in guidance materials produced by XBRL International’s Best Practices Board, and are recommended for all business-orientated documents.
What is the difference between technical and non-technical terminology in XBRL?
Where equivalent technical terms exist they are noted as comments in square brackets which can safely be ignored for non-technical use. For technical use, the terminology defined in the XBRL specifications should be used. A taxonomy that is used as the starting point for an extension taxonomy.
What is a block tag in XBRL?
A block tag provides the contents of the section as a single fact, rather than tagging each item contained within it as separate facts. A block tag is a type of text block that allows for less granular reporting. Dimension s that are defined by the XBRL specification, and which are required for all facts (depending on their datatype).
