About XBRL (eXtensible Business Reporting Language)

XBRL is an open international digital standard language for business reporting, managed by International, a global non-profit consortium. It stands for eXtensible Business Reporting Language. This one is a worldwide language that is used in more than 50 countries.

Millions of these documents are generated every year. In essence, It provides a language in which reporting terms can be formally defined. Those terms can then be used to uniquely represent the content of financial statements or other types of compliance, performance, and business reports.

This reporting allows information to move across organizations quickly, accurately, and digitally. Changing from paper, PDF, and HTML-based reports to XBRL is upgrading versions of reporting.

The new format allows you to do everything that was previously possible, but also opens up a range of new capabilities because the information is clearly defined, platform-independent, testable, and digital.

This computer-based language is more accurate and more efficient reporting for businesses.

About XBRL Meaning

It is an eXtensible Business Reporting Language which is a software standard developed to improve the way financial data is communicated, making it easier to collect and share this data.

Specifically, Extensible Business Reporting Language is an implementation of XML (Extensible Markup Language), a specification used to organize and define data online.

Basically, it is A computer coding language commonly used in business to transfer files, data, and communications from one company to another.

In a particular way, Extensible Business Reporting Language is marking up and describes business reporting data such as sales or net assets for data-formatting conventions and vocabulary. It is a tag-based  XML. Descriptions in the form of tags or labels are attached to various pieces of business data. These tags describe the particular piece of data which is in terms of an agreed vocabulary. That vocabulary is referred to as the taxonomy which is a specific system of tags.

Once an organization has the appropriate taxonomy that can report for XBRL. organizations can more easily get and share that reporting data within and across organizations. These aware applications can take advantage of the high level of specificity and self-describing nature of tags to automatically process information for reporting and analysis purposes.

Filing Procedure for XBRL

• Creating an example document
• Download the MCA validation tool
• Download the IND-AS 2017 taxonomy from the ‘Taxonomy’ menu bar in the tool.
• Select IND-AS 2017 taxonomy from the ‘Taxonomy’ menu bar in the tool to load
• Load the example document from the File menu.
• Verify the example document
• Pre-checking of sample documents.
• Do not open and edit the example document after successful preparation, To avoid unnecessary errors while uploading eForms, which occur due to accidental changes to the file.
• Convert to pdf and verify the content of the example document. This step is essential to ensure that the disclosures contained in the document are compliant with Audited financial statements and textual information adopted at the AGM Example entries are visible in the document.
• Fill AOC-4 XBRL and select ‘Ind AS Classification’.
• Attach the pre-checked example document in Form AOC-4 XBRL.
• Check Form and Pre Scrutiny on Form AOC-4 XBRL.
• Upload the AOC-4 XBRL form on the MCA portal.

What does XBRL work for?

Often referred to as “bar codes for reporting,”. It makes reporting more accurate and efficient. It has unique tags to be associated with reported facts which allow,

• People who publish report the belief that the information they contain can be used and analyzed accurately.
• People use reports to capture and avoid errors in their sources and test them against a set of business and logical rules
• People use the information to meet their needs using different languages, alternative currencies, and their preferred styles.
• People using information ensure that the data provided to them conform to a sophisticated set of pre-defined definitions

Comprehensive definitions and accurate data allow:

• Preparation
• Validation
• Publication
• Exchange
• Consumption; And
• Analysis

All kinds of business reports are prepared by using this business language.

In addition, when it allows the exchange of summary business reports such as financial statements and risk and performance reports, Extensible Business Reporting Language can allow the tagging of transactions that can be integrated into XBRL reports.

These transactional capabilities allow for system-independent exchange and analysis of significant amounts of supporting data, and reporting can be the key to supply chain transformation. These transactional capabilities are system-independent exchanges.

Who Can Use XBRL?

This International Consortium is supported by over 600 member organizations from the private and public sectors. The standard has been developed and refined over more than a decade and supports almost every type of report imaginable, providing features that enhance the quality and consistency of reports as well as their usability.

Companies

• Companies are required to provide information to one or more of the above-mentioned regulators.
• Enterprises that need to accurately move information across complex groups.
• Supply chains need to share information to help manage risk and measure activity.

Governments

• Government agencies are streamlining the process of businesses reporting to the government and reducing red tape, either by harmonizing data definitions or combining reporting obligations (or both).
• Government agencies are improving government reporting by standardizing how aggregated or transactional reports are prepared and used and/or published in the public domain.

Regulators:

• Financial regulators require significant amounts of complex performance and risk information about the institutions they regulate.
• Securities regulators and stock exchanges need to analyze the performance and compliance of listed companies and securities and ensure that this information is available for use and analysis by the market.
• Business registrars need to receive and make publicly available a range of corporate data about private and public companies, including annual financial statements.
• Tax authorities require financial statements and other compliance information from companies to process and review their corporate tax affairs.

Analysts and Investors

• Analysts who need to understand relative risk and performance.
• Investors need to compare potential investments and understand the underlying performance of existing investments.

Vital Features of XBRL

Excel Import – Export

• Import-Export functionality through Excel templates

• Download the templates with or without data.

• Quickly upload or edit data by importing pre-filed Excel templates.

Interlinking

• All details furnished in one field are auto-populated in all related fields
• Get guidance to prepare and file the financial statement
• Search in any page field
• Facility to search with ‘tags’

Audit Trails

• Attach the working papers in support of any field
• Place the footnotes or sticky notes in any field.
• Define the roles and rights of users.
• Create a different level of user for better administration and control.

Simplified Work

• Powerful dashboard to assist you in searching and controlling the clients.
• All search companies which are on CIN, Name of company, PAN, etc.
• Get instant access to records of a client for multiple years.
• Configure email and send emails to the client directly from the tool.

Auto Calculation

• Auto calculation of all fields in groups and sub-groups.
• Get the complete details about any field by clicking on it.
• If one field is updated then all connected fields are updated automatically.

Rules of Testable Business

This computer-based language allows the creation of business rules that limit to  what can be reported. These logical or mathematical business rules can be used to:

• Stop poor-quality information being sent to regulators or third parties by running the report while it is still in draft.
• Stop accepting low-quality information from regulators or third parties, by running where the information is received.
• Business reports that fail critical rules may be sent back to the creator for review and resubmission.
• Flagging or highlighting questionable information, allowing immediate follow-up, correction, or clarification.
• Create the ratios and aggregations or other types of value-added information based on the provided basic data.

ONLINEXBRL.COM provides complete assistance in the preparation of reports for XBRL filing. We also check applicability of XBRL for all types of companies to avoid non compliance.