Get in Detail About XBRL Full Form

XBRL full form is a short form of an electronic business language. This one is an electronic communication business. It is very useful for the preparation, analysis, and communication of business information.

Traditional business reporting does in various forms viz. Printed financials, spreadsheets, PDF documents, HTML, etc. All these forms are human-readable and can be interpreted by humans or systems with human intervention.

The structure of XBRL makes an independent handling and processing of business data platforms. It supports all the standard functions involved in collecting, storing, and using business data.

Xbrl allows financial data producers and users to free resources from time-consuming manual operations such as data comparison, assembly, and X-entry. Xbrl is an electronic language to express, report, or file financial statements by Companies.

Nowadays most businesses are using xbrl financial statements. With this language, anyone can report around the world. Due to its scalable nature, we can customize it to meet specific business needs, even at the level of individual organizations. XBRL reporting is more accurate and more efficient.

XBRL Full Form Stands

Full form stand’s for ‘eXtensible Business Reporting Language’. Xbrl meaning is it is an electronic language that is useful for business purposes anywhere worldwide and for transmitting information via the Internet. Xbrl is developed for communicating information between businesses and other users of financial information.

About Xbrl Applicability

Under Section 137 of the Companies Act, 2013 the following categories of companies are required to file their financial statements and other documents with the Registrar in e-Form AOC-4 XBRL:

• All listed public companies in the stock exchange of India and their Indian subsidiaries.
• All companies whose turnover of Rs 100 crores or more.
• All companies whose a paid-up capital of Rs 5 crores or more.
• All companies need to prepare their financial statements following the Companies (Indian Accounting Standards) rules, 2015.

However, non-banking financial companies, housing finance companies, and companies that are engaged in the business of banking and insurance are exempted from filing financial statements under this rule.

Furthermore, companies that have filed their financial statements in XBRL under Section 137 should continue to file their financial statements and other documents in XBRL even if they cease to fall under the category of companies mentioned above. People are not aware of the Xbrl, even they don’t know about xbrl full form. That’s why it is very important for every businessman to getting know about what is xbrl?

Exemptions of XBRL ‘Extensible Business Reporting Language’:-

These companies are exempted from XBRL Filings-

1. Non-Banking Financial Companies

2. Insurance Companies   

3. Banking Companies

4. Housing Finance Companies

Documents required for filing xbrl ‘Extensible Business Reporting Language’ under the companies act, 2013-

As per the taxonomy of the Ministry of Company Affairs, the complete set of annual reports must be in XBRL format. For standalone and integrated reports, separate sample papers must be prepared. For XBRL filing, the following elements of the annual report are required:

• All those financial Statements including Balance Sheet, Profit & Loss Account, Cash Flow Statement, schedules related to balance sheet and profit& loss account, Notes to accounts
• Significant Accounting Policy Audit Reporting including CARO Report
• Director’s Report
• AOC-1, AOC-2 Secretarial
• Audit Report
• Corporate Governance Report

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Procedure for Filing XBRL

Here we will go through all those steps necessary for the filing of the Xbrl under the companies act 2013 of India:

Step 1: Creation an instance document XBRL

Step 2: Download the validation tool of XBRL from the MCA portal

Step 3: Use that tool for validation of the instance document

Step 4:  scrutinizing all the validated instance documents through the tool

Step 5: Attach those instance documents to the Form of AOC-4 XBRL

Step 6: Submit that Form AOC-4 XBRL on the MCA portal

About Xbrl Taxonomy

‘Extensible Business Reporting Language’ which is XBRL Full form. Taxonomy is a mapping of financial statement data. A taxonomic element (used interchangeably) refers to a member defined in a taxonomy. For example, the concept of gross profit of Taxonomy. The disclosure management mapping tool represents taxonomy concepts in a tree-view structure. The Disclosure Management Mapping Tool enables the mapping of taxonomic concepts to data in Microsoft Office documents.

Different business reporting purposes will require different Taxonomy. Some national jurisdictions may require their reporting classifications to reflect local accounting and other reporting regulations. . Rather than XBRL Full form people knows only XBRL. Many different organizations, including regulators, specific industries, or even companies, may require Taxonomy or Taxonomy extensions to meet their own specific business reporting needs IFRS is one of it’s example :

• IFRS improves communication between those who prepare accounting Taxonomies and users of financial statements that comply with IFRS accounting standards. Preparers can tag required disclosures using elements of the IFRS accounting taxonomy, making them more readily available to users of electronic reports.
• The IFRS accounting Taxonomy reflects the presentation and disclosure requirements of IFRS accounting standards and includes elements from accompanying material to IFRS accounting standards such as implementation guidance and examples. Furthermore, it contains disclosure elements not specifically required by IFRS accounting standards but commonly reported in practice.

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Xbrl Meaning & Feature

XBRL is ‘Extensible Business Reporting Language work’. XBRL is a standardized computer language that businesses use to transmit information. The language has an XML base.

This language is especially useful for the business world. Everyone should know about XBRL full form.

Feature of XBRL

• XBRL is one XML-based standard (Extensible Markup Language) that has the potential to play an important role in Financial Information Generation and Use.
•  XBRL is Internet-based non-proprietary open standard and it is used for the preparation, exchange, and publication of Financial information between different computers Platforms, Software applications, and accounting standards
• XBRL facilitates continuous auditing enhancing financial transparency information is communicated while facilitating the implementation of the corporate accountability legislation.
• XBRL full form a derivative of XML and follows as such advantage of associated ‘tag’ concept contextual information including financial data points statements.
• Every XBRL software has multiple layers including data definition, application logic, business rules, formatting information, and more. Each application has its way of storing data definitions, metadata, data dictionaries, or repositories. Most applications have a structured way of defining and storing business rules and calculations, and all have application logic.
• XBRL evolved from XML (Extensible Mark-up Language) which is based on the meta-data concept. This meta-data provides context to the information making the data almost self-explanatory. Wherever XBRL moves data, it carries context with it, making it intelligent and thus any software application can interpret and process the data. ‘Extensible Business Reporting Language’ this XBRL Full form term is very useful for today’s entrepreneurs.

Benefits of XBRL

• For saving costs and improving efficiency in handling business and financial information all types of organizations can use XBRL. XBRL is too extensible and flexible so, it can be adapted to a variety of different requirements.
• Xbrl enables producers and consumers of financial data to switch resources away from costly manual processes, typically involving time-consuming comparisons, assemblies, and re-entry of data. They can focus on analysis with the help of software that can validate and manipulate XBRL information.
• XBRL full form ‘Extensible Business Reporting Language’ it has to filing requirements to enhance the usability of existing accounting standards by digitizing business languages without creating new accounting standards and require no further disclosure by firms to outside audiences.
• This allows CPAs to achieve their core function of protecting the public interest by increasing investor access to the capital markets and increasing the coverage of large and small companies by analysts.
• For CPAs who have auditing, information technology, and financial management roles, XBRL streamlines the preparation of financial and business reports for external and internal decision-making. It improves the ability of CPAs in financial management to precisely publish and direct financial information to analysts, lenders, investors, regulators, and other key stakeholders.
• Preparation, sharing, and analysis of financial reports, statements, and audit schedules which are the automation of business information does XBRL Extensible Business.
• footnotes are used to express irregular relationships between entities. All the power and efficiency that XBRL brings to financial data is useless without XBRL-compliant software tools to interpret and process this data. People should know about the XBRL full form.

Online XBRL is the leading platform for your XBRL filing Worldwide. So connect with us for more info.