Transcript XBRL-A Complete Overview

XBRL
Second Phase of Implementation
Background of XBRL Implementation
• MCA has taken a lead in the
Implementation of XBRL by mandating
the XBRL filing of annual financial
statements for a select class of
companies in the year 2010-11. The
mandate covered approx. 30,000
companies.
• Banking, Insurance, Power Companies
and NBFCs were exempt from XBRL
filing owing to non-availability of
taxonomies specific to their reporting
requirements.
Basic Terms used in MCA-XBRL
• C&I Taxonomy- It refers to Commercial and
Industrial Taxonomy. It is a general purpose
taxonomy based on the Indian GAAPs
requirements and Schedule VI to the
Companies Act, 1956.
• Business Rules- These are developed by the
MCA as basic validation checks to ensure
consistency in the XBRL documents.
• Instance Documents- These refers to the XBRL
converted financial statements. As per the
XBRL Mandate of MCA, two instance
documents are required for filing in case of
standalone set of financials viz. Balance Sheet
and Statement of Profit & Loss.
• Validation Tool- This tool is developed by the
MCA which requires every instance document
should be passed though the validation checks
built in the Validation Tool. Instance document,
if fails to pass through validation tool, could
not be filed with the MCA.
Second Phase-XBRL Implementation
Companies covered in second phase:
(i) all companies listed with any Stock Exchange(s) in India
and their Indian subsidiaries; or
(ii) all companies having paid up capital of Rupees
five crore and above; or
(iii) all companies having turnover of Rupees one
hundred crore and above; or
(iv) all companies who were required to file their
financial statements for FY 2010-11, using XBRL mode.
However, banking companies, insurance companies, power
companies and Non-Banking Financial Companies (NBFCs) are
exempted from XBRL filing.
C&I Taxonomy
C&I Taxonomy has been changed owing
to the requirements of New Presentation Format of
Financial Statements viz. Revised Schedule VI
to the Companies Act, 1956
Considering the fact that taxonomy needed to be
developed afresh, architecture of the C&I Taxonomy
was also upgraded to the latest IFRS Taxonomy
Architecture 2011. Earlier taxonomy was based on the
IFRS Taxonomy Architecture 2006.
Key differences between the C&I Taxonomy
2012 vis-à-vis earlier taxonomy
Basis of preparation has changed viz. Revised Schedule VI.
Based on the latest IFRS Taxonomy Architecture.
Addition of two linkbases viz. Definition and Reference Linkbases
Concept of dimensions have been used.
Dimensions are used to capture the tabular
data in a much presentable format.
Requirements of Industry-specific Guidance Notes and
SEBI Employee Stock Option Scheme and
Employee Stock Purchase Scheme
Guidelines 1999 have been included
Use of Dimensions
Types of Dimensions
1. Explicit Dimensions: In this type of dimensions, members
are explicitly defined under an axis. For eg. In “NotesShare Capital”, members are explicitly defined under the
“Classes of share capital [Axis]”. Filer can use only the
given number of members.
2. Typed Dimensions: In this type of dimensions, members
are not defined under the axis. It has been left on the part
of filers to create any number of members under the axis
as per their specific requirement. For eg. In the case of
signatories to the Board Report, no members have been
defined under the “Directors signing board report [Axis]”
thereby enabling the filer to create any number of
members as per their requirement.
Key differences between the Implementation
Approach
1. Taxonomy Architecture Guide has been released
in order to explain the new architecture of the C&I Taxonomy
2. Business Rules have been increased in number
3. Detailed tagging of Auditors Report and certain items
of Directors Report has been made mandatory
4. Cost Audit and Cost Compliance Report has also been
mandated to be filed in XBRL format.
5. More focus on quality of XBRL financial statements
Snapshot of C&I Taxonomy
Snapshot of Balance Sheet Instance Document
Snapshot of Balance Sheet Instance Document
Attributes of element
“Long Term
Borrowings” in the
instance document
Snapshot of P&L Instance Document
Snapshot of P&L Instance Document
Attributes of element
“Employee Benefit
Expenses” in the
instance document