Final version of the MCA XBRL Validation
Tool (for Financial Statements based upon new Schedule VI of the Companies Act,
1956) has been released. XBRL filings of financial statements for accounting
year commencing on or after 01.04.2011 have been enabled on MCA website with
effect from 14.10.2012. Stakeholders are also advised to refer to the ‘Filing
Manual’ available on the XBRL portal for filing the financial statements in
XBRL format.
Many
organizations have been looking to the internet to bring the long-heralded
promises of “better, faster, cheaper” data to organizational decision-making,
and specifically to business and financial reporting. An emerging technology
standard, eXtensible Business Reporting Language (XBRL), promises to web-enable
the financial reporting process for both preparers and consumers.
Instead of treating financial
information as a block of text, XBRL provides a computer-readable tag to
identify each individual item of data. By attaching identifying tags to
individual pieces of data, a business reporting document becomes “intelligent”
data, allowing the exchange of business reporting data by encoding the
information in a meaningful way.
Computer applications can use the XBRL
data to recognize the information in an XBRL document - selecting, analyzing,
storing, and exchanging it with other computers and present it in a variety of
ways for users. As companies review their business reporting disclosure controls
and procedures and begin to comply with new filing requirements, XBRL is
becoming the chosen tool to help facilitate and restore confidence in business
reporting and in turn, to communicate accurately the value of the company.
XBRL is:
·
An
open technology standard for reporting and analyzing business and financial
information
·
Software
agnostic, or independent
·
Accounting
framework neutral
XBRL is not:
·
A
standardized chart of accounts
·
A way
to require the reporting of specific information
·
A
transaction level activity (although it can summarize general ledger
transactions)
For more information, see our
publication Addressing XBRL.
In recent years, XBRL has seen rapid
expansion as an enabling technology around the world. XBRL is a “network
innovation” which requires concerted action from a number of different
stakeholders to be widely adopted. For this reason, its development has been,
and continues to be, facilitated through the voluntary and collaborative
efforts of key stakeholders — currently driven principally by local government
and regulatory agencies, the most notable of which is US Securities
and Exchange Commission (SEC) which is requiring filings in
this standardized electronic format.
We hope this site will add to the
public dialogue now taking place about the merits of XBRL and about the promise
of XBRL specifically. To that end, we have outlined the ways we think you can
benefit from adopting XBRL now for your key business-reporting processes and
provided a road map that can move you toward these ends.
On 30 January 2009, the US Securities
and Exchange Commission (SEC) published a final rule for the mandatory use of
eXtensible Business Reporting Language (XBRL) in reporting
financial information to the SEC.
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