The global XBRL movement has ushered in a new age of financial reporting. XBRL, often referred to as "Interactive Data", gives the financial community a standards-based method to prepare, publish, exchange, search, and analyse financial statements of both public and private concerns across all software formats and technologies. XBRL frees data from paper-based reports and allows it to flow seamlessly between XBRL-enabled software applications. It automates financial analysis.
Computers can intelligently "read" an XBRL report to select specific data, pull it into documents and spread sheets, analyse it, exchange it with other computers, and present it in a variety of formats. XBRL data is more robust, accurate, and transparent than data in financial statements that appears in legacy electronic and paper reports. For investors and analysts, XBRL eliminates the time, labour, and errors. XBRL tags both numbers and textual information, which means not only balance statements, but information such as statement of principals. and Even footprints, appendices, and updates, is accounted for, to aid in internal audits and external research and analysis.
The companies whose Balance Sheet date is 31.03.2011 or onwards, need to file their financial statements in XBRL provided they qualify the criteria laid as per Ministry's general Circular 37/2011 dated 07.06.2011.The following class of companies have to file the Financial Statements in XBRL Form from the year 2010-2011:-
(i) All companies listed in India and their subsidiaries (Subsidiary of listed company are required to file in XBRL format, irrespective of its paid up capital.
(ii) All companies having a paid up capital of Rs. 5 Crore and above or a Turnover of Rs 100 crore or above.
i.e about 28,000 companies have to file in XBRL format nota bene: XBRL filing is mandatory for companies which fall in the above mentioned criteria. It is optional for others.
There shall be a separate set of Form 23AC and Form 23ACA available on the MCA portal for filing in XBRL form. Existing Form 23AC and 23ACA shall continue to be there for filing by companies to which XBRL filing is not applicable; and for filing of earlier year's documents.
1. Download and complete the MS Excel Template from the link on the right
2. Verify and export the template file into XSRF (X-Secured Return Format) to upload to stacos.com.
3. Upload the XSRF file and download the XBRL instance document.
4. Run MCA Validation Tool for company filing use and validate the XBRL file.
5. Run Pre-scrutiny after successful validation.
6. Validator will create PDF file (human readable) with data from the XBRL file (machine readable). Check if all the data in the PDF and MS Excel template( Step 1) is correct.
7. There shall be a separate set of Form 23AC and Form 23ACA available on the MCA portal for filing in XBRL form. First fill up the Form 23AC and Form 23ACA. Thereafter, attach the validated and pre-scrutinised XBRL document for Balance sheet to Form 23AC. Similarly, the instance document for Profit and Loss account is to be attached to Form 23ACA. Separate instance documents need to be attached w.r.t. Standalone financial statements and consolidated financial statements.
8. After the forms are filled, you are required to perform pre-scrutiny of the form, sign the form and then upload the same as per the normal eForm filing process.