XBRL filing involves converting financial statements into a standardized, machine-readable format for regulatory submission. The process includes mapping financial data to a specific taxonomy (e.g., IFRS/GAAP), tagging data points, validating the file using tools like the MCA validation tool, and submitting the instance document via the relevant portal (e.g., MCA AOC-4).
It is a flexible framework that can be applied to any type of business data, including financial statements, sustainability disclosures, prudential reporting, tax returns, and a wide range of other innovative applications. Using XBRL, business data can be exchanged easily and accurately across different software tools.
To use an XBRL financial statement, you need financial performance management software or an XBRL viewer that can interpret XML format. The key component of an XBRL report is the instance document, which contains the actual financial data and references to the taxonomy that provides the definitions for the data.
XBRL is an offshoot of XML, which is a markup language. Similar to the way HTML allows you to markup language for the internet, XBRL allows you to markup business data.
To prepare your data for XBRL, follow these steps:
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Best XBRL Return Software for Preparation and Validation
In India most of all software are Desktop based software. Microvsita XBRL Software is the only cloud based XBRL software for MCA return filing. Microvista XBRL Software is also freely available for CA, CS & CMA for XBRL filing.
The four core financial statements are the Balance Sheet (snapshot of assets, liabilities, equity), the Income Statement (revenues, expenses, profit over time), the Cash Flow Statement (cash inflows/outflows over time), and the Statement of Shareholders' Equity (changes in owner investment over time), all crucial for understanding a company's financial health.
The standard deadlines vary between listed companies and non-listed companies: These companies must file their XBRL data within 5 months from the end of the financial year. Non-listed companies have a slightly longer grace period, with filings due within 7 months from the end of their company's financial year.
Welcome to IRIS iConnect, the ultimate solution for XBRL analytics! With our powerful add-in for Microsoft Excel, you can easily load and analyze XBRL data from public company filings.
Import XML data
In order to transform this CSV data table into xBRL-CSV format, it has to be associated with a separate JSON file specifying the XBRL dimensions 2 for the fact values. This information in this file is referred to as JSON metadata. The JSON metadata for the CSV data in Table 1 is shown below.
Failing to File Proper XBRL Report
XBRL filing is a complex and time-consuming task. If the person executing it is inexperienced, the errors and discrepancies can creep into your financial reporting. And these can hurt your reputation and earn you penalties and fines.
XBRL enables preparers to utilize software to tag all financial items in their business reports to the elements within a taxonomy. This is accomplished with an Instance Document which can be electronically exchanged and validated between computers or viewed in a human readable format (this is called rendering).
Use local GAAP taxonomy to inspect and validate your XBRL files. Using our all-in-one validation tool, review and validate your XBRL data against the latest local GAAP taxonomy. Detect errors, inconsistencies, and warnings quickly and easily. Ensure that your XBRL report is compliant with your local OAM.
Altova XMLSpy is XBRL Certified Software for creating and consuming XBRL with support for validation, taxonomy creation and editing, editing XBRL Formula and XBRL Table Linkbase, and advanced tools for working with XULE and OIM.
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Annual filing requirement summary
First accounts: 21 months after incorporation All other accounts: 9 months from the end of the accounting period.
In order to do so, the company can create what are termed “Dimensions” that duplicate part of the tree structure, once for each of the different dimensions. Using these extension mechanisms (usually a combination of them) it is possible to create XBRL reports that are exact representations of financial statements.
Your income statement is the first financial statement you should prepare, followed by your statement of retained earnings, then your balance sheet, and, finally, your cash flow statement. Financial statements work together like building blocks, with each one providing essential information for the next.
How to prepare an income statement
A balance sheet is a statement of a business's assets, liabilities, and owner's equity as of any given date. Typically, a balance sheet is prepared at the end of set periods (e.g., every quarter; annually).
Both platforms are reliable, but they cater to different eras of accounting. While Tally has been the backbone of desktop accounting for decades, Zoho Books represents the modern, cloud-driven future. For organisations seeking mobility, compliance, and integration, Zoho Books stands out as a smarter alternative.
All companies (limited or unlimited by shares), including dormant companies, are required to file XBRL FS in accordance with the filing requirements. Find out more about who needs to file financial statements.
How to export XBRL from Excel?