#xbrltagging

Manage MBRS reporting with MBRS software designed for accurate XBRL tagging, faster implementation, and hands-on MBRS training support.

XBRL Conversion for Cost Audit Report  5/5 Turnover Choose an option Upto Rs. 100 crore Above Rs. 100 crore & upto Rs. 300 crore Above Rs. 300 crore & upto Rs. 500 crore Above Rs. 500 crore Clear Add to Cart

XBRL Conversion for Cost Audit Report

Ministry of Corporate Affairs dated May 10, 2012 has mandate the cost auditors and the companies to file Cost Audit Reports (Form-I) and Compliance Reports (Form-A) for the year 2011-12 onwards (including the overdue reports relating to any previous year) by using the XBRL taxonomy. These reports, required to be filed in the XBRL format, would be based on the Taxonomy on XBRL as given in the following Rules: (i) Companies (Cost Accounting Records) Rules, 2011 (ii) Cost Accounting Records (Telecommunication Industry) Rules 2011 (iii) Cost Accounting Records (Petroleum Industry) Rules 2011 (iv) Cost Accounting Records (Electricity Industry) Rules 2011 (v) Cost Accounting Records (Sugar Industry) Rules 2011 (vi) Cost Accounting Records (Fertilizer Industry) Rules 2011 (vii) Cost Accounting Records (Pharmaceutical Industry) Rules 2011 (viii) Companies (Cost Audit Report) Rules, 2011 The Companies that are not covered under the industry specific Cost Audit Order no. 52/26/CAB-2010 dated November 6, 2010 are not required to file their Cost Audit Reports. When the activities/products of the companies covered under the Cost (Accounting Records) Rules, 2011 are included in the cost audit, they are not required to file the compliance report separately. However, the companies meeting the threshold limit prescribed under the Cost (Accounting Records) Rules, 2011 must file the compliance report in the XBRL format. The Cost Auditor is required to digitally sign and file the Cost Audit Report for the company as a whole. Extensible Business Reporting Language (XBRL) “Extensible Business Reporting Language” (XBRL) means a standardized language for communication in electronic form to express, report or file financial information by companies under Companies (Filing of documents and forms in Extensible Business Reporting Language) Rules, 2015. Companies (filing of documents and forms in Extensible Business Reporting Language) Rules, 2011 notified vide GSR No. 748E dated 5/10/2011 marked the beginning of XBRL for companies in India. Certain classes of companies as notified under Companies (Filing of documents and forms in Extensible Business Reporting Language) Rules, 2015 by the Central Government are required to mandatorily file their financial statement in Extensible Business Reporting Language (XBRL) format. Other companies can also file their financial statement in XBRL format voluntarily. However, once, filed in XBRL format, they would be required to file subsequent financial statements only in XBRL format. Vide Notification dated 9th September, 2015, Ministry of Corporate Affairs has notified “Companies (Filing of documents and forms in Extensible Business Reporting Language) Rules, 2015”. As per the same, companies falling in the following categories will have to file their Financial Statements under section 137 of the Companies Act, 2013 using the Extensible Business Reporting Language (XBRL) taxonomy for financial year commencing on or after 1st April, 2014:- - all companies listed with any Stock Exchange(s) in India and their Indian subsidiaries; or - all companies having paid up capital of Rupees five crore and above; or - all companies having turnover of Rupees one hundred crore and above; or - all companies which were hitherto covered under the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2011: However, companies in Banking, Insurance, Power Sector and Non-Banking Financial Companies are exempted from XBRL filing. Documents Required for XBRL Filing There are some documents required for the successful filing of XBRL which are as under: 1) Balance Sheet with its Notes 2) Profit and Loss Statement with its Notes 3) Cash Flow Statement. 4) Statement of Change in Equity. 5) Reports from the Board of directors with annexures thereto 6) Reports from the Independent Auditor with annexures thereto 7) Corporate Social Responsibility Report, if Any 8) Statement of Subsidiaries in Form AOC-1, if Any 9) Significant Accounting Policies 10) Other Relevant Documents, if Any Required Frequently Asked Questions What are forms in which XBRL Report are filed? < p tabindex="0">Form AOC-4 XBRL is for filing the company’s financial statement for every financial year with the Registrar of Company. If the subsidiary Company’s paid up capital is less than Rupees 5 Crore, then I want to know whether its financial statements are to be filed in XBRL. Indian subsidiaries of a listed company are required to file in XBRL format, irrespective of their paid up capital or turnover. Whether details of all subsidiaries need to be mentioned in instance document of holding company? How financial statements of subsidiaries need to be attached with the instance document of the holding company for compliance under section 212 of the Companies Act, 1956? If the holding company is mandated to file in XBRL, details of all subsidiaries (including foreign subsidiaries) need to be given as per “Notes - Subsidiary information” in the XBRL instance document of the holding company. In case of Indian subsidiaries, their financial statements are not required to be separately attached in the e-form of the holding company. SRN details of the (e-Form 23AC or e-Form 23AC-XBRL)/AOC-4 XBRL, as applicable, filed by Indian subsidiary needs to be mentioned in the instance document of the holding company. In case these e-Forms have not been filed by Indian subsidiaries, then reason of not filing also needs to be provided (For e.g: Different financial year followed by subsidiary, Extension of Financial Year or AGM taken by subsidiary, etc.) In case of foreign subsidiaries, annual accounts need to be attached as a separate PDF document in the e-Form 23AC-XBRL/AOC-4 XBRL of the holding company. In the XBRL document, in the element, you may mention 'Whether subsidiary has filed balance sheet' as NO and reason for not filing can be mentioned as 'Not applicable as it is a foreign subsidiary'. Note: Attaching of annual accounts of foreign subsidiaries is not required in case exemption u/s 212 of the Companies Act, 1956/section 129 of Companies act 2013 has been taken by the holding company. The company is having 'Unclassified Shares’ in the financial statements as on the balance sheet date. Where should the same be included while preparing financial statements in XBRL mode? There is no separate element for unclassified shares in the taxonomy. It needs to be provided either as equity or preference shares only. Necessary details/ clarifications can be provided as a footnote. Whether all NBFCs are exempted from XBRL filings ? Whether Housing Finance Companies are also exempted from XBRL filings this year? All NBFCs (including Housing Financing Company) that are registered with RBI or exempt from registration with RBI but registered with other regulators like SEBI, IRDA, National Housing Bank, etc are exempted from XBRL filings. Whether Gross Turnover (i.e., inclusive of duties and taxes) are to be considered for determining Rs. 100 crores turnover threshold of companies for XBRL filing, or the Net Turnover (i.e., exclusive of duties and taxes) is to be considered? Gross turnover (i.e. inclusive of duties and taxes) is to be considered for determining Rs. 100 crores turnover threshold for eligibility of a company for XBRL filings. Whether we have to file the consolidated financials or the standalone financials of the Holding Company? Whether it would be suffice if the company files the consolidated financials alone in XBRL format? Standalone financial statement of the holding company is to be filed mandatorily in XBRL. It will also contain details on information of its subsidiaries. Consolidated financials, if applicable, may also be filed with MCA as the taxonomy has elements for consolidation as well. Please give proper understanding on XBRL Taxonomy.. XBRL is an XML-based technology standard that improves the way financial information is created, processed, distributed and analysed. XBRL uses “tags” that package information such as definitions, labels, references and time period around individual accounting concept. In other words, XBRL is a collection of standardized, machine-readable “tags” for line items in financial statements. Taxonomies capture the definition of individual reporting accounting concepts as well as the relationships between various concepts. . The taxonomy comprises of the following components:- 1) Schema –The purpose of XBRL schemas is to define taxonomy elements (concepts) and give each concept a name and define its characteristics. It can be regarded as a container where elements and references to “linkbase” files are defined. 2) Presentation linkbase –Business reports are in general organized into identifiable data structures e.g. a Balance Sheet. The presentation linkbase stores information about relationships between elements in order to properly organize the taxonomy content. This enables a taxonomy user to view a one dimensional representation of the elements. Defines the structure for displaying the data, along with the preferred label attribute. 3) Calculation linkbase –The calculation linkbase defines basic calculation validation rules (addition/subtraction), which must apply for all instances of the taxonomy. establishes the arithmetical relationship of simple addition and subtraction, which is done by way of a weight attribute (1 or -1). The idea of a calculation linkbase is to improve quality of an XBRL report (XBRL instance). 4) Reference linkbase-Most of the elements appearing in taxonomies refer to particular concepts defined by authoritative literature. The reference linkbase stores the relationships between elements and the references. 5) Definition linkbase-The Definition linkbase stores other pre-defined or self-defined relationships between elements. For example a relationship can be defined that the occurrence of one concept within an XBRL instance mandates the occurrence of other concepts. 6) Label linkbase –XBRL report presented in different languages, etc requires the taxonomies to represent business data in multiple languages. Therefore it is possible to create an element (concept) in the taxonomy with labels in different languages and or for different purposes e.g. a short label PPE compared to its long label Property, plant and equipment. Those labels are stored and linked to their respective elements in a label linkbase. XBRL Schemas together with linkbases define an XBRL taxonomy. Please refer to C&I Taxonomy Architecture Guide 2012 on the MCA XBRL website for more technical details on XBRL. What is new Ind-AS taxonomy for filings of financial statement ? The new Ind AS taxonomy is based up on Indian Accounting Standard issued by ICAI and is applicable for companies preparing their financial statements for accounting year commencing on or after 01.04.2015. All companies, who have prepared their financial statement as per Indian Accounting Standard (Ind AS) shall use the new Ind AS taxonomy for filing their XBRL documents. What are the changes in the Ind AS Taxonomy vis-à-vis C&I Taxonomy ? In view of the applicability of the Indian Accounting Standard issued by ICAI, the recognition, presentation and disclosure of financial statement prepared for accounting year commencing on or after 01.04.2015 has undergone a change. Consequently, the MCA taxonomy (based upon Ind AS) has also been developed afresh. The broad differences between the Ind AS Taxonomy (based upon new Indian Accounting Standard) vis-à-vis earlier C&I Taxonomy (based upon Accounting Standard) are as follows: a. The IND AS Taxonomy is based on the requirements of newly issued Indian Accounting Standard. b. Requirements of new additional disclosures are also included. c. The architecture of the taxonomy has undergone various changes with the increase in number of elements by approximately 64%. More number of tables and residuary elements have been introduced to the taxonomy. The count of whether elements have increased corresponding to the applicability of the tabular data. d. Formula linkbase have also been developed to the Taxonomy to validate the relationship in XBRL monetary elements for The sum of Opening Balance and the corresponding changes entered during the year should match the Ending Balance for that year. e. The concept of ‘dimensions’ has been introduced in the taxonomy as against ‘tuples’. In case consolidation is applicable for current financial year and not applicable for the previous year, then how to file consolidated XBRL instance document? With respect to consolidated financial statements, if consolidation is not applicable for previous year, then consolidated financial statements of current year is to be attached in pdf format only. In this case only standalone financial statement is to be attached in XBRL mode. Similarly, if consolidation is applicable only for previous year and not for current year, then consolidated financial statements of previous year to be attached in pdf format and standalone financial statement is to be attached in XBRL mode. In such case, select 'NO' in the field 'Whether consolidated balance sheet is also being filed' and provide the consolidated financials in pdf format as an 'optional attachment'. The XBRL instance document of by company has passed MCA XBRL Validation Tool. Does this mean that I can certify/authenticate this document while attaching the same in e-form without any further verification ? No, the MCA XBRL Validation Tool is only one level of verifying the correctness & completeness of XBRL document filed by a company. Before certification or verification of the XBRL document on e-form by company and professional, it is important to ensure that disclosures provided in the XBRL documents are same as the financial statements adopted in the AGM of the company in all material aspects. In other words, a mere successful validation of an XBRL document through MCA Validation Tool does not imply that compliance under section 220 of the Companies Act, 1956/section 137 of Companies Act,2013 has been achieved. How do I ensure that the XBRL document filed by my company is correct and complete, and it is in accordance with requirements of section 220 of the Companies Act, 1956/section 137 of Companies Act,2013? The MCA XBRL Validation Tool also provides for a printable ‘human-readable’ pdf version of the XBRL document prepared by you. You shall ensure that disclosures in this pdf file are as per the adopted and published financial statement of the company in all material aspects. You may however note that due to XBRL taxonomy, HTML guidelines, etc, the display/presentation of these disclosures may not exactly match with those in published financial statements of the company. Such variations in human-readable’ pdf version of the XBRL document and published financial statements of the company are unavoidable, and thus permitted. What is meant by good quality of XBRL filings ? Although XBRL improves the quality of financial reporting by companies, an XBRL document may still be successfully ‘validated’ by the MCA Validation Tool even if the disclosures contained in it are not as per adopted financial statement of the company, and/or inappropriate usage of taxonomy elements, footnotes, text-block tagging, etc.

Related Services

XBRL: Financial Statement Tagging/Conversion

5,000.00 ₹ – 17,500.00 ₹