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XBRL Second Phase of Implementation. Background of XBRL Implementation MCA has taken a lead in the Implementation of XBRL by mandating the XBRL filing.

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Presentation on theme: "XBRL Second Phase of Implementation. Background of XBRL Implementation MCA has taken a lead in the Implementation of XBRL by mandating the XBRL filing."— Presentation transcript:

1 XBRL Second Phase of Implementation

2 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.

3 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.

4 Second Phase-XBRL Implementation However, banking companies, insurance companies, power companies and Non-Banking Financial Companies (NBFCs) are exempted from XBRL filing. 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.

5 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.

6 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 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 Basis of preparation has changed viz. Revised Schedule VI. Based on the latest IFRS Taxonomy Architecture. Concept of dimensions have been used. Dimensions are used to capture the tabular data in a much presentable format. Addition of two linkbases viz. Definition and Reference Linkbases Basis of preparation has changed viz. Revised Schedule VI. Based on the latest IFRS Taxonomy Architecture. Requirements of Industry-specific Guidance Notes and SEBI Employee Stock Option Scheme and Employee Stock Purchase Scheme Guidelines 1999 have been included Concept of dimensions have been used. Dimensions are used to capture the tabular data in a much presentable format. Addition of two linkbases viz. Definition and Reference Linkbases Basis of preparation has changed viz. Revised Schedule VI. Based on the latest IFRS Taxonomy Architecture.

7 Use of Dimensions Types of Dimensions 1.Explicit Dimensions: In this type of dimensions, members are explicitly defined under an axis. For eg. In “Notes- Share 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.

8 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

9 Snapshot of C&I Taxonomy

10 Snapshot of Balance Sheet Instance Document

11 Attributes of element “Long Term Borrowings” in the instance document

12 Snapshot of P&L Instance Document

13 Attributes of element “Employee Benefit Expenses” in the instance document

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