mca.gov.in : Procedure For XBRL Filing

Name of the Organization : Ministry of Corporate Affairs (mca.gov.in)
Type of Facility : Procedure For XBRL Filing
Location : India

Website : http://www.mca.gov.in/XBRL/

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Steps for filing financial statements in XBRL format on MCA Portal :
1. Creation of XBRL instance document
2. Download XBRL validation tool
3. Load the instance document
4. Validate the instance document
5. Pre-scrutiny of the instance document
6. Convert to pdf and verify the contents of the instance document. (This step is essential to ensure that the textual information entered in the instance document is clearly viewable)
7. Attach instance document to the Form 23AC-XBRL and Form 23ACA-XBRL
8. Submitting the Form 23AC-XBRL and Form 23ACAXBRL on the MCA portal

Map Company’s each financial statement element to a corresponding element in published taxonomy :
1 : Companies have the option to create their own XBRL documents in house or to engage a third party to convert their financial statements into XBRL form.
2 : The first step in creation of an instance document is to do tagging of the XBRL taxonomy elements with the various accounting heads in the books of accounts of the company. This would create the mapping of the taxonomy elements with the accounting heads so that the accounting information can be converted into XBRL form.
3 : Mapping is the process of comparing the concepts in the financial statements to the elements in the published taxonomy, assigning a taxonomy element to each financial statement concept.
4 : Selecting the appropriate elements for some financial statement elements may require a significant amount of judgment. For that reason those in the company who are most familiar with the financial statements should be involved in matching financial statements concepts to taxonomy elements. The mapping should be reviewed before proceeding further as the complete reporting would be dependent on the mapping.
5 :In case any information is present in the financial statements for which corresponding tag/element is not available in the taxonomy, then the same needs to be captured in the next-best-fit element in the taxonomy or should be included under the corresponding ‘Others’ element. Further, it is imperative to include footnote w.r.t. the same while preparing the instance document.
6 :For tagging or capturing the information which is often included in brackets in the labels in the company’s financial statements, can either be captured as footnote or if detailed tags are available, the same should be tagged with the detailed tags in the taxonomy

Create instance document for Balance sheet and Profit and Loss Account :
Once the tagging of financial statement elements with the published taxonomy elements is done, the next step is to create the instance document. An instance document is a XML file that contains business reporting information and represents a collection of financial facts and report-specific information using tags from the XBRL taxonomy. It is to be noted that no extensions to the core Taxonomy will be allowed.

Separate instance documents need to be created for the following :
(i) Stand Alone Balance sheet of the company
(ii) Stand Alone Profit and Loss Account of the company
(iii) Consolidated Balance sheet of the company
(iv) Consolidated Profit and Loss Account of the company

The instance document should contain the financial information for both the current as well as the previous financial year.

Consolidated balance sheet and Profit and Loss instance documents to be created only in case the same is applicable to the company.

Once the instance document has been prepared, it needs to be ensured that the instance document is a valid instance document and all the information has been correctly captured in the instance document.

Specifications to be followed for creation of instance document :
The following are the specifications to be followed while preparing the instance document :

Technical Specifications :
1. The value of the xlink :href attribute in the schemaRef element in the instance document must be https://www.mca.gov.in/content/mca/global/en/home.html.
2. An XBRL instance document must be schema valid according to all schemas in the DTS(Discoverable Taxonomy Set)
3. The value of the scheme attribute of the identity element in the context must be https://www.mca.gov.in/content/mca/global/en/home.html
4. The value of identity element in the context must all be x-equal and must be the CIN of the company.
5. Context must not have segment or scenario element present
6. An instance must not contain duplicate xbrli :context elements.
7. Every xbrli :context element must appear in at least one contextRef attribute in the same instance.
8. An instance must not have more than one fact having the same element name and equal contextRef attributes
9. All monetary facts must have the same unitRef attribute. However, in case of monetary values related to subsidiary information like share capital, reserves etc. of subsidiary can be reported in different currency therefore these can have different unitRef attribute.
10. The facts corresponding to a single concept must not have contextRef attributes pointing to contexts with overlapping time period. In case of periodType=”instant”, it means to have same date, and in case of periodType=”duration”, it means to have a duration that overlap.

For More Details, Click Here : https://www.indianjobtalks.in/uploads…ing_Manual.pdf