Financial Statements XBRL

The following class of companies shall mandatorily file their financial statements in XBRL Format with the Registrar within thirty days of the date of AGM.

1. Companies listed with stock exchanges in India and their Indian subsidiaries
2. Companies having paid up capital of five crore rupees or above
3. Companies having turnover of one hundred crore rupees or above
4. All companies which are required to prepare their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015

Cost XBRL

Ministry of Corporate Affairs has mandated filing of the Cost Audit Report and Compliance Report from the financial year 2011-12 onwards (including overdue reports relating to any previous year) by all cost auditors and companies concerned by using the XBRL taxonomy.

The Cost Auditor shall send his report referred in sub-rule (1) of rule 4 to the Central Government and to the concerned company within one hundred and eighty days from the end of the company's financial year to which the Cost Audit Report relates.

Form CRA 4 is used for filing a Cost Audit Report with the Government. On receipt of the Cost audit report from Cost auditors, the firm needs to submit the same to MCA in form CRA-4 within 30 days from obtaining the audit report.

Broad Concept of XBRL

MCA published IndAS/IGAAP standard Taxonomy (Predefined format) based on Sch III, Accounting Standards, Companies Act 2013 and other relevant laws. Therefore, Annual report will be mapped into predefined format/taxonomy published by MCA.

1. Ind AS Taxonomy - No of items 5,549
2. IGAAP Taxonomy – No of items 3,616

MCA also issued various business rule and inter inter linkage w.r.t taxonomy. These Business Rules and inter linkage are the minimum set of rules which are required to be reported.

MCA XBRL Validation tool is with respect to the taxonomy and the MCA business rules only. In other words MCA XBRL validation tool is only verify the correct taxonomy and business rules defined by MCA.

The validation tool is not verifying the quality of tagging, completeness and correctness thereof.

The quality of tagging, completeness and correctness of the instance document is the responsibility of the company and the person certifying the XBRL filings.

Mapping company’s financial data with taxonomy elements

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 accounting concept published by the company.

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 associated with mapping of accounting concepts to taxonomy elements.

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. This should be followed only in case the relevant tag is not available in the taxonomy. It should not to be used generally. Further, it is imperative to include footnote w.r.t. the same while preparing the instance document.

Advisory Services.

1. To assist you regarding the applicability of XBRL
2. To assist you resolving MCA validation tool errors
3. To assist you in Taxonomy related queries
4. To assist you in any other XBRL related queries

Conversion of Annual report into Extensible Business Reporting Language (XBRL) /Cost Audit XBRL including

1. End to end Tagging Services
2. Validation of XBRL document with MCA Validation Tool
3. Understand and resolve all errors through by MCA Validation Tool
4. Generation of Error Free - Instance document
5. Pre-scrutiny of instance document with MCA validation Tool
6. Filing of AOC -4 XBRL Form

Why RCAS for XBRL Tagging Services

1. Dedicated professional Team (Having more than 7 years of experience in XBRL tagging)
2. In depth knowledge of MCA Taxonomy (IGAAP/Ind AS), Business rules, calculation link base, inter linkages and MCA validation tool to resolve any complex errors.
3. Indepth knowledge of Sch III, AS/Ind AS and Companies Act to select right tag in the taxonomy.
4. Various checks and balances are in place to provide quality tagging services
5. Ensure validated and pre-scrutiny instance document from MCA validation for filing.
6. Information required list (IRL) is in place to ensure maximum information gather at one go.
7. Quick turnout time
8. Cost Effective