SAG InfoTech's XBRL is a boon for professionals dealing with preparation & e filling of balance sheet, profit & loss A/c in XBRL format as per Accounting Standards (AS) and Indian Accounting Standards (IND AS) taxonomy & validation tool of MCA "In just simple 4 steps. The steps including the conversion in simplified four steps are as follows:
- Step 1: Feeding the whole financial data with all relevant Notes and Disclosures in Gen-XBRL utility, available for download with Latest Revised Schedule-III Taxonomy (AS and IND AS).
- Step 2: Converting the XBRL data from our utility into XML file format by our two Products "Gen-Comp Law" & "Gen-XBRL" Software tool with professional(s) assistance.
- Step 3: Validating the data through MCA tool.
- Step 4: An Instant document containing Balance Sheet and Statement
of Profit and Loss Account will be generated and ready for e-filing.
"A unique solution for e-filing that helps in creating XBRL sheets, Validating and beyond..." XBRL is a data-rich dialect of XML (Extensible Markup Language), the universally preferred language for transmitting information via the Internet. It was developed specifically to communicate information between businesses and other users of financial information, such as analysts, investors and regulators. XBRL provides a common, electronic format for business reporting. It does not change what is being reported. It only changes how it is reported. XBRL is a world-wide standard, developed by an international, non-profit-making consortium- XBRL International Inc. (XII). XII is made up of hundreds of members, including government agencies, accounting firms, software companies, large and small corporations, academics and business reporting experts. XII has agreed with the basic specifications which define how XBRL works.
XBRL in MCA:- It has been decided by the Ministry of Corporate Affairs, India to mandate certain class of companies to file Balance Sheets and Statement of Profit and Loss AS taxonomy and IND AS taxonomy respectively with effect from F.Y. 2010-11 and F.Y. 2016-17 onwards by using XBRL Taxonomy.
The following classes of companies have to file the Financial Statements (AS Taxonomy) in XBRL e-forms only W.E.F. the F.Y. 2010-2011 onwards:
- Allow Users to create Map Financial Data for Current as well as Previous Year very quickly in XBRL Filing software itself.
- Non-Financial Data which includes Notes to Accounts etc. can be easily mapped with this software.
- Footnotes can be easily Added or Edited in the Software.
- The Software also allows you to fetch Previous Year Data, wherever needed.
- It has very effective Validations features Inbuilt that can Prevent Errors very effectively.
- Quick Spotting of Errors in Verification List Ahead of Validation with XBRL Instance Document can be easily generated.
- XBRL Instance Document can be also validated using MCA Validation Tool from the XBRL Software itself.
- Gen XBRL also provides the facility to Back up & Restore the Data for Real-time Updates