FAQ-XBRL

FAQ-XBRL

1. What is the meaning of XBRL and on which company it is applicable?

Answer: XBRL stands for "Extensible Business Reporting Language" and it is a globally standardized language for business information exchange. It is based on XML language and the various syntaxes related to XML. It has started in India vide Companies (filling of documents and forms in Extensible Business Reporting language) Rules, 2011 notified vide GSR No. 748E dated 5/10/2011 select class of companies required to file their Balance Sheet and Profit & Loss Account and other documents as required u/s 220 of the Companies Act, 1956 with the Registrar of Companies (ROC) for the financial year ending on or after 31st March, 2011.

This is currently applicable on the following class of companies:

  • Companies listed with any Stock Exchange(s) in India and their Indian subsidiaries
  • Companies with paid up capital of Rupees five crore and above
  • Companies with Rupees one hundred crore and above of turnover
  • All companies who were required to file their financial statements for FY 2010-11, using XBRL mode.
  • Till further orders, Power companies, Insurance companies, Banking companies, and non-Banking Financial Companies (NBFCs) are absolved from XBRL filing.
2. How many companies can be filled by using the Gen-XBRL Software?

Answer: Our software can be used to file unlimited number of companies

3.Can I create the Final accounts documents again by using XML file generated and filled from any other XBRL software?

Answer: The software is provided with a vice-versa function to import the XML file and check the financial data as per taxonomy.

4. Whether is it requiring opening MCA Validation tool separately?

Answer: No, opening MCA validation tool separately is not required. The software is facilitated with the option to check Validation and pre-scrutiny error.

5. Can I generate PDF file, even if there is error in XML validation or pre-scrutiny to check the file as what is left?

Answer: Yes, PDF file can be generated without validation also for checking the further requirement.

6. Does this has the function to create Standalone and consolidated instance documents?

Answer: Yes, you can create both standalone and consolidated instance documents in following manner:

Category Standalone Consolidated(if they have subsidiary/holding companies)
1)All Companies having paid up capital Rs. 5 Crore & above. Yes Yes
2)All companies having Turnover of Rs. 100 Crore & above. Yes Yes
3)All companies listed with any Stock Exchange(s) in India and their Indian subsidiaries. Yes Yes
4)Indian Subsidiaries (or) Holding Companies of Listed Companies. Yes Yes, if they preparing consolidated accounts previously.
5)Any other Indian company, Indian Subsidiaries (or) Holding companies of Un-listed companies which are not falling in above category. Normal filling. Normal filling.

7. Can we copy-paste our non-financial data, such as Auditor's Report, Directors Report, etc. in this software?

Answer: Yes, one can easily attach the non-financial data such as following:

  • Auditor’s Report
  • Director’s Responsibility statement/Report [u/s 217]
  • Management analysis and Discussion Report (MADR)
  • Notes to accounts, etc.
  • 8. Do you have Footnotes option to give additional details on any element?

    Answer: Yes, you can provide the details regarding the elements and/or amount.

    9. What is the process to operate XBRL in company Law software?

    Answer:

  • Step 1: Feeding/Mapping the whole financial data with all relevant notes and disclosures in the Gen XBRL Software.
  • Step 2: Converting it into XML file format by our Product Gen XBRL or Gen Comp Law Software with our professionals' assistance.
  • Step 3: Validation, pre-scrutinizing and PDF creation within our Software in one go.
  • Step 4: An Instance document containing Balance Sheet and Profit and Loss Account will be generated, ready for filling XBRL e-forms (Form 23AC-XBRL and Form 23ACA-XBRL).
  • 10. Whether the existing e-form 23AC and e-form 23ACA can be used for XBRL Balance sheet and Statement of Profit and Loss?

    Answer:

    • No, the MCA portal can be accessed for the newly introduced forms 23AC-XBRL and 23ACA-XBRL, but the existing Form 23AC and Form 23ACA can’t be used for filing Balance sheet and the Statement of profit and loss in XBRL mode.
    • Using our software you can have the same e-forms pre-filled generated.

    11. Whether it is required to validate the instance document (XML File) created before uploading the same on MCA portal?

    Answer: Yes, validating the instance document is a pre requisite condition before filing the same on MCA portal. A Validation tool has been provided on the MCA XBRL portal (http://www.mca.gov.in/XBRL/index.html) for validating the generated XBRL instance document and we have given the same tool within our software for validation and pre-scrutiny.

    12. Can we merge data of companies?

    Answer: Yes, we can merge data of any number of Companies.

    13. Can we import data from XML?

    Answer: Yes, We have the option to import from the previous year and current year in xml.

    14. How can we solve Validation Errors?

    Answer: The error can be rectified by pressing F4 on the home page. Double clicking the errors will let users reach the concerned page where the error is located.

    15. Can we import previous year data and data from Genius?

    Answer: Yes, if you have filed with our software in the previous year, then its data can be imported directly. Also, there is an option to import data from Genius Software.

    16. Do we have to fill the Balance sheet and Profit & Loss A/C manually or it can be automatically filled?

    Answer: It will be filled automatically. After filing notes and clicking on auto fill, balance sheet and profit/loss will be filled automatically, but it can be filled manually also.

    17. Is there any sorting by which we can only have that fields where only date or amount or Percentage etc. have to be entered, instead of all the fields?

    Answer: Yes, in Find option you can give the conditions.

    18. Can we copy the same data in notes from the previous year to current year or vice-versa?

    Answer: Yes, we do have this option where one can easily copy data from previous year to current year or vice-versa on a single click.

    19. How to know which fields are mandatory fields?

    Answer: In software, mandatory fields will show in RED color.

    20. Is there any facility to improve data feeding?

    Answer: Yes, there is a Console and Dragging facility in the software, by using that you can open your excel data file in the software. On half of the screen, the software will be displayed and on another half, the excel file will be running. You can import the data into the software by simply dragging.

    Cost Audit Report in XBRL

    1. Who has to file the Cost Audit Report and Compliance Report in XBRL format?

    Answer: 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) is been mandated for filing by the Ministry of Corporate Affairs using the XBRL taxonomy vide General Circular No. 8/2012 dated 10.5.2012 [as amended on 29.6.2012] and No. 18/2012 dated 26.7.2012.

    The threshold limits as prescribed in the relevant Cost Accounting Records Rules 2011 meeting companies are required to file Compliance Report in the XBRL format.

    2. Which companies are exempt from Cost Audit Report filling?

    Answer: All such companies that are NOT covered under the company specific Cost Audit Orders issued prior to 31.3.2011 and/or under the industry specific Cost Audit Order No. 52/26/CAB-2010 dated 2nd May 2011, 30th June 2011 and 24th January 2012 are not required to file a Cost Audit Report.

    3. What is the period for which a person’s income is taken into account for purpose of Income tax?

    Answer: The Ministry of Corporate Affairs issued the following Cost audit orders:

    Date of order Industries Covered Broadly Applicability –Conditions Year for which applicable
    2nd May 2011 1) Cost Accounting Records (Bulk Drugs) Rules, 1974
    2) Cost Accounting Records (Fortmulations) Rules, 1988
    3) Cost Accounting Records (Fertilizers) Rules, 1993
    4) Cost Accounting Records (Sugar) Rules, 1997
    5) Cost Accounting Records (Industrial Alchohal) Rules, 1997
    6) Cost Accounting Records (Electricity Industry) Rules, 2001
    7) Cost Accounting Records (Petroleum Industry) Rules, 2002
    8) Cost Accounting Records (Telecommunications) Rules, 2002
    (a)Aggregate Value of networth as on the last day of immediately preceding financial year year exceeds Rs. 5 Crores, or
    (b) wherein the aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds twenty crores of rupees; or
    (c) wherein the company's equity or debt securities are listed or are in the process of listing on any stock exchange, whether in India or outside India
    2011-2012
    3rd May 2011 The order was modified vide order dated 30/06/2011. - -
  • The Order as on 30/06/2011 explains following Category:
  • Date of order Product/Industry under Cost Audit HSN Classification/Central Excise Tariff Act Applicability -Conditions Year for which applicable
    30 June 2011 Cement
    Tyres and Tubes
    Steel
    Paper
    Insecticides*
    Glass
    Paints and varnishes
    Aluminium
    Chapter 25, 38 and 68
    Chapter 40
    Chapter 72 and 73
    Chapter 47 and 48
    Chapter 38
    Chapter 70
    Chapter 32
    Chapter 25
    a)Companies having turnover exceeding Rs 100 crores in the immediately preceding financial year b) Companies whose equity or debt securities are listed or are in the process of listing 2011-2012
  • The Order as on 24th January 2012 explains following Category:
  • Date of order Name of Industry Relevant Chapter Heading of the Central Excise Tariff Act 1985 Applicability -Conditions Year for which applicable
    24th January 2012 Jute, Cotton, silk, woolen, or blended fibres / textiles

    Edible Oil seeds and Oils (incl. Vanaspati)

    Packaged Food Products

    Organic and Inorganic Chemicals

    Coal & lignite
    Mining & metallurgy of ferrous and no ferrous metals

    Tractors & other motor vehicles (incl. automotive components)

    Plantation Products

    Engineering machinery (incl. electrical & electronic products)
    Chapter 50 to 63


    Chapter 12 and 15

    Chapter 2 to 25 (except chapters 5,6,14,23 and24)

    Chapter 28, 29, 32, 38 and 39

    Chapter 27


    Chapters 26 and 74 to 83 (except Chapters 76 and 77)
    Chapter 84, 85 and 87

    Chapter 8, 9, 21 and 40

    Chapters 84 and 85
    a)Companies having turnover exceeding Rs. 100 crores in the immediately preceding financial year
    b) Companies whose equity or debt securities are listed or are in the process of listing.
    2012-2013

    4. What are the steps to check the applicability of Cost Audit?

    Answer: The first step is to check for various parameters for the Cost Audit applicability such as:

    • Turnover of the company
    • Listing Status
    • Net Worth
    • Central Excise Classification Code
    • Specific Industry Nature of the company

    After checking above parameters see for Cost Audit Applicability from Orders stated in Question No. 3 for 'Yes' or 'No'.

    Step 1) Check the industries as per above mentioned list and then go through your excise return while checking the products being cleared under any of the excise classification codes mentioned above, or if the company counts under any of the industry coming beneath the cost audit order dated 2nd May 2011.

    Step 2) If Not, your company free from cost audit apparently provided the same has not been covered specifically earlier, else

    the same has not been covered specifically earlier, else

    Step 3) If yes,

    • Please check the turnover of the company for the year 2010-11 in respect of the companies where applicability year is 2011-12 and for the year 2012-13 where cost audit applicability is from the year 2012-13
    • Also check whether the company is listed or not in the case of companies covered through Excise classification codes
    • Where companies are covered under the order dated 2nd May 2011, the Networth criteria needs to be checked.
    • The companies are required to see if any one of the following criteria is fulfilled for companies falling under orders dated 3rd May, 30th June and 24 Jan 2012, the company is covered under cost audit:
    • Companies having turnover exceeding Rs 100 crores in the immediately preceding financial year,(Or)
    • Companies whose equity or debt securities are listed or are in the process of listing
    • The companies are required to see if any one of the following criteria is fulfilled for companies falling under orders dated 2nd May 2011, the company is covered under cost audit
    • Aggregate Value of net worth as on the last day of the immediately preceding financial year exceeds Rs. 5 Crores, or
    • Companies having turnover exceeding Rs 20 crores in the immediately preceding financial year, or
    • Companies whose equity or debt securities are listed or are in the process of listing.