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 Instance 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:
- All companies listed in India and their subsidiaries, including overseas subsidiaries.
- All companies having a paid up capital of Rs. 5 Crore and above or a Turnover of Rs 100 crore or above.
- Outsourcing to SAG InfoTech for Creation and validation of the XBRL document by our Expert team of Professionals:
- SAG Infotech developed a complete XBRL Conversion Software that has surpassed all the gaps between professionals & software.
- Our software is having expertise in validating XBRL data into the instance document for Balance Sheet & Statement of Profit and Loss using Taxonomy and Business Rules for Commercial and Industrial (C&I) entities that saves your time & laborious hardship.
- A dedicated & hardworking team of professionals (CA/CS) working for MCA launched XBRL filing to generate XBRL document accurately and within time span.
- No need to spend money and time on training of our software.
- The Author of this article provider information about XBRL and tool developed by SAG InfoTech for filing through XBRL software.
- Our Software is updated with the new taxonomy released by MCA department.