XBRL Second Phase of Implementation

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XBRLSecond Phase of Implementation
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Background of XBRL Implementation

• MCA has taken a lead in the Implementation of
  XBRL by mandating the XBRL filing of annual
  financial statements for a select class of
  companies in the year 2010-11. The mandate
  covered approx. 30,000 companies.
• Banking, Insurance, Power Companies and NBFCs
  were exempt from XBRL filing owing to
  non-availability of taxonomies specific to their
  reporting requirements.

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Basic Terms used in MCA-XBRL

• CI Taxonomy- It refers to Commercial and
  Industrial Taxonomy. It is a general purpose
  taxonomy based on the Indian GAAPs requirements
  and Schedule VI to the Companies Act, 1956.
• Business Rules- These are developed by the MCA as
  basic validation checks to ensure consistency in
  the XBRL documents.
• Instance Documents- These refers to the XBRL
  converted financial statements. As per the XBRL
  Mandate of MCA, two instance documents are
  required for filing in case of standalone set of
  financials viz. Balance Sheet and Statement of
  Profit Loss.
• Validation Tool- This tool is developed by the
  MCA which requires every instance document should
  be passed though the validation checks built in
  the Validation Tool. Instance document, if fails
  to pass through validation tool, could not be
  filed with the MCA.

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Second Phase-XBRL Implementation

• Companies covered in second phase
• all companies listed with any Stock Exchange(s)
  in India
• and their Indian subsidiaries or
• (ii) all companies having paid up capital of
  Rupees
• five crore and above or
• (iii) all companies having turnover of Rupees one
• hundred crore and above or
• (iv) all companies who were required to file
  their
• financial statements for FY 2010-11, using XBRL
  mode.

However, banking companies, insurance companies,
power companies and Non-Banking Financial
Companies (NBFCs) are exempted from XBRL filing.
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CI Taxonomy
CI Taxonomy has been changed owing to the
requirements of New Presentation Format
of Financial Statements viz. Revised Schedule
VI to the Companies Act, 1956
Considering the fact that taxonomy needed to
be developed afresh, architecture of the CI
Taxonomy was also upgraded to the latest IFRS
Taxonomy Architecture 2011. Earlier taxonomy was
based on the IFRS Taxonomy Architecture 2006.
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Key differences between the CI Taxonomy 2012
vis-à-vis earlier taxonomy
Basis of preparation has changed viz. Revised
Schedule VI.
Basis of preparation has changed viz. Revised
Schedule VI.
Basis of preparation has changed viz. Revised
Schedule VI.
Basis of preparation has changed viz. Revised
Schedule VI.
Basis of preparation has changed viz. Revised
Schedule VI.
Based on the latest IFRS Taxonomy Architecture.
Based on the latest IFRS Taxonomy Architecture.
Based on the latest IFRS Taxonomy Architecture.
Based on the latest IFRS Taxonomy Architecture.
Based on the latest IFRS Taxonomy Architecture.
Addition of two linkbases viz. Definition and
Reference Linkbases
Addition of two linkbases viz. Definition and
Reference Linkbases
Addition of two linkbases viz. Definition and
Reference Linkbases
Addition of two linkbases viz. Definition and
Reference Linkbases
Concept of dimensions have been used. Dimensions
are used to capture the tabular data in a much
presentable format.
Concept of dimensions have been used. Dimensions
are used to capture the tabular data in a much
presentable format.
Concept of dimensions have been used. Dimensions
are used to capture the tabular data in a much
presentable format.
Requirements of Industry-specific Guidance Notes
and SEBI Employee Stock Option Scheme
and Employee Stock Purchase Scheme Guidelines
1999 have been included
Requirements of Industry-specific Guidance Notes
and SEBI Employee Stock Option Scheme
and Employee Stock Purchase Scheme Guidelines
1999 have been included
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Use of Dimensions

• Types of Dimensions
• Explicit Dimensions In this type of dimensions,
  members are explicitly defined under an axis. For
  eg. In Notes-Share Capital, members are
  explicitly defined under the Classes of share
  capital Axis. Filer can use only the given
  number of members.
• 2. Typed Dimensions In this type of dimensions,
  members are not defined under the axis. It has
  been left on the part of filers to create any
  number of members under the axis as per their
  specific requirement. For eg. In the case of
  signatories to the Board Report, no members have
  been defined under the Directors signing board
  report Axis thereby enabling the filer to
  create any number of members as per their
  requirement.

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Key differences between the Implementation
Approach
1. Taxonomy Architecture Guide has been
released in order to explain the new architecture
of the CI Taxonomy
2. Business Rules have been increased in number
3. Detailed tagging of Auditors Report and
certain items of Directors Report has been made
mandatory
4. Cost Audit and Cost Compliance Report has also
been mandated to be filed in XBRL format.
5. More focus on quality of XBRL financial
statements
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Snapshot of CI Taxonomy
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Snapshot of Balance Sheet Instance Document
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Snapshot of Balance Sheet Instance Document
Attributes of element Long Term Borrowings in
the instance document
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Snapshot of PL Instance Document
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Snapshot of PL Instance Document
Attributes of element Employee Benefit Expenses
in the instance document
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