The Ministry of Corporate Affairs (MCA) has resolve to adopt eXtensible Business Reporting Language (XBRL), as a reporting standard for companies in India from 2011. The Ministry has mandated on 31st March, 2011 which requires certain class of companies to file their financial statements for the year ended 31st March, 2011 onwards, in XBRL format.As per the Mandate, in the first phase the following class of companies need to file the financial statements in XBRL from the financial year 2010-2011
- All companies listed in India and their Indian subsidiaries
- All companies having a paid up capital of Rs. 5 crore and above
- All companies having 100 crores or more turnover per year.
However, Banking companies, NBFC companies, power companies and Insurance companies are exempted from XBRL filing, till further orders
What is XBRL?
XBRL (eXtensible Business Reporting Language) is a language for electronic communication of business and financial data, which is revolutionizing business reporting around the world. It offers major benefits to all those who have to create, transmit, use or analyses such information. It is and open source Data standard for Financial Reporting. XBRL has been developed by XBRL International, a not-for-profit consortium of over 450 companies and organizations which is promoting its worldwide use.
Taxonomies are dictionaries used by XBRL. They define the specific tags for individual items of data. Different taxonomies will be required for different financial reporting purposes. Different XBRL jurisdictions may have their own financial reporting taxonomies to reflect their local accounting regulations. Many different organizations, including regulators, specific industries or even companies, may require taxonomies to cover their own business reporting needs.
|Product||No. of companies||Version||List Price|
|AdeptXBRL Lite||Five Entity||4.1.0||9000*|
|AdeptXBRL Enterprise||Ten Entities||4.1.0||12500*|
|AdeptXBRL Professional (S.U)||Multiple||4.1.0||17500*|
|AdeptXBRL Professional (M.U)||Multiple||4.1.0||22500*|