As per the New initiative of Ministry of Company Affairs (MCA), all companies which fall under below given categories are required
to file their Balance Sheet and Profit & Loss account in XBRL format for Financial Year 2010-11.
XBRL (Extensible Business Reporting Language), is an open standard which supports information modeling and the expression of semantics, commonly required in business reporting.
XBRL is XML-based systematic database. It uses the XML syntax and related XML technologies such as XML Schema, XLink, XPath, Namespaces, etc. to articulate this semantic meaning.
MDA-XBRL allow you to map, tag and file to the MCA with the ease.
Product Features :
- Automatic totals and subtotals
- User-friendly, Truly Menu Driven
- Columnar Data Entry (like Excel) in Tree View Mode
- Direct transfer of both current and previous years figure from Excel (Any Format)
- User-friendly option for clubbing items with audit trail
- Inbuilt Data Validation Tool
- Pre-Validation Check Button
- Data Export/Import from Excel
- Report in Excel output
- Data Transfer from our Audit Manager, MDA-ROC & ICAI-ROC software
- New features will be added periodically...
- Available in 2 versions
All the companies that fall under the mandate are required to file with MCA following information in XBRL:
- Balance Sheet
- Profit and Loss Account
- Cash Flow Statement
- Schedules related to Balance Sheet and Profit and Loss Statemen
- Notes to Accounts
- Statement pursuant to section 212 of Companies Act 1956 relating to subsidiary companies
- Auditors Report
- Directors Report
Companies can derive a variety of benefits from XBRL:
- Company internal and external financial reporting.
- Business reporting to all types of regulators, including tax and financial authorities, central banks and governments.
- Filing of loan reports and applications; credit risk assessments (Capital adequacy requirements).
- Exchange of information between government departments or between other institutions, such as central banks.
- Authoritative accounting literature - providing a standard way of describing accounting documents provided by authoritative bodies.
- A wide range of other financial and statistical data which needs to be stored, exchanged and analyzed.