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XBRL Webinar : Hot Buttons for CS
   and CFOs
   CA Chandan Goyal
   17th November’2011




                                                 Blue Consulting Pvt. Ltd.
        Doing common things, Uncommonly well.
July 13’ 2009                                   Blue Consulting Pvt. Ltd.
                                                  Consulting F&A Outsourcing Internal Audit

                                                A Finance & Accounts Outsourcing Company
Index
                                                             Blue Consulting Pvt. Ltd.
2        Index                                                      www.xbrlconsulting.co.in


                                                  Page No.


    1.      XBRL in India                            3-4
    2.      MCA’s mandate                            5-6
    3.      Chronological order of developments      7
    4.      Common terms                             8-11
    5.      Tagging requirement                      12
    6.      Process flow                             13
    7.      Skill set required for conversion        14-15
    8.      How to select a service provider?        16-23
    9.      Interesting facts about XBRL             24-25
    10. Contact detail                               26
1. XBRL in India
                                                           Blue Consulting Pvt. Ltd.
3       Index                                                     www.xbrlconsulting.co.in




        In India, the Reserve Bank of India (RBI) has already
         implemented (since Oct 2008) XBRL-based reporting for three
         returns: capital adequacy data as per Basel II norms, Form A
         and the GPB Return by banks.

        Further, it is mandatory for top 100 listed companies in India
         to report their quarterly results etc. to BSE & NSE in XBRL. It is
         called Corpfiling.
…contd.(XBRL in India)
                                                         Blue Consulting Pvt. Ltd.
4       Index                                                   www.xbrlconsulting.co.in




        Now, it’s MCA’s turn to implement it on a wider canvas. In the
         1st phase, around 30,000 companies in India need to report to
         the MCA in XBRL this year. Going ahead, (from FY 2012-13) it is
         expected that almost 9 lakh companies would need to report
         in XBRL in the next three years.
2. MCA mandate
                                                              Blue Consulting Pvt. Ltd.
5       Index                                                        www.xbrlconsulting.co.in




        Ministry of Corporate Affairs (MCA) has mandated
         financial reporting in XBRL from the Financial Year
         2010-2011 for :
               all listed companies and their subsidiaries (excluding
                overseas subsidiaries),
               all unlisted companies having paid up capital of Rs. 5
                Crore and above
               All unlisted companies having a turnover of Rs. 100
                Crore or above
…contd.(MCA mandate )
                                                         Blue Consulting Pvt. Ltd.
6       Index                                                   www.xbrlconsulting.co.in




        The companies listed above are permitted to file XBRL
         compliant documents up to 30.11.2011 or with in 60
         days of their due date, whichever is later without any
         additional filing fee.

        The current mandate excludes banking companies,
         insurance companies, power companies and Non
         Banking Financial Companies (NBFCs).
3. Chronological order of XBRL developments
                                                                                      Blue Consulting Pvt. Ltd.
7       Index                                                                                 www.xbrlconsulting.co.in




                 31st March                                                    23rd May
           MCA came out with its                                             MCA released
    1       First Notification on                                     2      1st version of
                    XBRL                                                      Taxonomy


                              28th July                              27th Aug
                      Extension of due date                        MCA released
                3     of filing from 30th Sep               4       UPDATED
                             to 30th Nov                            Taxonomy


        1st Oct                                                                         5th Oct
5     Release of                                                                   XBRL Forms for
    Validation Tool                                                          6
                                     13th  Oct                                      filing issued
                                MCA released the
                                                              14th Oct
                        7      list of XBRL software
                                                              REVISED
                               vendors and service
                                      providers
                                                       8   Validation Tool
                                                              released
4. Common terms
                                                           Blue Consulting Pvt. Ltd.
8       Index                                                     www.xbrlconsulting.co.in




        Taxonomy

          Generally speaking, taxonomy means a catalogue or
         set of rules for classification; in XBRL, taxonomy can be
         referred to as an electronic dictionary of the reporting
         concepts containing computer-readable definitions of
         business reporting terms, as well relationships between
         them and links connecting them to resources.
…contd.       (Common terms)
                                                              Blue Consulting Pvt. Ltd.
9       Index                                                        www.xbrlconsulting.co.in



        Elements

          An element is a business or a financial concept which is defined
         in the taxonomy according to XBRL specifications. Each element
         has a type, is identified by name and may have a set of attribute
         specifications as per the XBRL standards. There are 3187
         elements in the revised taxonomy issued by MCA.

        Business rules

          There are approx. 350 business rules which incorporate the
         checks for minimum tagging requirements.
…contd.        (Common terms)
                                                           Blue Consulting Pvt. Ltd.
10       Index                                                    www.xbrlconsulting.co.in




         Tagging

           The process of assigning tags (referred to as elements in
          taxonomy) from the taxonomy to the company specific
          reporting concepts is called tagging.

          Tagging requires appropriate selection of elements from
          the taxonomy based on attributes, documentation and
          relationships with other elements.
…contd.       (Common terms)
                                                           Blue Consulting Pvt. Ltd.
11       Index                                                    www.xbrlconsulting.co.in




         Instance documents

           The final output, which is converted in XBRL format, is
          called instance document. Two instance documents are
          generated, Balance Sheet and Income Statement (Profit &
          Loss a/c).

          A company with subsidiary companies, needs to generate
          two sets of instance documents, i.e., one on a standalone
          basis and another on a consolidated basis.
5. Tagging requirement
                                                                            Blue Consulting Pvt. Ltd.
12    Index                                                                         www.xbrlconsulting.co.in




               Detailed tagging
             Balance sheet and its schedules

             Profit and loss a/c and its                Text Block tagging
              schedules
                                                      Director’s report
             Cash flow statement
                                                      Auditor’s report
             Related party transactions (party
                                                      Notes to accounts
              wise)

             Segment reporting

             Subsidiary and Holding company
              information
                                                  Note:
             Associates and Joint Ventures       From our experience, detailed tagging takes approx.
                                                  90% of total tagging time
6. Process flow of conversion
                                                                         Blue Consulting Pvt. Ltd.
13    Index                                                                      www.xbrlconsulting.co.in




              Client        Client provides soft copy of Annual Report of FY 2010-11




       XBRL Service     Analysis of      Mapping and       Review and       XBRL instance
         Provider      Annual Report       tagging          validation        document




              Client         Review and upload of XBRL documents to MCA website
7. Skills required for conversion
                                                           Blue Consulting Pvt. Ltd.
14       Index                                                    www.xbrlconsulting.co.in




         To convert Financial Statements in XBRL format, one needs to
          have a good understanding of Financial Statements and
          Business Rules defined for Taxonomy.

         Software is just an enabler and plays less than 25% part in
          whole conversion process.

         Every company has its own set of peculiarities in the Financial
          Statements and a service provider should be proficient in
          Indian GAAP’s to understand the Financial Statements.
…contd.(Skill set for conversion?)
                                                             Blue Consulting Pvt. Ltd.
15       Index                                                      www.xbrlconsulting.co.in




         The quality of tagging (i.e., choosing a particular tag) plays
          an important role in making a tagged Financial Statements
          useful for analysis. However, this area is normally
          overlooked by clients while engaging any service provider
          for conversion service.

         The most problematic information to be tagged is Profit and
          Loss a/c as there is no specified format in Schedule VI and
          every company follows it’s own format.
16    8. How to select a service provider?
Index
#1. Experience
                                                          Blue Consulting Pvt. Ltd.
17       Index                                                   www.xbrlconsulting.co.in




         Ask prospective service providers about their experience in
          handling of Financial Statements across various industries.

         Ask about the number of years of experience in Finance and
          Accounts, Financial Reporting; training in XBRL; total team
          size;

         The nature of services provided by the service provider can
          be a good indication about its knowledge of Financial
          Statements.
#2. XBRL conversion process
                                                         Blue Consulting Pvt. Ltd.
18       Index                                                  www.xbrlconsulting.co.in




         Ask potential XBRL service providers about their XBRL
          conversion process. What inputs shall be required from the
          client and at what stages?

         The amount of additional information required for accurate
          conversion and filing varies from company to company; it
          could include information other than that provided in the
          Annual Report of the company.
…contd.( XBRL conversion process)
                                                          Blue Consulting Pvt. Ltd.
19       Index                                                   www.xbrlconsulting.co.in




         Normally, a service provider should be able to ascertain and
          evaluate the requirement for additional information within
          one working day from the receipt of the Annual Report. If not,
          you may want to reconsider your selection.
#3. XBRL team
                                                                              Blue Consulting Pvt. Ltd.
20       Index                                                                       www.xbrlconsulting.co.in




         Enquire about the following from a prospective service
          provider’s :
                No. of people in XBRL team

                Their qualifications

                Do they have prior experience on the XBRL conversion process

                Is there a separate team or person for review of tagging quality?

         This information will help you to assess whether a
          particular service provider can handle volumes or not.
#4. Clients or References
                                                             Blue Consulting Pvt. Ltd.
21       Index                                                      www.xbrlconsulting.co.in




         Ask about the service providers’ existing client list.

         Ask for at least two reference for whom the service
          provider has converted financial reports into XBRL. One
          phone call can provide you an assurance about the
          competence and quality of an XBRL service provider.
#5. Confidentiality of information
                                                              Blue Consulting Pvt. Ltd.
22       Index                                                       www.xbrlconsulting.co.in




         A client should enquire about the data handling process at
          service the provider’s office.

         Does the service provider have a policy of signing a
          confidentiality agreement or an NDA (non-disclosure
          agreement)?

         Even if there is no policy or practice of signing NDA, you must
          insist on signing an NDA prior to data conversion. This secures
          confidentiality and is in line with best practices, globally.
Some further questions !
                                                           Blue Consulting Pvt. Ltd.
23       Index                                                    www.xbrlconsulting.co.in




         Can someone there help with tagging questions specific to
          my industry?

         Where is the help/support team located precisely?

         What are the support hours?

         Who will be in charge of my filing? How will I defend this
          choice if something goes very wrong?

         Do I trust these people with my company's good standing
          with stakeholders, MCA, and others?
9. Interesting facts about XBRL
                                                          Blue Consulting Pvt. Ltd.
24       Index                                                   www.xbrlconsulting.co.in




         Presently, there is no software available in the market which
          does automatic tagging.

         XBRL software prices ranges from Rs. 5,400 to Rs. 400,000.

         Similarly, conversion fee ranges from Rs. 9,000 per company
          to Rs. 45,000 per company and Rs. 300 per page to Rs 3,000
          per page.

         No certification/ accreditation process for XBRL software's
          and service providers.
…contd. (Interesting facts about XBRL)
                                                           Blue Consulting Pvt. Ltd.
25       Index                                                    www.xbrlconsulting.co.in




         At present, there is not much difference in effort in tagging
          between a listed company and an unlisted company.

         There are service providers who quote their fees over the
          phone without ascertaining the complexity of Financial
          Statements.

         Complete dearth of channels which can train/educate clients
          about XBRL process.
Contact us                                                                 Blue Consulting Pvt. Ltd. is a listed
                                                                                    service provider for XBRL conversion by
                                                                                    MCA.             Blue Consulting Pvt. Ltd.
 26         Index                                                                                                www.xbrlconsulting.co.in
                                                                                   BC, has its roots in a well established,
Index                                                                               four decade old chartered accountants
                                                                                    firm.
        Chandan Goyal
                                                                                   We have a separate division for XBRL
        Chief Executive Officer
                                                                                    conversion services.
        chandan.goyal@blueconsulting.co.in
                                                                                   Our XBRL team members also have
        +91 98104 10421                                                             experience of XBRL filing for UK and US
        +91 120 4230649                                                             companies as well.
                                                                                For further detail, please log on to:

                                                                                www.xbrlconsulting.co.in
        Delhi           Pune




                                             “A dream is not that
                                                    which you see in sleep
                                             A dream is that
                                                 which does not let you sleep”

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XBRL Hot Buttons for CS & CFO's (17th Nov'11)

  • 1. XBRL Webinar : Hot Buttons for CS and CFOs CA Chandan Goyal 17th November’2011 Blue Consulting Pvt. Ltd. Doing common things, Uncommonly well. July 13’ 2009 Blue Consulting Pvt. Ltd. Consulting F&A Outsourcing Internal Audit A Finance & Accounts Outsourcing Company
  • 2. Index Blue Consulting Pvt. Ltd. 2 Index www.xbrlconsulting.co.in Page No. 1. XBRL in India 3-4 2. MCA’s mandate 5-6 3. Chronological order of developments 7 4. Common terms 8-11 5. Tagging requirement 12 6. Process flow 13 7. Skill set required for conversion 14-15 8. How to select a service provider? 16-23 9. Interesting facts about XBRL 24-25 10. Contact detail 26
  • 3. 1. XBRL in India Blue Consulting Pvt. Ltd. 3 Index www.xbrlconsulting.co.in  In India, the Reserve Bank of India (RBI) has already implemented (since Oct 2008) XBRL-based reporting for three returns: capital adequacy data as per Basel II norms, Form A and the GPB Return by banks.  Further, it is mandatory for top 100 listed companies in India to report their quarterly results etc. to BSE & NSE in XBRL. It is called Corpfiling.
  • 4. …contd.(XBRL in India) Blue Consulting Pvt. Ltd. 4 Index www.xbrlconsulting.co.in  Now, it’s MCA’s turn to implement it on a wider canvas. In the 1st phase, around 30,000 companies in India need to report to the MCA in XBRL this year. Going ahead, (from FY 2012-13) it is expected that almost 9 lakh companies would need to report in XBRL in the next three years.
  • 5. 2. MCA mandate Blue Consulting Pvt. Ltd. 5 Index www.xbrlconsulting.co.in  Ministry of Corporate Affairs (MCA) has mandated financial reporting in XBRL from the Financial Year 2010-2011 for :  all listed companies and their subsidiaries (excluding overseas subsidiaries),  all unlisted companies having paid up capital of Rs. 5 Crore and above  All unlisted companies having a turnover of Rs. 100 Crore or above
  • 6. …contd.(MCA mandate ) Blue Consulting Pvt. Ltd. 6 Index www.xbrlconsulting.co.in  The companies listed above are permitted to file XBRL compliant documents up to 30.11.2011 or with in 60 days of their due date, whichever is later without any additional filing fee.  The current mandate excludes banking companies, insurance companies, power companies and Non Banking Financial Companies (NBFCs).
  • 7. 3. Chronological order of XBRL developments Blue Consulting Pvt. Ltd. 7 Index www.xbrlconsulting.co.in 31st March 23rd May MCA came out with its MCA released 1 First Notification on 2 1st version of XBRL Taxonomy 28th July 27th Aug Extension of due date MCA released 3 of filing from 30th Sep 4 UPDATED to 30th Nov Taxonomy 1st Oct 5th Oct 5 Release of XBRL Forms for Validation Tool 6 13th Oct filing issued MCA released the 14th Oct 7 list of XBRL software REVISED vendors and service providers 8 Validation Tool released
  • 8. 4. Common terms Blue Consulting Pvt. Ltd. 8 Index www.xbrlconsulting.co.in  Taxonomy Generally speaking, taxonomy means a catalogue or set of rules for classification; in XBRL, taxonomy can be referred to as an electronic dictionary of the reporting concepts containing computer-readable definitions of business reporting terms, as well relationships between them and links connecting them to resources.
  • 9. …contd. (Common terms) Blue Consulting Pvt. Ltd. 9 Index www.xbrlconsulting.co.in  Elements An element is a business or a financial concept which is defined in the taxonomy according to XBRL specifications. Each element has a type, is identified by name and may have a set of attribute specifications as per the XBRL standards. There are 3187 elements in the revised taxonomy issued by MCA.  Business rules There are approx. 350 business rules which incorporate the checks for minimum tagging requirements.
  • 10. …contd. (Common terms) Blue Consulting Pvt. Ltd. 10 Index www.xbrlconsulting.co.in  Tagging The process of assigning tags (referred to as elements in taxonomy) from the taxonomy to the company specific reporting concepts is called tagging. Tagging requires appropriate selection of elements from the taxonomy based on attributes, documentation and relationships with other elements.
  • 11. …contd. (Common terms) Blue Consulting Pvt. Ltd. 11 Index www.xbrlconsulting.co.in  Instance documents The final output, which is converted in XBRL format, is called instance document. Two instance documents are generated, Balance Sheet and Income Statement (Profit & Loss a/c). A company with subsidiary companies, needs to generate two sets of instance documents, i.e., one on a standalone basis and another on a consolidated basis.
  • 12. 5. Tagging requirement Blue Consulting Pvt. Ltd. 12 Index www.xbrlconsulting.co.in Detailed tagging  Balance sheet and its schedules  Profit and loss a/c and its Text Block tagging schedules  Director’s report  Cash flow statement  Auditor’s report  Related party transactions (party  Notes to accounts wise)  Segment reporting  Subsidiary and Holding company information Note:  Associates and Joint Ventures From our experience, detailed tagging takes approx. 90% of total tagging time
  • 13. 6. Process flow of conversion Blue Consulting Pvt. Ltd. 13 Index www.xbrlconsulting.co.in Client Client provides soft copy of Annual Report of FY 2010-11 XBRL Service Analysis of Mapping and Review and XBRL instance Provider Annual Report tagging validation document Client Review and upload of XBRL documents to MCA website
  • 14. 7. Skills required for conversion Blue Consulting Pvt. Ltd. 14 Index www.xbrlconsulting.co.in  To convert Financial Statements in XBRL format, one needs to have a good understanding of Financial Statements and Business Rules defined for Taxonomy.  Software is just an enabler and plays less than 25% part in whole conversion process.  Every company has its own set of peculiarities in the Financial Statements and a service provider should be proficient in Indian GAAP’s to understand the Financial Statements.
  • 15. …contd.(Skill set for conversion?) Blue Consulting Pvt. Ltd. 15 Index www.xbrlconsulting.co.in  The quality of tagging (i.e., choosing a particular tag) plays an important role in making a tagged Financial Statements useful for analysis. However, this area is normally overlooked by clients while engaging any service provider for conversion service.  The most problematic information to be tagged is Profit and Loss a/c as there is no specified format in Schedule VI and every company follows it’s own format.
  • 16. 16 8. How to select a service provider? Index
  • 17. #1. Experience Blue Consulting Pvt. Ltd. 17 Index www.xbrlconsulting.co.in  Ask prospective service providers about their experience in handling of Financial Statements across various industries.  Ask about the number of years of experience in Finance and Accounts, Financial Reporting; training in XBRL; total team size;  The nature of services provided by the service provider can be a good indication about its knowledge of Financial Statements.
  • 18. #2. XBRL conversion process Blue Consulting Pvt. Ltd. 18 Index www.xbrlconsulting.co.in  Ask potential XBRL service providers about their XBRL conversion process. What inputs shall be required from the client and at what stages?  The amount of additional information required for accurate conversion and filing varies from company to company; it could include information other than that provided in the Annual Report of the company.
  • 19. …contd.( XBRL conversion process) Blue Consulting Pvt. Ltd. 19 Index www.xbrlconsulting.co.in  Normally, a service provider should be able to ascertain and evaluate the requirement for additional information within one working day from the receipt of the Annual Report. If not, you may want to reconsider your selection.
  • 20. #3. XBRL team Blue Consulting Pvt. Ltd. 20 Index www.xbrlconsulting.co.in  Enquire about the following from a prospective service provider’s :  No. of people in XBRL team  Their qualifications  Do they have prior experience on the XBRL conversion process  Is there a separate team or person for review of tagging quality?  This information will help you to assess whether a particular service provider can handle volumes or not.
  • 21. #4. Clients or References Blue Consulting Pvt. Ltd. 21 Index www.xbrlconsulting.co.in  Ask about the service providers’ existing client list.  Ask for at least two reference for whom the service provider has converted financial reports into XBRL. One phone call can provide you an assurance about the competence and quality of an XBRL service provider.
  • 22. #5. Confidentiality of information Blue Consulting Pvt. Ltd. 22 Index www.xbrlconsulting.co.in  A client should enquire about the data handling process at service the provider’s office.  Does the service provider have a policy of signing a confidentiality agreement or an NDA (non-disclosure agreement)?  Even if there is no policy or practice of signing NDA, you must insist on signing an NDA prior to data conversion. This secures confidentiality and is in line with best practices, globally.
  • 23. Some further questions ! Blue Consulting Pvt. Ltd. 23 Index www.xbrlconsulting.co.in  Can someone there help with tagging questions specific to my industry?  Where is the help/support team located precisely?  What are the support hours?  Who will be in charge of my filing? How will I defend this choice if something goes very wrong?  Do I trust these people with my company's good standing with stakeholders, MCA, and others?
  • 24. 9. Interesting facts about XBRL Blue Consulting Pvt. Ltd. 24 Index www.xbrlconsulting.co.in  Presently, there is no software available in the market which does automatic tagging.  XBRL software prices ranges from Rs. 5,400 to Rs. 400,000.  Similarly, conversion fee ranges from Rs. 9,000 per company to Rs. 45,000 per company and Rs. 300 per page to Rs 3,000 per page.  No certification/ accreditation process for XBRL software's and service providers.
  • 25. …contd. (Interesting facts about XBRL) Blue Consulting Pvt. Ltd. 25 Index www.xbrlconsulting.co.in  At present, there is not much difference in effort in tagging between a listed company and an unlisted company.  There are service providers who quote their fees over the phone without ascertaining the complexity of Financial Statements.  Complete dearth of channels which can train/educate clients about XBRL process.
  • 26. Contact us  Blue Consulting Pvt. Ltd. is a listed service provider for XBRL conversion by MCA. Blue Consulting Pvt. Ltd. 26 Index www.xbrlconsulting.co.in  BC, has its roots in a well established, Index four decade old chartered accountants firm. Chandan Goyal  We have a separate division for XBRL Chief Executive Officer conversion services. chandan.goyal@blueconsulting.co.in  Our XBRL team members also have +91 98104 10421 experience of XBRL filing for UK and US +91 120 4230649 companies as well. For further detail, please log on to: www.xbrlconsulting.co.in Delhi Pune “A dream is not that which you see in sleep A dream is that which does not let you sleep”