This document provides an overview of XBRL and Volition LLP's XBRL services. It describes that Volition LLP is a management consulting firm that assists companies with IFRS conversion and XBRL services. It then defines what XBRL is, its benefits, and the scope of companies in India required to file financial statements in XBRL format. It includes screenshots of Volition LLP's XBRL software and mapping tools, an example of a final XBRL instance document, and contact information for Volition LLP's XBRL services.
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XBRL Brief Overview Bridging Digital Divide
1. XBRL Brief Overview
Bridging the digital divide
Mr. Sachin Trivedi
Email: sachin.trivedi@volitionllp.com
Mobile: +91-99030-37609
Page www.volitionllp.com Volition LLP
2. Contents
// Introduction to Volition LLP
// What is XBRL
// Why XBRL
// Scope of XBRL
// Tools and Reports
// Final Deliverable and Example of Instance document
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3. Contents
// Introduction to Volition LLP
// What is XBRL
// Why XBRL
// Scope of XBRL
// Tools and Reports
// Final Deliverable and Example of Instance document
Page 3 01-10-2011 www.volitionllp.com Volition LLP
4. Introduction of Volition LLP
Volition LLP is a management consulting firm, advising organizations on emerging issues
like IFRS and XBRL. Volition LLP has been assisting some of the largest companies of India with IFRS
Conversion and is set to bridge the digital divide with XBRL Services.
Reporting Standard S.L. is a Spanish IT company that expands its business activity in three areas:
Software development, Consulting Services and development of the XBRL standard.
Volition LLP along with Reporting Standard will empower organizations to deliver, error free and
satisfactory eXBRL reports to the regulators, making us XBRL Solution providers of your choice.
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5. XBRL & Volition LLP
Volition LLP is one of the leading software vendors of XBRL Software and XBRL Outsourced Service
Provider.
XBRL Software
XBRL Outsourced Conversion Services
XBRL Training across the cities
Our entire offering on XBRL helps companies in filing satisfactory eXBRL reports to the regulators,
making us XBRL Solution providers of your choice.
An experienced, well trained team of professionals execute each conversion engagement accurately.
For Trial License of the Software, Outsourced Services
or Training Contact Us @
Mr. Sachin Trivedi
Email: sachin.trivedi@volitionllp.com
Mobile: +91-99030-37609
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6. Contents
// Introduction to Volition LLP
// What is XBRL
// Why XBRL
// Scope of XBRL
// Tools and Reports
// Final Deliverable and Example of Instance document
Page 6 01-10-2011 www.volitionllp.com Volition LLP
7. What is XBRL
XBRL stands for eXtensible Business Reporting Language .
XBRL is a data-rich dialect of XML (Extensible Markup Language), the universally preferred language
for transmitting information via the Internet.
XBRL is a standard format for reporting financial data. Instead of treating financial information as a block
of text - as in a standard internet page or a printed document - XBRL provides an identifying tag for each
individual item of data, which are computer readable.
XBRL does not change what is being reported. It only changes how it is reported.
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8. Facts you did not know about XBRL
April 1998 - XBRL is Conceived
Charles Hoffman, a CPA with the firm
Knight Vale and Gregory in Tacoma,
Washington, investigates how XML could
be used for electronic reporting of financial
information. Charlie begins developing
prototypes of financial statements and audit
schedules using XML.
First
jurisdictions to
October 1999 - AICPA Hosts First Meeting adopt XBRL
The first meeting of the XBRL Steering Committee
takes place in the offices of the AICPA in New
York City. At this meeting, the development
begins on the first taxonomy: XBRL for Financial
XBRL Statements for the Commercial and Industrial
Concept Sector, which represents about 80% of all
publicly-traded U.S. companies.
October 2001 - XBRL Jurisdictions
are Formed
XBRL Australia, XBRL Canada,
XBRL Germany, XBRL IASB, XBRL
Creation of First
Japan, XBRL-Netherlands, and
Taxonomy.
XBRL-UK form the first jurisdictions
Commercial and
to support the development of XBRL.
Industrial
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9. Contents
// Introduction to Volition LLP
// What is XBRL
// Why XBRL
// Scope of XBRL
// Tools and Reports
// Final Deliverable and Example of Instance document
Page 9 01-10-2011 www.volitionllp.com Volition LLP
10. Why XBRL?
The global XBRL movement has ushered in a new age of financial reporting.
XBRL, often referred to as "Interactive Data", gives the financial community a standards-based method
to prepare, publish, exchange, search, and analyze financial statements of both public and private
concerns – across all software formats and technologies.
XBRL was made compulsory in India from financial year 2010-11.
XBRL data is more robust, accurate, and transparent than data in financial statements that appears in
legacy electronic and paper reports. For investors and analysts, XBRL eliminates the time, labor, and
errors.
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11. Contents
// Introduction to Volition LLP
// What is XBRL
// Why XBRL
// Scope of XBRL
// Tools and Reports
// Final Deliverable and Example of Instance document
Page 11 01-10-2011 www.volitionllp.com Volition LLP
12. Scope of XBRL
According to Circular No. 37 of the MCA following companies need to file Financial Statements in XBRL
format from the year 2010-11:
(i) All companies listed in India and their Indian subsidiaries;
(ii) All companies having paid up capital of ` 5 crore or above,
(iii) All companies having turnover of ` 100 core or above.
However banking companies, non banking financial companies, insurance companies, power companies
are exempted from XBRL filing till further order.
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13. 4
XBRL Process Flow
Test 2
Validate the Instance
Document with the
Validation Tool
provided by the MCA
1 2 3 5
Traditional Financial Final Converted Filing the XML
Financial Statement Data Instance Instance
Statement “Mapped” using Document for document with
Presentation XBRL Taxonomy filing the MCA
Validate the Instance
Document on creation of
the instance document
with the internal
Validation Tool
Test 1
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14. Contents
// Introduction to Volition LLP
// What is XBRL
// Why XBRL
// Scope of XBRL
// Tools and Reports
// Final Deliverable and Example of Instance document
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15. Tools and Reports- Screen Shot of the Software
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16. Tools and Reports- Screen Shot of the Mapping
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17. Contents
// Introduction to Volition LLP
// What is XBRL
// Why XBRL
// Scope of XBRL
// Tools and Reports
// Final Deliverable and Example of Instance document
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18. Screen Shot of the Final Instance Document
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20. Thank You
For any further details of the process contact: +91-99030-37609
Mr. Sachin Trivedi
Email: sachin.trivedi@volitionllp.com
Page www.volitionllp.com Volition LLP