DETAILS ABOUT XBRL CONVERSION SOFTWARE

Transcription

1 DETAILS ABOUT XBRL CONVERSION SOFTWARE Name of Company/Firm: Skorydov Systems Private Limited Name & Designation of contact Person: Dileep Singh (Manager) Anshal Thakur (Manager) Contact Details Registered Address: 708, Tulsiani Chambers, Nariman Point, Mumbai , Maharashtra Telephone/ Mobile No: , , Website: S. NO CRITERION FOR XBRL SOFTWARE/SOFTWARE AS A SERVICE REPLY Mandatory 1 Experience of the company in understanding XBRL and Taxonomies (in Months) Has a Sample validated instance file generated by you and is it available on your website? 3 Technical Support of the software (Training, Maintenance) 4 Operational in India (in Months) Does your tool has inbuilt XBRL validator? 6 Is your tool easy to use and can it highlight errors /inconsistencies automatically? 7 Does it have the ability to see the details of each tag and taxonomy? Optional 1 Is the software XBRL 2.1 Compliant 2 Is the software compliant for future developments - like extensions, dimensions, formula Linkbase? XBRL File Preparation Tool price in Rupees (excluding applicable taxes) Individual (for one company) Enterprise (Company and its Subsidiaries) Professional (multiple filing by professional) Software Tool Product SaaS model Rs. 10,000/- Rs. 10,000/- Rs. 10,000/- Remarks (for additional information, if any): The software has an MS Excel Template where users can do Data Entry / Data mapping with existing data. Once the users have entered data, they will need to verify data entered and export to convert to XBRL instance document. (No Tagging Needed and very simple to use.) The MS Excel Template can be used on any machine free of cost and can be converted online from any machine. Users are not tied to a single machine. Skorydov Page 1

2 MCA-XBRL Simplified! A brief note Tuesday, 11 October Skorydov Tax And Compliance Office Solutions Contact Anshal Thakur: Dileep Singh: Vidyut M Shah: Helpdesk: / for List of dealers log on to stacos.com Contents What is the price of XBRL software?... 3 Software Cost:... 3 Free Software Template - Data Entry for XBRL Creation What is XBRL?... 3 What is the MCA mandate?... 3 What are the steps to follow to create and file XBRL document?... 3 How do I check the data entered in XBRL is correct or not?... 5 When will filing in the new 23AC and 23ACA start?... 5 Where to find a complete step by step guidance in this?... 5 Skorydov Page 2

3 What is the price of XBRL software? Software Cost: 1. Rs. 10,000/- for unlimited companies - Buy PIN online or from dealers listed on stacos.com - Prices are not inclusive of taxes Free Software Template - Data Entry for XBRL Creation. The MS Excel Template for data entry can be downloaded from or the link below. (~ 947 KB) What is XBRL? XBRL stands for extensible Business Reporting Language (XBRL) that will be widely used to enable the financial reporting process for both preparers and consumers. In simpler words, it is a revolutionary format for business (financial) reporting. A more advanced form of XML. (XML reporting is already being used by the Income-tax Department in India.) 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 analyse financial statements of both public and private concerns across all software formats and technologies. What is the MCA mandate? The companies whose Balance Sheet date is or onwards, need to file their financial statements in XBRL provided they qualify the criteria laid as per Ministry s general Circular 37/2011 dated The following class of companies have to file the Financial Statements in XBRL Form from the year :- (i) All companies listed in India and their subsidiaries (Subsidiary of listed company are required to file in XBRL format, irrespective of its paid up capital) (ii) All companies having a paid up capital of Rs. 5 Crore and above or a Turnover of Rs 100 crore or above.i.e about 28,000 companies have to file in XBRL format. notabene: XBRL filing is mandatory for companies only which fall in the above mentioned criteria. There shall be a separate set of Form 23AC (Form for filing Balance Sheet and other documents with the Registrar) and Form 23ACA (Form for filing Profit & Loss Account and other documents with Registrar) available on the MCA portal for filing in XBRL form. Existing Form 23AC and 23ACA shall continue to be there for filing by companies to which XBRL filing is not applicable; and for filing of earlier year s documents. What are the steps to follow to create and file XBRL document? 1. Download and complete the MS Excel Template (free template) from This template can also be circulated to all your clients for data entry without any cost. Clients can then return back the excel sheet to you for further steps. Skorydov Page 3

4 Figure1: Excel template showing various sheets and data entry module. 2. Verify and export the MS Excel template file into XSRF (X-Secured Return Format) to upload to stacos.com The Excel Template has an inbuilt code to validate data and export to XSRF format. You have options to add footnotes to figures entered. Also you can check the empty mandatory fields and fill. Figure2: Excel template with the menu screen. Skorydov Page 4

5 3. Upload the XSRF file and download the XBRL instance document Logon to stacos.com and upload the XSRF file. The Website will convert to XBRL document. (Users who are using our Income-tax return software will find the process very similar.) 4. Download MCA Validation tool and validate the XBRL document that you have made in step 3 above. 5. Validator will create PDF file (human readable) with data from the XBRL file (machine readable). Check if all the data in the PDF and MS Excel template (Step 1) are correct. Figure3: The MCA Validator will create a PDF as shown above for the specified XBRL doc. 6. There shall be a separate set of Form 23AC and Form 23ACA available on the MCA portal for filing in XBRL form. First fill up the Form 23AC and Form 23ACA. Thereafter, attach the validated and pre-scrutinised XBRL document for Balance sheet to Form 23AC. Similarly, the instance document for Profit and Loss account is to be attached to Form 23ACA. Separate instance documents need to be attached w.r.t. Standalone financial statements and consolidated financial statements. 7. After the forms are filled, you are required to perform pre-scrutiny of the form, sign the form and then upload the same as per the normal e-form filing process on MCA. How do I check the data entered in XBRL is correct or not? Pass the XBRL document through the validator to create a human readable PDF document. Compare the PDF document to your original data to check whether the XBRL is correct or not. When will filing in the new 23AC and 23ACA start? Filing has already started at MCA portal. Where to find a complete step by step guidance in this? A step by step guidance for generating XBRL instance document can be downloaded from below link: 2MB) Register now on stacos.com and start filing. Skorydov Page 5