Filing of financial statements in XBRL mode

*    XBRL is the Financial and Operational business reporting offshoot of Extensible Markup Language (XML), which is a freely licensable, open technology standard (or Vocabulary) used to exchange business information electronically. XML is the universally preferred data description language used to describe the storage, manipulation and exchange of data via the internet.

*    XBRL is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world. In India, now as per MCA specifications, filing of financial statements in XBRL mode is mandatory for certain class of companies. 

*    XBRL electronic standard will allow for efficient retrieval and analysis of financial information, thus enabling better, faster and more consistent information, resulting in higher quality decision by investors.  

XBRL is:

• An Open Technology standard for reporting and analyzing business and financial information.
• Software agnostic, or independent.
• Accounting framework neutral.

XBRL is not:

•  A Standardized chart of accounts.
•  A way to require the reporting of specific information.
• A transaction level activity (although it can summarize general ledger transactions)

The idea behind XBRL is simple. Instead of treating financial information as static text – as in a standard internet page or a printed document – XBRL provides an identifying tag for each individual item of data, whether numeric or textual. This tag is computer readable and allows the information to be used interactively

MCA Taxonomy and XBRL Instance Document

MCA has provided the Taxonomy which forms the basis for tagging financial and business information in XBRL. This Taxonomy is an electronic classification system of tags defining thousands of business reporting concepts (including Text) and their relationships.

XBRL Instance Documentis the end result of how a preparer creates XBRL data. It contains report information typically complied from internal ERP or Financial reporting systems that have been marked up or tagged in XBRL.

eXBace promises to be web-enable the business reporting process for preparers, regulators and users. It significantly improves the efficiency and effectiveness of the business reporting processes of Organizations.

eXBace follows the Mantra “BETTER and FASTER”

Better– Accurate, Easily to use, Import and Export facility to almost all formats and Comprehensive Product

Faster– No Rekeying, Instant User Access and most efficient reports for faster information retrieval

eXBace:

*    eXBace is a solution for converting and filing Financial Information of the Company in XBRL Format as per MCA mandate

*    eXBace is a One Stop Complete XBRL Software - On Document editing/Tagging, Quick Viewing, Advance Validating and Finally extensible reporting

*    eXBace is an Intelligent Solution that enables automated processing of business information and hence cut out laborious and costly processes of manual re-entry and comparison.

*    Improve the overall quality and accuracy of data obtained from companies.

*    Reduce potential errors from manual entry through machine transfers of reporting information.

*    Increase the speed at which financial decision can be made by analysts, investors, lenders rating agencies etc…

eXBace Advantages:

No need to be XBRL Expert - No Training Required

User-friendly interface: User friendly interface to input latest year annual report information against XBRL tags. The 'On Document' tagging feature allows the user to seamlessly tag facts and text blocks that are scattered across the document.

Tagging of Financial and Non-Financial data: eXBace is powered to create financial data for Current Year and Previous Year with taxonomy in one go and Non-Financial data i.e. Auditor’s Report, Directors Report etc. with ease.

Advanced Validator: eXBace ensures accuracy by using in-built validations at entry level to prevent data entry errors.

Generation of XBRL Instance Document: Generation of XBRL instance Document as per MCA Taxonomy.

Advance Features:

*    Add and Edit facilities for footnote.

*    HTML formatted content for Text Block

*   Import Company Details through CIN from MCA.

*   Quick Access to Forms through Favorites Panel.

*   E-mail facility for generated Instance document

*   XML Viewer.

*   Non-Financial Data import from other company.