ICAI, which is assisting MCA with conduct of XBRL training, has been instructed to develop standard Training module as well identify resource persons in consultation with XBRL training partners located at different parts on the country. It is proposed to engage leading chambers of industry and other professional institutes, namely, ICWAI and ICSI in future trainings. Training will be held over the next few months in most leading cities of India. Details of the same will be available on our website www.mca.gov.in/www.xbrl.icai.org.
3. When we are filing Balance Sheet in XBRL format, then whether the Previous Forms 23AC and 23ACA are still in existence or not?
Subsidiary of listed company is required to file in XBRL format, irrespective of its paid up capital.
XBRL is a standards-based way to communicate business and financial information. These communications are defined by metadata set out in taxonomies. Taxonomies capture the definition of individual reporting concepts as well as the relationships between concepts and other semantic meaning.
The taxonomy comprises of the following components:-
- Schema – Defines the elements used in the linkbases
- Presentation linkbase – Which defines the structure for displaying the data, along with the preferred label attribute.
- Calculation linkbase – Establishes the arithmetical relationship of simple addition and subtraction, which is done by way of a weight attribute (1 or -1)
- Label linkbase – Stores the labels about the concepts (it is the human readable name of the element)
The XML and XSDs actually make the real taxonomy. The excel sheet is just for you to view it. An XBRL processor (a computer software that understands and/or manipulates XBRL documents) will need those XML and XSD documents.
XBRL is a standards-based way to communicate business and financial information. These communications are defined by metadata set out in taxonomies. Taxonomies capture the definition of individual reporting concepts as well as the relationships between concepts and other semantic meaning.
Source – MCA
Provision of expenses- Company is aware the party name who will be raising invoice. Only problem is correct estimate of amount. TDs can be provided on the estimated expenses of the specific party and can be paid well within time. Any difference will be adjusted in next year as prior period expenses. Since credit is available for TDS deducted no vendor objects even the TDs amount is more, hence provision should be made on higher side instead of lower side.