Question: What Is XBRL Financial Statements?

What is XBRL and how does it work?

XBRL enables preparers to utilize software to tag all financial items in their business reports to the elements within a taxonomy.

This is accomplished with an Instance Document which can be electronically exchanged and validated between computers or viewed in a human readable format (this is called rendering)..

How do you prepare financial statements in XBRL?

Mapping Process for E-Filing of Balance Sheets in XBRLStep 1: Map or tag the company’s financial statements to the published taxonomy. … Step 2: Create an Instance Document based on the Mapping done above. … Step 3: Validate the created instance document. … Step 4: File the Instance Document.

Is XBRL mandatory?

The Securities and Exchange Commission today voted to adopt amendments to eXtensible Business Reporting Language (XBRL) requirements for operating companies and funds. … The amendments, which will go into effect in phases, require the use of Inline XBRL for financial statement information and risk/return summaries.

Which of the following categories is not mandated to file financial statements in XBRL?

“Provided that the companies in Banking, Insurance, Power Sector and Non-Banking Financial companies are exempted from XBRL filing.” “Provided that the companies in banking, insurance, power sector, non-banking financial companies and housing finance companies need not file financial statements under this rule.”

Who invented XBRL?

Charles HoffmanThe short history of XBRL is traced back to 1998. In April 1998, Charles Hoffman, a CPA with the firm Knight Vale and Gregory in Tacoma, Washington investigated XML for the electronic reporting of financial information. Charlie began developing prototypes of financial statements and audit schedules using XML.

What is XBRL financial reporting?

XBRL (eXtensible Business Reporting Language) is a freely available and global framework for exchanging business information. XBRL allows the expression of semantic meaning commonly required in business reporting. … One use of XBRL is to define and exchange financial information, such as a financial statement.

How do I view XBRL files?

Communicate financial data with XBRL.Go to the Dragon View XBRL Viewer.Unzip Dragon View.Open Dragon View.Click “File,” highlight “Open” and then click either “XBRL Taxonomy” or “XBRL Instance Document.”More items…

What do you mean by XBRL?

eXtensible Business Reporting LanguageeXtensible Business Reporting Language (XBRL) is a freely available global framework of accounting standards used for exchanging business information. XBRL is based on XML coding and is a standardized way of transmitting financial records around the world.

How do I use XBRL?

You set up the XBRL Lines by mapping the data in the taxonomy to the data in your general ledger.Choose the. … On the XBRL Taxonomies page, select a taxonomy from the list.Choose the Lines action.Select a line and fill in the fields.To read detailed information about what to fill in, choose the Information action.More items…•

Who must file XBRL?

Currently, only companies with corporate shareholders or insolvent exempt private companies are required to file the accounts in XBRL format. However, starting 02 December 2013, almost all companies will need to file their accounts in XBRL via new BizFinx system.

What is inline XBRL?

Inline XBRL is a format that allows filers to embed XBRL data directly into a HyperText Markup Language (HTML) document so that filers need only prepare one Inline XBRL document rather than generate an HTML document of their financial statement information or risk/return summary information and then tag a copy of the …

How do I create an XBRL instance document?

Figure 1: Process to Extend Taxonomies and Create XBRL Instance DocumentsChoose financial information to tag. Choose standard taxonomy. … Set up context. Map each individual account value to specific XBRL element (tag) shown in standard taxonomy. … Generate instance document. … Audit instance document (currently optional)

What is the difference between XBRL and iXBRL?

So XBRL is all about function, while iXBRL takes that function and puts it in a format that is more “accessible” and visually appealing for the user. It also means that you can incorporate your XBRL tags into your HTML-formatted financial statements instead of filing a separate XBRL instance document.

Why is XBRL needed in the financial community?

It refers to eXtensible Business Reporting Language. It provides a standard for the internet communication among businesses as it is explicitly designed in order to facilitate independent business reporting of the non-financial and financial data. It also enhances the accuracy and speed of financial reporting.

Who has to file XBRL?

The following companies are required to file AOC 4 XBRL (extensible business reporting language): All companies listed with any stock exchange in India and their Indian subsidiaries. All companies with a capital of 5 crores or above. All companies with a turnover of 100 crores or more.