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What Are The Steps Of XBRL Filing

What Are The Steps Of XBRL Filing

XBRL or Extensive Business Record Language is the best way to store, collate and transfer financial information. Based on the renowned XML, this language has aided many professionals to submit the financial details that can be converted into any format. Any by any format we mean that the data present within that filing can be viewed through multiple kinds of financial statement. In this age of automated data assessment, information like that is a necessity. That is why; XBRL filing has been made necessary for Companies who seek to file annual returns.

 

Steps for XBRL filing

  1. First, you need access to any XML generating software that is meant for business. The most common one in the usage is Taxmann XBRL.
  2. Turn on this software, and start entering the financial details. This will create an instance of the XML document.
  3. Once you have entered the details, download the XBRL validation tool.
  4. Load the instance of the document and validate it using the XBRL validation tool.
  5. IF an XML file is generated, then it means that there are no errors in the way in which the data that have been entered.
  6. Now, perform a pre-scrutiny of the instance document. The purpose of this scrutiny is to make sure that there aren’t any grammatical or other errors that can make the MCA reject the filing.
  7. Again, verify the instance document by converting it into a PDF document.
  8. Once verified, attach the document to the following forms:
    1. FORM 23AC-XBRL
    2. FORM 23ACAXBRL

And submit them to the MCA portal.

While you can conduct the entire process by yourself, the truth of the matter is the chances of errors can be a bit high if you are not confident. Therefore, you should leave the matter of XBRL filing to the experts. If you want assistance, contact Registrationwala.

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