{"id":295,"date":"2014-10-30T11:55:56","date_gmt":"2014-10-30T11:55:56","guid":{"rendered":"http:\/\/xbrlexperts.in\/blog\/?p=295"},"modified":"2022-07-20T14:02:16","modified_gmt":"2022-07-20T14:02:16","slug":"quality-errors-while-filing-xbrl-in-india","status":"publish","type":"post","link":"https:\/\/prathamconsult.com\/bak-main\/blog\/2014\/10\/30\/quality-errors-while-filing-xbrl-in-india\/","title":{"rendered":"Quality Errors while Filing XBRL in India"},"content":{"rendered":"<p style=\"text-align: justify;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><span style=\"color: #333333\">The XBRL mandate by the Ministry of Corporate Affairs (MCA) in India covers a very large number of companies. XBRL as a data standard is useful only when it is error-free (or more realistically, with very low error-rates). There is a legal liability attached to the XBRL mandate for the companies and its officers in default for submission of inaccurate or false data in XBRL financial statements. This serves to highlight the importance of good quality XBRL.<\/span><\/p>\n<p style=\"text-align: justify;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><span style=\"color: #333333\">The following are some of the common errors that show up very often while converting financial statements into XBRL format for MCA filing:<\/span><\/p>\n<p style=\"text-align: justify;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><strong><span style=\"color: #048aba\">Mapping errors:<\/span><\/strong><span style=\"color: #333333\">&nbsp;The mapping between an item on the financial statement with an appropriate taxonomy element is usually very evident. However, sometimes this can become difficult due to certain unique items on the company\u2019s statements or due to a judgement call.<\/span><\/p>\n<p style=\"text-align: justify;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><span style=\"color: #048aba\"><strong>Completeness errors:<\/strong><\/span><span style=\"color: #333333\">&nbsp;Sometimes, preparers do not consider the fact that a complete XBRL filing needs to be complete in terms of notes and additional disclosures also.<\/span><\/p>\n<p style=\"text-align: justify;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><strong><span style=\"color: #333333\"><span style=\"color: #048aba\">Calculation errors:<\/span>&nbsp;<\/span><\/strong><span style=\"color: #333333\">These are usually the easiest to spot because they are calculation errors. Any good software for XBRL conversion will ensure that these errors do not happen.<\/span><\/p>\n<p style=\"text-align: justify;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><span style=\"color: #048aba\"><strong>Rendering errors:<\/strong><\/span><span style=\"color: #333333\">&nbsp;These errors, such as the date format being non-standard, arise out of a lack of rigour and are very easily avoided when a good software or service vendor is used.<\/span><\/p>\n<p style=\"text-align: justify;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><strong><span style=\"color: #333333\"><span style=\"color: #048aba\">Absence errors:<\/span>&nbsp;<\/span><\/strong><span style=\"color: #333333\">The MCA outlines certain fields to be mandatory. Not tagging these concepts will trigger errors.<\/span><\/p>\n<p style=\"text-align: justify;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><span style=\"color: #048aba\"><strong>Financial information entered for current year but not for previous year:<\/strong><\/span><span style=\"color: #333333\">&nbsp;These errors, again, are caused by a lack of care and rigour in the preparation process. For a majority of cases, a company\u2019s line items do not change very often and tagging for various years is often a matter of entering figures.<\/span><\/p>\n<p style=\"text-align: justify;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><span style=\"color: #048aba\"><strong>Validation errors:<\/strong><\/span><span style=\"color: #333333\">&nbsp;These are errors that MCAs validation tool throws up and need to be dealt with on a case-to-case basis. They are usually just plain business rules and calculation checks carried out by MCA21. These are also the kind of errors that can take considerable amounts of time to rectify without an XBRL expert.<\/span><\/p>\n<p style=\"text-align: justify;background-image: initial;background-position: initial;background-size: initial;background-attachment: initial\"><span style=\"color: #333333\">The thread that connects all these types of errors is that they can be avoided with a combination of expertise and care. Good quality XBRL makes it attractive for investors to use and other regulators to start using it and that, in turn, will lead to cost savings in the long run. Quality is worth investing in.<\/span><\/p>\n<p style=\"text-align: justify;background: white\"><span style=\"color: #048aba\"><strong>How Pratham Consultants can help you?<\/strong><\/span><\/p>\n<p style=\"text-align: justify;background: white\"><span style=\"color: #333333\">Pratham Consultants is a specialised corporate advisory firm promoted by young and dynamic professionals in the preparation of financial statements in XBRL formats for filing with regulators. Pratham Consultants provides world-class services with its team of certified accountants experienced.<\/span><\/p>\n<p style=\"text-align: justify;background: white\"><span style=\"color: #333333\">To find out more about Pratham Consultants, visit&nbsp;<span style=\"color: #048aba\"><strong><a style=\"color: #048aba\" href=\"https:\/\/prathamconsult.com\/bak-main\/in\/\"><span style=\"text-decoration: none\">https:\/\/prathamconsult.com\/bak-main<\/span><\/a><\/strong><\/span> or send an email to <span style=\"color: #048aba\"><strong><a style=\"color: #048aba\" href=\"mailto:info@prathamconsult.com\/bak-main\"><span style=\"text-decoration: none\">info@prathamconsult.com\/bak-main<\/span><\/a> \/ <a style=\"color: #048aba\" href=\"mailto:xbrlexperts2012@gmail.com\"><span style=\"text-decoration: none\">xbrlexperts2012@gmail.com<\/span><\/a><\/strong><\/span> or call (+91) 8866177144 \/ 8866277244.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The XBRL mandate by the Ministry of Corporate Affairs (MCA) in India covers a very large number of companies. XBRL [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4450,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,59,74],"tags":[149,161,218,294,287],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Quality Errors while Filing XBRL in India - BAK - Main<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prathamconsult.com\/bak-main\/blog\/2014\/10\/30\/quality-errors-while-filing-xbrl-in-india\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Quality Errors while Filing XBRL in India - BAK - Main\" \/>\n<meta property=\"og:description\" content=\"The XBRL mandate by the Ministry of Corporate Affairs (MCA) in India covers a very large number of companies. XBRL [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/prathamconsult.com\/bak-main\/blog\/2014\/10\/30\/quality-errors-while-filing-xbrl-in-india\/\" \/>\n<meta property=\"og:site_name\" content=\"BAK - Main\" \/>\n<meta property=\"article:published_time\" content=\"2014-10-30T11:55:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-20T14:02:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/images.pexels.com\/photos\/5387246\/pexels-photo-5387246.jpeg?auto=compress&cs=tinysrgb&w=1260&h=750&dpr=1\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/images.pexels.com\/photos\/5387246\/pexels-photo-5387246.jpeg?auto=compress&cs=tinysrgb&w=1260&h=750&dpr=1\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/prathamconsult.com\/bak-main\/blog\/2014\/10\/30\/quality-errors-while-filing-xbrl-in-india\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/prathamconsult.com\/bak-main\/blog\/2014\/10\/30\/quality-errors-while-filing-xbrl-in-india\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/prathamconsult.com\/bak-main\/#\/schema\/person\/f49cab9c1e1f586ffefa97bdc4288dfd\"},\"headline\":\"Quality Errors while Filing XBRL in India\",\"datePublished\":\"2014-10-30T11:55:56+00:00\",\"dateModified\":\"2022-07-20T14:02:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/prathamconsult.com\/bak-main\/blog\/2014\/10\/30\/quality-errors-while-filing-xbrl-in-india\/\"},\"wordCount\":497,\"publisher\":{\"@id\":\"https:\/\/prathamconsult.com\/bak-main\/#organization\"},\"keywords\":[\"ERRORS\",\"Financial statements\",\"MCA\",\"Pratham Consultants\",\"XBRL\"],\"articleSection\":[\"Blog\",\"MCA\",\"XBRL\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/prathamconsult.com\/bak-main\/blog\/2014\/10\/30\/quality-errors-while-filing-xbrl-in-india\/\",\"url\":\"https:\/\/prathamconsult.com\/bak-main\/blog\/2014\/10\/30\/quality-errors-while-filing-xbrl-in-india\/\",\"name\":\"Quality Errors while Filing XBRL in India - BAK - Main\",\"isPartOf\":{\"@id\":\"https:\/\/prathamconsult.com\/bak-main\/#website\"},\"datePublished\":\"2014-10-30T11:55:56+00:00\",\"dateModified\":\"2022-07-20T14:02:16+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/prathamconsult.com\/bak-main\/blog\/2014\/10\/30\/quality-errors-while-filing-xbrl-in-india\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/prathamconsult.com\/bak-main\/blog\/2014\/10\/30\/quality-errors-while-filing-xbrl-in-india\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/prathamconsult.com\/bak-main\/blog\/2014\/10\/30\/quality-errors-while-filing-xbrl-in-india\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/prathamconsult.com\/bak-main\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Quality Errors while Filing XBRL in India\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/prathamconsult.com\/bak-main\/#website\",\"url\":\"https:\/\/prathamconsult.com\/bak-main\/\",\"name\":\"BAK - Main\",\"description\":\"XBRL Conversion and Filing Services\",\"publisher\":{\"@id\":\"https:\/\/prathamconsult.com\/bak-main\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/prathamconsult.com\/bak-main\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/prathamconsult.com\/bak-main\/#organization\",\"name\":\"BAK - Main\",\"url\":\"https:\/\/prathamconsult.com\/bak-main\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/prathamconsult.com\/bak-main\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/prathamconsult.com\/bak-main\/wp-content\/uploads\/sites\/23\/2021\/11\/pratham-logo-png-120-80.png\",\"contentUrl\":\"https:\/\/prathamconsult.com\/bak-main\/wp-content\/uploads\/sites\/23\/2021\/11\/pratham-logo-png-120-80.png\",\"width\":120,\"height\":40,\"caption\":\"BAK - Main\"},\"image\":{\"@id\":\"https:\/\/prathamconsult.com\/bak-main\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/prathamconsult.com\/bak-main\/#\/schema\/person\/f49cab9c1e1f586ffefa97bdc4288dfd\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/prathamconsult.com\/bak-main\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/43edfc15d6f1451735876560c4df9b1f?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/43edfc15d6f1451735876560c4df9b1f?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"description\":\"Balajinagar\",\"sameAs\":[\"http:\/\/07276116725\"],\"url\":\"https:\/\/prathamconsult.com\/bak-main\/blog\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Quality Errors while Filing XBRL in India - BAK - Main","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/prathamconsult.com\/bak-main\/blog\/2014\/10\/30\/quality-errors-while-filing-xbrl-in-india\/","og_locale":"en_US","og_type":"article","og_title":"Quality Errors while Filing XBRL in India - BAK - Main","og_description":"The XBRL mandate by the Ministry of Corporate Affairs (MCA) in India covers a very large number of companies. XBRL [&hellip;]","og_url":"https:\/\/prathamconsult.com\/bak-main\/blog\/2014\/10\/30\/quality-errors-while-filing-xbrl-in-india\/","og_site_name":"BAK - Main","article_published_time":"2014-10-30T11:55:56+00:00","article_modified_time":"2022-07-20T14:02:16+00:00","og_image":[{"url":"https:\/\/images.pexels.com\/photos\/5387246\/pexels-photo-5387246.jpeg?auto=compress&cs=tinysrgb&w=1260&h=750&dpr=1"}],"author":"admin","twitter_card":"summary_large_image","twitter_image":"https:\/\/images.pexels.com\/photos\/5387246\/pexels-photo-5387246.jpeg?auto=compress&cs=tinysrgb&w=1260&h=750&dpr=1","twitter_misc":{"Written by":"admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/prathamconsult.com\/bak-main\/blog\/2014\/10\/30\/quality-errors-while-filing-xbrl-in-india\/#article","isPartOf":{"@id":"https:\/\/prathamconsult.com\/bak-main\/blog\/2014\/10\/30\/quality-errors-while-filing-xbrl-in-india\/"},"author":{"name":"admin","@id":"https:\/\/prathamconsult.com\/bak-main\/#\/schema\/person\/f49cab9c1e1f586ffefa97bdc4288dfd"},"headline":"Quality Errors while Filing XBRL in India","datePublished":"2014-10-30T11:55:56+00:00","dateModified":"2022-07-20T14:02:16+00:00","mainEntityOfPage":{"@id":"https:\/\/prathamconsult.com\/bak-main\/blog\/2014\/10\/30\/quality-errors-while-filing-xbrl-in-india\/"},"wordCount":497,"publisher":{"@id":"https:\/\/prathamconsult.com\/bak-main\/#organization"},"keywords":["ERRORS","Financial statements","MCA","Pratham Consultants","XBRL"],"articleSection":["Blog","MCA","XBRL"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/prathamconsult.com\/bak-main\/blog\/2014\/10\/30\/quality-errors-while-filing-xbrl-in-india\/","url":"https:\/\/prathamconsult.com\/bak-main\/blog\/2014\/10\/30\/quality-errors-while-filing-xbrl-in-india\/","name":"Quality Errors while Filing XBRL in India - BAK - Main","isPartOf":{"@id":"https:\/\/prathamconsult.com\/bak-main\/#website"},"datePublished":"2014-10-30T11:55:56+00:00","dateModified":"2022-07-20T14:02:16+00:00","breadcrumb":{"@id":"https:\/\/prathamconsult.com\/bak-main\/blog\/2014\/10\/30\/quality-errors-while-filing-xbrl-in-india\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/prathamconsult.com\/bak-main\/blog\/2014\/10\/30\/quality-errors-while-filing-xbrl-in-india\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/prathamconsult.com\/bak-main\/blog\/2014\/10\/30\/quality-errors-while-filing-xbrl-in-india\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/prathamconsult.com\/bak-main\/"},{"@type":"ListItem","position":2,"name":"Quality Errors while Filing XBRL in India"}]},{"@type":"WebSite","@id":"https:\/\/prathamconsult.com\/bak-main\/#website","url":"https:\/\/prathamconsult.com\/bak-main\/","name":"BAK - Main","description":"XBRL Conversion and Filing Services","publisher":{"@id":"https:\/\/prathamconsult.com\/bak-main\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/prathamconsult.com\/bak-main\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/prathamconsult.com\/bak-main\/#organization","name":"BAK - Main","url":"https:\/\/prathamconsult.com\/bak-main\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/prathamconsult.com\/bak-main\/#\/schema\/logo\/image\/","url":"https:\/\/prathamconsult.com\/bak-main\/wp-content\/uploads\/sites\/23\/2021\/11\/pratham-logo-png-120-80.png","contentUrl":"https:\/\/prathamconsult.com\/bak-main\/wp-content\/uploads\/sites\/23\/2021\/11\/pratham-logo-png-120-80.png","width":120,"height":40,"caption":"BAK - Main"},"image":{"@id":"https:\/\/prathamconsult.com\/bak-main\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/prathamconsult.com\/bak-main\/#\/schema\/person\/f49cab9c1e1f586ffefa97bdc4288dfd","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/prathamconsult.com\/bak-main\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/43edfc15d6f1451735876560c4df9b1f?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/43edfc15d6f1451735876560c4df9b1f?s=96&d=mm&r=g","caption":"admin"},"description":"Balajinagar","sameAs":["http:\/\/07276116725"],"url":"https:\/\/prathamconsult.com\/bak-main\/blog\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/prathamconsult.com\/bak-main\/wp-json\/wp\/v2\/posts\/295"}],"collection":[{"href":"https:\/\/prathamconsult.com\/bak-main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prathamconsult.com\/bak-main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prathamconsult.com\/bak-main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prathamconsult.com\/bak-main\/wp-json\/wp\/v2\/comments?post=295"}],"version-history":[{"count":1,"href":"https:\/\/prathamconsult.com\/bak-main\/wp-json\/wp\/v2\/posts\/295\/revisions"}],"predecessor-version":[{"id":4449,"href":"https:\/\/prathamconsult.com\/bak-main\/wp-json\/wp\/v2\/posts\/295\/revisions\/4449"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/prathamconsult.com\/bak-main\/wp-json\/wp\/v2\/media\/4450"}],"wp:attachment":[{"href":"https:\/\/prathamconsult.com\/bak-main\/wp-json\/wp\/v2\/media?parent=295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prathamconsult.com\/bak-main\/wp-json\/wp\/v2\/categories?post=295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prathamconsult.com\/bak-main\/wp-json\/wp\/v2\/tags?post=295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}