How to prepare and/or file?

Preparing financial statements in XBRL mode for filing with the Registrar

 

The process for creation and filing of Financial Statements in XBRL mode is as under:

 

Step 1: Creation of XBRL instance document

Step 2: Download XBRL validation tool from the MCA portal

Step 3: Use the tool to validate the instance document

Step 4: Perform pre-scrutiny of the validated instance document through the tool

Step 5: Attach instance document to the Form AOC-4 XBRL

Step 6: Submitting the Form AOC-4 XBRL on the MCA portal

 

Preparing XBRL Financials – In house or Outsource?

 

As companies of all sizes determine how they will meet the MCA’s XBRL filing requirements, they have several options to consider. Will they do it themselves or will they outsource the work? For each company, this answer will differ, as there is no one-size-fits-all approach to filing in XBRL.

The first thing a Company must do is identify its priorities and resources, including budget, staff and expertise. On the other hand, some companies will make decisions based on their desire to have more control over the report preparation process.

In-house Creation of XBRL documents:

When creating the XBRL report In-House, companies must do most of the heavy lifting themselves. There are many factors to consider when insourcing including what software tool to use, how to overcome the steep learning curve, what tags to choose, how to validate the files produced (usually the software tool can address this) and what internal procedures will be followed for gaining approval of the tags selected. The level of effort is significantly greater using this approach and will involve expert help from external partners due to complexity of initial XBRL implementation.

Outsource:

When outsourcing, Companies choose a partner to do the heavy lifting of selecting and mapping XBRL tags to financial reporting facts, creating custom extensions, building the extension taxonomy and populating the instance document – in short creating the XBRL filing. In reality this process is iterative whereby the partner creates the XBRL files then returns some form of rendering (often a pdf document) for review. The filer must review and comment on the tags selected and make changes where desired. There are usually three to five rounds of tag selection and approval, so the filer is involved all along the way.

Why should you outsource XBRL Conversion services to XBRL Experts?

As directors are responsible for the correct representation and accuracy of the information filed, it is often something that they or the business owner works on personally. However, the filing process can be time-consuming and daunting, taking up valuable time that could have been spent on core business functions.

Outsourcing the filing to a professional accounting services firm gives directors and business owners peace of mind, knowing that their company’s compliance needs are in good hands. Outsourcing helps eliminate the hassle of figuring out how to use the online filing system, selecting the required information for disclosure, entering the information manually, and reviewing the financial statements.

XBRL Experts provide you with a simple and secure way to prepare and file the Financial Statements with MCA. Our technology and quality assurance processes ensure that your output is 100% correct each and every time. We can help you meet your XBRL Conversion requirements in Timely and Cost Effective manner with Guaranteed Accuracy.

Why XBRL Experts?

Why XBRL Experts

Experienced Team

We hire only seasoned, professionals with relevant experience. Our team members are periodically trained on various aspects related to XBRL, Accounting and Secretarial matters. Each reviewer of XBRL report is having professional degree and experienced in preparing minimum 200 XBRL reports.

Accuracy of Reports

Our service process has in-built preparer-checker mechanism and random audits to ensure that the final XBRL reports are accurate and meets the requirements of the Statute and customer’s expectations. Our processes are certified for ISO Quality Standards.

Customer Satisfaction

Our vision is to ensure our customers are satisfied with our services and will not be reluctant to use our services again or refer us to their network. Further to be noted that client needs to pay us only after completion of service.

Data Security

We strictly adhere to regulations related to secure handling of client data. All data are hosted in a secure server. We audit our process periodically for data security and are certified with ISO.

Quick Turnaround

Sometimes customers need the XBRL report within a very short time or sometimes it could be few weeks. Our service delivery model is flexible enough to meet these requirements in a Cost effective manner.

Cost Effective

Our main focus is to provide Cost Effective services without downgrading tagging quality. Further there are no hidden charges – charges are not dependent on file size.