WHAT IS XBRL?
“Extensible Business Reporting Language” (XBRL), means a standardized language for communication in the electronic form to express, report, or file financial information by the companies under the Act.
It was developed specifically to communicate information between businesses and other users of financial information, such as analysts, investors, and regulators. XBRL provides a common, electronic format for business reporting. It does not change what is being reported.
XBRL enables producers and consumers of financial data to switch resources away from costly manual processes, typically involving time-consuming comparison, assembly, and re-entry of data. They are able to concentrate effort on analysis, aided by software that can validate and manipulate XBRL information.
APPLICABILITY OF XBRL:
The following class of companies shall file their financial statements and other documents under section 137 of the Act with the Registrar in e-form AOC-4 XBRL:-
(i) Companies listed with stock exchanges in India and their Indian subsidiaries;
(ii) Companies having paid-up capital of 5 cr. rupees or above;
(iii) Companies having a turnover of 100 cr. rupees or above;
(iv) All companies which are required to prepare their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015
COMPANIES EXEMPT FROM XBRL FILING SERVICES REQUIREMENTS
- Banking Companies- Regulated by RBI
- Insurance Companies- Regulated by IRDA
- Housing finance companies
- Non-Banking Financial Companies
XBRL Services we offer:
We have experienced data conversion professionals who can quickly and accurately tag and report. The XBRL conversion services are:
Tagging XBRL Tagging from XBRL There are knowledgeable financial and tagging professionals who perform XBRL tagging and SEC filing conversion. We are adjusting XBRL tagging for US customers to comply with US financial regulations. Create a
XBRL instance report Creating an XBRL instance report Tagged reports are converted to XBRL instances so you can easily submit them online from websites that support eFiling. Make sure the format is correct so that you can avoid the barriers to online filing. Support for
XBRLe Filing Support for XBRLe Filing If you want to save yourself the hassle of submitting an XBRL report online, process the process so that the XBRL report reaches the regulatory authority without data loss.
XBRL mapping XBRL mapping Use the latest XBRL tagging techniques to ensure that financial reports are correctly mapped from their original format to XBRL types.
Preparation of classification method Creating a classification method to facilitate the interpretation of the XBRL data received from the sender, we are creating an intelligent register of classification methods. Classification methods help you create intelligent data for analysis and decision-making.
Dataset validation and calculation Dataset validation and calculation Validate the financial information and tags used in the XBRL report to ensure that they are accurate and reliable for decision making by different departments of your business organization.
BENEFITS OF XBRL FILING:
- Cost Saving,
- More reliable and more accurate handling of data,
- Improved analysis and in a better quality of information and decision-making.
We specialize in the following categories of XBRL conversions:
- Balance Sheet
-Cash Flow Statement
The Conversion Process We Follow
The XBRL Tagging Service and the XBRL Reporting Service are the two main services we offer, and we are aware of the complexity of the project. The XBRL conversion process is as follows: Place a team responsible for determining client requirements so that you can collect financial reports in:
01) word processor, spreadsheet, or another format.
02) Determine if your data format is Word, Excel, PDF or XML. If not, it will be converted to XBRL format
03)Our project team is in charge of mapping and tagging
04) The accounting expert will add the appropriate tags. It also creates a document in XBRL format.
05)Reviews are provided by our team, and tag selections will be modified if necessary
06)Send a ready-made document in addition to an Excel-formatted file so you can quickly see the tags
XBRL TAGGING & CONVERSION OUTSOURCING SERVICES:
We “Especia Associates LLP” is India’s leading XBRL data conversion service providers/firms in India with a presence in Noida, Delhi, Gurgaon & having a team of Professionals who provide XBRL conversion & filing Services to the business in order to fulfill their business requirements. If you are looking for any xbrl conversion services in Delhi-NCR or anywhere in India, you can write to us at email@example.com.
Why Outsource XBRL Conversion Services to Especia
For this reason, we are known as India's leading XBRL conversion service provider with a friendly rate. Avoid paying more than you need with an XBRL conversion service tailored to your exact needs.
Let the people who are the signatories of the NDA manage your data. We also comply with the data regulation ISO 45001:2018 to manage your data carefully.
Multiple data formats Convert the data to any format. We have the know-how to handle various data formats.
High-quality XBRL conversion service Achieve outstanding quality of service by avoiding XBRL conversion and data entry errors. You can use it with confidence because you do not need to make any adjustments when outsourcing the XBRL conversion service.
High-speed turnaround Known for keeping XBRL conversions up to date. Receive pre-deadline converted documents to help you reach your goals as planned.
ISO Certified XBRL Conversion Service Provider
We are a (Certificate No: OHS/ESA/1121/6247) certified XBRL conversion service provider, performing XBRL conversions without compromising quality.
Our service is scalable. Therefore, if you are already using the continuous service, we will support you in all aspects, such as assembly and disassembly.
Veteran XBRL Conversion
Experts We have excellent professionals who understand your needs as you would expect. Also, if necessary, make recommendations to improve the results.
A 24/7 support team works at various distribution centres around the world. Their job is to support you during or after the project. Different time zones and different languages don't matter, as some people can answer in your time zone and language as well.
Frequently Asked Questions- Xbrl Conversion Services
Q.1 What are the benefits of XBRL?
Ans. The benefits of XBRL are as follows-
- Faster, reliable, and accurate handling of data.
- Improved data security has increased the comparability of financial data.
- Automation of work has led to cost reduction.
Q.2 What is the importance of XBRL in a company?
Ans XBRL applicability is important for a company because-
- XBRL is a statutory requirement for companies in several countries.
- You can make your business operations more transparent by digitizing financial reports.
- The software has made communicating financial information with other businesses and institutions easier.
Q.3 Is the applicability of XBRL mandatory in India?
Ans. The Ministry of Corporate Affairs has made XBRL valuation mandatory for all listed companies, their domestic and foreign subsidiaries, and all companies with paid-up capital of Rs 5 crore and a turnover of Rs 10 crore or more.
Q.4 Why should you outsource XBRL conversion services from Especia?
Ans. Your business should consider outsourcing Especia’s XBRL conversion services because-
- We are a certified XBRL conversion service provider.
- We are veterans of XBRL conversion and even offer your business recommendations to improve your results.
- We also offer 24/7 support and high-speed XBRL turnaround.
Q.5 What is XBRL?
Ans. XBRL or eXtensible Business Reporting Language is freely available accounting software based on XML coding and was developed to improve the communication mechanism of financial data.