XBRL Reporting

A standard that was developed to improve the way in which financial data is communicated, making it easier to compile and share this data. XBRL is a type of XML (extensible markup language), which is a specification that is used for organizing and defining data. XBRL uses tags to identify each piece of financial data, which then allows it to be used programmatically by an XBRL-compatible program.

Ministry of Corporate Affairs has proposed to include all companies to file their Financial Statements in XBRL from Financial Year 2011-12 onwards. With the development of taxonomies for Banks, Insurance, Non-Banking Finance Companies and Power sector, the companies operating in these sectors would also be filing their financial reports in XBRL from FY 2011-12

Role of NJP:

  • Conversion of Annual Report to XBRL documents as per MCA mandate
  • Assessment of XBRL reporting requirements
  • Impact analysis of XBRL on MIS
  • Mapping with taxonomy elements and considering the need for extension
  • In House Training to Staff
  • Ensuring compliance with Regulatory requirement