Process Flow Conversion

10 Simple Steps in XBRL Filing Process

Step 1. Mapping of Account heads in financial statement to corresponding element in Taxonomy

• The first step in creation of an instance document is to do tagging or mapping of the XBRL taxonomy elements with the various accounting heads in the books of accounts of the company.
• This will help in converting accounting information into XBRL form.
• Selecting the appropriate elements for some financial statement elements may require a significant amount of judgment. Those in the company who are most familiar with the financial statements should be involved in matching financial statements concepts to taxonomy elements.
• The mapping should be reviewed before proceeding further as the complete reporting would be dependent on the mapping.

Step 2. Create instance document for Financial Statement

• The next step is to create an Instance document.
• An instance document is an XML file that contains business reporting information and represents a collection of financial facts and report-specific information using tags from the XBRL taxonomy.
• Presently, no extensions to the core Taxonomy are allowed.
• Instance documents have to be created for the following:
  1. Financial Statement of the company
  2. Financial Statement of the company (in case of holding co.)
• The instance document should contain the financial information for both the current as well as the previous financial year as in case of Schedule III Financial Statement.
• The instance document must be valid according to all schemas in the Taxonomy.

Step 3. Review and verify the instance document

Once the instance document is prepared, it needs to be ensured that it is valid and all the information has been correctly captured in it.

Step 4. Download XBRL validation tool from MCA portal

• MCA portal shall provide a tool for validating the generated XBRL instance document.
• This tool has to be downloaded from MCA portal.
• Validating the instance document is a pre requisite before filing the Financial statement on MCA portal.

Step 5. Use the tool to validate the instance document

Once the tool has been downloaded, the next step is to validate the instance document. This is similar to validating the TDS statement in text format from NSDL File Validation Utility. The following validations shall be performed by the tool:

• Confirming that the instance document is as per the latest and correct version of taxonomy.
• All mandatory elements have been entered.
• Other validations as per taxonomy.
• No internet connection is required for using validation tool.

Step 6. Pre-scrutiny of validated instance document through the tool

Once the instance document is successfully validated from the tool, the next step is to pre-scrutinise the validated instance document with the help of the same tool.

• For pre-scrutinizing the instance document, internet connection is required.
• In the Pre-scrutiny, further validations from the MCA21 portal are performed.

Step 7. Use In - built Viewer

Use the in-built Viewer to check the accuracy of XBRL instance document. This will ensure that correct data is uploaded on the MCA portal.

Step 8. Attach instance document to the Form AOC-4 XBRL

• There shall be a separate set of Form AOC-4 available on the MCA portal for filing in XBRL form.
• First fill up the Form AOC-4.
• Attach the validated and pre-scrutinised instance document

Step 9. Submitting Form AOC-4 XBRL on the MCA portal

After the forms are filled, perform pre-scrutiny of the form, sign the form and then upload it as per the normal eForm filing process on MCA Portal.

Step 10. View Balance Sheet and Profit & Loss submitted in XBRL form on MCA portal

• The XBRL instance documents submitted along with Form AOC-4 are in machine readable format.
• For viewing the same on MCA21 portal, these documents are converted into normal readable format via Validation Tool.