What is a taxonomy in XBRL?

A taxonomy is a grouping of financial concepts (known as “elements”) in which each concept is defined (similar to a dictionary). The US GAAP Taxonomies contain over 15,000 elements representing commonly reported financial concepts for US GAAP financial statements and are available and maintained by XBRL US.

What is XBRL and how does it work?

Computers can treat information that has been tagged using XBRL ‘intelligently’; they can recognize, process, store, exchange and analyse it automatically using software. Because XBRL tags are formed in a universally-accepted way, they can be read and processed by any computer that has XBRL software.

What is the definition of the XBRL specification?

XBRL is the international standard for the electronic representation of business reports. This specification defines the basic building blocks of facts, instance documents, concepts and taxonomies which are common to all implementations of XBRL.

Which countries use XBRL?

Aside from Brazil, XBRL is in use in places such as Peru, where the Superintendencia del Mercado de Valores (SMV) has had mandatory XBRL filing for listed companies since 2012, as well as countries such as Panama, where the Superintendencia de Bancos de Panama also makes use of XBRL data.

How do I use XBRL taxonomy?

You set up the XBRL Lines by mapping the data in the taxonomy to the data in your general ledger.

Choose the.
On the XBRL Taxonomies page, select a taxonomy from the list.
Choose the Lines action.
Select a line and fill in the fields.
To read detailed information about what to fill in, choose the Information action.

Is there a difference between XBRL and iXBRL?

So XBRL is all about function, while iXBRL takes that function and puts it in a format that is more “accessible” and visually appealing for the user. It also means that you can incorporate your XBRL tags into your HTML-formatted financial statements instead of filing a separate XBRL instance document.

Where is XBRL mandatory?

Applicability of XBRL filing All companies with a turnover of Rs 100 crores or more. All companies with a paid up capital of Rs 5 crores or more. All the companies which are required to prepare their financial statements in accordance with the Companies ( Indian Accounting standards) rules, 2015.

What are some of the most important features of XBRL?

Features of XBRL:

Integration with MCA: Seamless integration with MCA Website.
Excel Import-Export: Simple import-export functionality through excel templates.
Prepare & File Unlimited Returns with XBRL Tool:
Interlinking:
Audit Trails:
Auto Calculation:
Simplified Work Flow:
Support:

Is XBRL used internationally?

XBRL is the open international standard for digital business reporting, managed by a global not for profit consortium, XBRL International. XBRL is used around the world, in more than 50 countries.

When should I submit XBRL?

They should file the annual returns within 30 days after the annual general meeting. In case the companies are having a share capital and keeping a branch register outside Singapore, then the annual returns should be filed within 60 days after AGM.

How do I convert a PDF to XBRL?

Convert your financial statements in Word, Excel or PDF to XBRL easily online. We assist till successful filing with MCA. Guaranteed Best Price. Try Now.

Step 1 : Set-up your online account.
Step 2 : Create an order.
Step 3 : Choose options.
Step 4 : Upload financial statements.
Step 5 : Download XBRL, review and approve.

Does XBRL use Standardised tags?

XBRL is a machine-readable, XML-based framework, which uses standardized taxonomies to organize and categorize data in SEC filings.