XBRL filing – is up and running! Iris Business Services Limited was the first company to file it – they filed it at about 2.30am Saturday! Many companies are trying to file – and I believe many are failing. Clearly it is not an easy thing to do. You need a software to do it […]
Many companies are taking the view that the last date for filing their Annual Return with the MCA is 30th Nov, 2011. Then they back calculate and say it will take 15 days for the vendor to create an xbrl document. They think they can get up on 12th November, and be compliant! I wish […]
It is now compulsory for many companies to file their Annual Returns in XBRL format. Let us look at the process involved in doing this: You convince a company that you are capable of converting their pdf / other formats into xbrl format. Then the company sends you the annual return. Assuming it is in […]
Who benefits from the introduction of xbrl? 1. The Regulator: When the Parliament asks the regulator to produce sensible documents, currently they do not. Not that they produce it after a time lag, they just do not have it! The regulator has millions of tons of pdf documents and hard copies – in an unclassified […]
After the fate of IFRS in India, people are wondering will XBRL stay? Or will somebody push it to 2015 and beyond? The answer is really difficult. Let us look at what is happening to XBRL worldwide. The US’s SEC started it slowly – for the top companies – but has now mandated it. BSE […]
Could XBRL have helped in detecting frauds? Well the answer is a little complicated. Let me put it this way. If the Company Law Rules said a director should not be reappointed if he has already been a director, and you file a Form 32 in xbrl, within 2 minutes of filing you will get […]
Indian mutual funds will soon have to report their monthly, quarterly and annual numbers to the regulatory authority (SEBI) in XBRL. For doing this they need to buy a software which will convert their excel sheets into xbrl documents. This tool is a must because the returns have to go very often (MCR is a […]