India`s Ministry of Corporate Affairs has been working to strengthen the disclosure framework to bring Indian reporting systems on par with best practices from around the world. With the launch of their XBRL filing platform, India joined the ranks of leading countries who have embraced XBRL to improve disclosure standards and improve corporate governance. XBRL or eXtensible Business reporting language is the next generation language for business reporting that is beginning to be used all over the world. In India, XBRL has been embraced earlier by the two leading stock exchanges, namely, the Bombay Stock exchange and the National Stock Exchange, by the capital markets regulator, the Securities Exchange Board of India and by the Reserve Bank of India. According to the MCA circular, all listed companies and their subsidiaries, all firms with a turnover in excess of Rs 100 crore or those with a paid up capital of over Rs 5 crore are required to file in XBRL. It is expected that over 31,000 companies will have to file in XBRL. The ministry has also made it clear that the ruling will be extended to all companies next year, based on the experience of this year. http://www.mca.gov.in/XBRL/
Recently in XBRL Category
The International Financial Reporting Standards (IFRS) Foundation, the oversight body of the International Accounting Standards Boards (IASB), announced that it had completed the first part of its project to address requests by regulators and preparers, including the Securities and Exchange Commission (SEC), for extensions to the IFRS eXtensible Business Reporting Language (XBRL) taxonomy. This interim common-practice taxonomy will provide about 350 extensions for the most commonly used types of expenses on financial statements, such as sales and marketing. Work is continuing on extensions to the detailed tagging of the footnotes to financial statements. The IFRS XBRL team expects to publish proposals in October 2011. The deadline to submit written comments on the Proposed 2012 US GAAP Financial Reporting Taxonomy is October 31. The final 2012 taxonomy is expected to be finalized and published in early 2012. http://www.iasbweb.org/
Rivet Software, the provider of XBRL financial reporting and analytics solutions, announced the release of Dragon View 6.0. Dragon View 6.0 empowers business users to review and verify XBRL information. Dragon View 6.0 supports all review procedures within SOP09-1, the AICPA’s Agreed-Upon Procedures for XBRL. Dragon View 6.0 gives both public companies and auditors the ability to conduct quality and assurance checks of XBRL data and create the necessary external review and verification documentation. The SEC released a Staff Observations report on June 15, 2011 detailing common issues found in XBRL filings. Dragon View 6.0 gives business users a way to automate the review of these issues and improve accuracy and consistency across the entire filing. Dragon View 6.0 is now available in two packaging options. For companies with an existing XBRL creation tool, Dragon View can be purchased as a stand-alone review and verification solution. Rivet Software’s full auditing package includes Dragon View and CoreFiling’s Magnify, the world’s leading independent XBRL validation tool. http://www.rivetsoftware.com/
Rhapsody Accounting and Advisory Services launched i-file.in, the end to end XBRL software application as well as XBRL tagging services online tool. i-file.in is specially designed to take care of the XBRL filing requirements for: large enterprises; Practicing Chartered Accountant (CA) or Company Secretary (CS); or a BPO/ KPO or an outsourcing Accounting firm. The basic features of the XBRL software tool are: cloud computing technology for universal access; multiuser under single license software; Unrestricted multiple filings; User friendly interfaces; Tagging; Review reports; Audit module; Project management; and Role based logins. The output of the entire conversion to XBRL entails generation of Instance document in XML format (machine readable). The output from any Software needs to get validated by the MCA validation tool. The MCA validation tool is based on the Taxonomy specified by MCA (available on MCA website), MCA 21 Business rules (More than 700 in number including all dependencies), and technical specifications of XBRL international and MCA. http://www.rhapsody-services.com
CompSci Resources, LLC, a leading provider of XBRL software and services, reported that it is making available to the public its XBRL taxonomy search tool to assist issuers and mutual funds generate their XBRL submissions to the U.S. Securities and Exchange Commission. This free tool allows public companies and mutual funds to search for any concept within a selected taxonomy and display all applicable information associated for a selected concept. CompSci's XBRL taxonomy search tool works with the U.S. Securities and Exchange Commission's U.S. GAAP and Mutual Fund Risk/Return Taxonomies. http://www.compsciresources.com
Hundreds of executives from 38 countries convened in Brussels, Belgium this week during XBRL22 to discuss the continued global expansion of XBRL. One of the significant announcements made during the conference was in the area of insurance - the European Insurance and Occupational Pensions Authority (EIOPA) has chosen XBRL as the Uniform Format for Solvency II insurance reporting across Europe, as announced by Gilles Maguet, Secretary-General of XBRL Europe, the regional body for XBRL jurisdictions in the European Union. http://www.xbrl.org
XBRL International, Inc. (XII) announced an expanded membership structure that allows corporations, associations, NGOs, regulatory bodies, government agencies, not-for-profits and others the option to directly join the XBRL International consortium, the global standards organization that develops the eXtensible Business Reporting Language (XBRL) standard and advocates its adoption. In January 2011, XII launched its Abstract Modelling Task Force to build a common blueprint for software architects, engineers and developers to use as they create XBRL-enabled solutions to meet the growing uses of XBRL. No Magic, Inc., a software modeling provider, is a Partner supporting that effort. From time to time, XII creates additional technical working groups to support development and adoption of the standard. In addition to direct members at the international level, XII also maintains a global network of local market jurisdiction members in more than 30 countries. Each jurisdiction is generally comprised of member organizations that include regulators, government agencies, for profit corporations, not-for-profits, associations and academics. www.xbrl.org
Altova announced new enhancements have been added to XMLSpy Version 2011 Release 2 (v2011r2). With the release of Version 2011r2, XMLSpy expands its cutting edge chart and report creation capabilities introduced in Version 2011 with more functionality for visualizing XML data. XMLSpy v2011r2 also delivers additional resources for working with XML Schemas, functionality for embedding external files in XML, support for customizable documentation generation, and more. XMLSpy 2011r2 provides numerous important new features that are simply not available in other XML editors, including: Embedding External Files in XML- To meet numerous customer requests, Altova XMLSpy can now embed an external file-, such as an image, as encoded text directly in an XML document. This feature gives users the option to package all required data from various external files together in one large XML document. Customizable Documentation Generation- This release extends XMLSpy's XML Schema, WSDL, and XBRL documentation generation capabilities by allowing custom documentation templates using Altova StyleVision. XMLSpy 2011r2 also ships with several documentation templates that may be used as-is or modified further in StyleVision. Enhanced Chart Creation Functionality- XMLSpy 2011r2 adds capabilities for creating charts to analyze XML data. Several new formats are supported including stacked bar, area, stacked area, and candlestick charts. New chart formatting options include support for chart overlays that combine multiple chart types in one image, background images and color gradients, configurable axis label positions, and more. Advanced XML Schema Editing Functionality-one-click sorting of schema components in the graphical Schema View. New XML Schema refactoring support helps developers quickly locate all the instances of a global element or type across a schema and then rename that component in each place it occurs. http://www.altova.com/
XBRL International, Inc. (XII) announced that its XBRL Abstract Model Task Force will begin this week to develop the abstract model that will serve as a common blueprint for the development of XBRL solutions. XII also announced that No Magic, Inc., recognized as the creator of MagicDraw and Cameo Suite modeling, simulation and analysis software, is supporting the XBRL abstract model development effort as a Partner in the program. XII expects to provide a draft XBRL abstract model within the first quarter of 2011 and to finalize the model shortly thereafter following an appropriate public exposure period. In addition to No Magic’s Partner level support, PwC, Canopach and Infosys are Sponsors of the initiative. http://xbrl.org/
Gilbane Boston 2011
