Taxonomies are dictionaries used by XBRL. They define the specific tags for individual items of data (such as "net profit"). Different taxonomies will be required for different financial reporting purposes. Different XBRL jurisdictions may have their own financial reporting taxonomies to reflect their local accounting regulations. For e.g., The United States of America have their own set of taxonomy containing around 19,000 elements. Currently, the MCA has come out with a taxonomy containing 3076 elements and around 1500 validations.
The entire set of financial statements needs to be tagged with these taxonomies.
For e.g., if the Company has a cash balance of Rs. 1.00.000 – then while mapping and tagging for XBRL, we need to pick up the correct taxonomy for Cash Balance, associate a correct value to the element and do the needful to create a valid tag.
The following is an example of how exactly the tagging of Cash looks like in XBRL:
<in-gaap:CashCashEquivalents id="TAG124" decimals="0" contextRef="I2010" unitRef="INR">100000</in-gaap:CashCashEquivalents>
In-gaap: explains the computer that the financial statements are prepared following the Indian GAAP
CashCashEquivalents: explains the computer that the asset being referred to is Cash and Cash equivalents.
Id: id is the identity of the tag in the entire XBRL file
TAG124: explains the computer that this item appears as the 124th tag of the XBRL file
Decimals: explains the computer that upto how many decimal points is the value
contextRef:attributes pointing to contexts with time period.
unitRef: refers to the unit of monetary measurement, INR being the current currency.
100000: states the value of Cash and Cash equivalents
</in-gaap:CashCashEquivalents>: indicates close of the Cash and Cash equivalent element in the XBRL file.
The recent most Circular numbered 43/2011 dated 7-7-2011 clarifies thatXBRL mode will be effective in respect of financial statements closing on or after 31-3-2011 instead of the year 2011-12.
The Ministry had initially come up with 3076 taxonomy elements for the current year. However, on the 27th of August, 2011 the Ministry did put up the new taxonomy stating it as the final taxonomy for the first year. The following changes have been made:
Initial Taxonomy: 3076 elements
Revised Taxonomy: 3187 elements
Additions: 154 elements
Deductions: 41 elements
Modifications: 95 elements
The Ministry of Corporate Affairs had come out with the First version of the final Validator on the 30th of September, 2011 which was then replaced on the 14th of October, 2011 by Version 1.1 of the Validator. Moreover, the e-forms, 23AC-XBRL and 23ACA-XBRL were released by the MCA on the 6th of October, 2011. The Ministry had started accepting the filings from the 6th of October, 2011.
MCA has notified that all companies falling in phase 1 are permitted to file their financials without any additional fees till 30.11.2011 or within 60 days of due date, whichever is later.
