The Best XBRL Software to Convert XBRL to PDF, Validate & File XBRL in India - eXBace
What is XBRL?
It is the acronym used for eXtensible Business Reporting Language which is referred to as XBRL. Benefits of the XBRL filing include improved analysis, preparation, and communication of company information. The Registrar of Companies (ROC) accepts financial statements submitted in XBRL through the Ministry of Corporate Affairs (MCA) portal.
How XBRL reporting works?
Two documents, the taxonomy and instance documents, are used by XBRL to make the data readable. According to the legal specifications, taxonomy identifies the elements and their connections. Companies are required to map their reports and generate a valid XBRL instance document using the taxonomy specified by the authorities.
Who is required to file XBRL?
The following class of businesses must file their financial statements with the Registrar in e-form AOC-4 XBRL- according to the provisions of the Companies Act, 2013, read with Companies(Filing of Documents and Forms in XBRL) Rules, 2015.
- All listed companies
- All Businesses with paid-up capital of at least Rs. 5 crore
- All businesses with annual revenue of at least 100 crore rupees.
- All businesses that must comply with the 2015 Companies (Indian Accounting Standard) Rules in preparing their financial accounts.
The following businesses are excused from submitting XBRL documents:
- Non-Banking Financial Businesses.
- Insurance Organizations
- Banking Institutions
- Housing Finance Businesses
The process of Filing the AOC 4XBRL requires the instance document to be attached and generation of the instance document requires the XBRL software.
Instance Document is prepared by the XBRL software in electronic format which contains the facts that are described by the taxonomy items it uses, along with their values and an explanation of the context in which they are used.
The reported data is included alongside its values and "contexts" in XBRL Instances.
Now this complex task of converting the data into instances get very easily and quickly done by the KDK eXBace Software, by validating the instance document. If there are any errors or discrepancies in data entry then the errors are highlighted after validation and the action button is provided to directly go to the faulty table.
This validation process ensures that there is almost no error while validating the document in the MCA validation tool and that's what makes eXBace the best XBRL software.
A Preferred XBRL Validation Tool for Business Reporting Processes of an Organization
The eXBace software is the preferred choice among the companies because of the following features:
- Multiple activities can be run at the same time on different tabs.
- Tagging of Financial and Non-Financial data: eXBace is powered to create financial data for current year and previous year with taxonomy in one go and Non-Financial data i.e. Auditor’s Report, Directors Report etc. with ease.
- Advanced Validator: eXBace ensures accuracy by using in-built validations at entry level to prevent data entry errors.
- Generation of XBRL Instance Document: Generation of XBRL instance Document as per MCA Taxonomy.
- XML import facility
- Preparation of AOC-4
- Form for filing financial statement in XBRL mode AOC-4 XBRL, MGT-10, MGT-15
- Data import from Excel
- Table converter tool to enter data in text block.
Convert XBRL to PDF with Just a Single Click
KDK eXbace has the functionality to convert the instance document into PDF format with just one single click.
This makes it easy to read & understand the details and also useful for record keeping purposes.
eXBace (XBRL Solutions) promises to web-enable the business reporting process for preparers, regulators and users. It significantly improves the efficiency and effectiveness of the business reporting processes
of an Organization.
eXBace (XBRL Solutions) follows the Mantra “BETTER and FASTER”
Better – Accurate, Easy to use, Import and Export facility to almost all formats, Validation, XML Viewer, CIN Verification
Faster – No Rekeying, Instant User Access and most efficient reports for faster information retrieval, Auto–calculation,
What eXBace is:
- eXBace (XBRL Solutions) is a solution for converting and filing Financial Information of the Company in XBRL Format as per MCA mandate
- eXBace (XBRL Solutions) is a One Stop Complete XBRL Software - On Document editing/Taging, Quick Viewing, Advance Validating and Finally extensible reporting
- eXBace (XBRL Solutions) is an Intelligent Solution that enables automated processing of business information and hence cut out laborious and costly processes of manual re-entry and comparison.
- Improve the overall quality and accuracy of data obtained from companies.
- Reduce potential errors from manual entry through machine transfers of reporting information.
- Increase the speed at which financial decision can be made by analysts, investors, lenders rating agencies etc.…
- Statutory Auditor's Report along with CARO
- Secretarial Audit Report (MR-3)
- Certificate by CS in Practice (MGT-8)
- Form for filing financial statement in XBRL mode (AOC-4 XBRL)
- Changes in shareholding position (MGT-10)
- Report on Annual General Meeting (MGT-15)