To create an XBRL (eXtensible Business Reporting Language) file in India, follow these steps:
- Determine the taxonomy: In India, the Ministry of Corporate Affairs (MCA) provides a taxonomy for companies to use for filing their financial statements. Choose the appropriate taxonomy based on your company’s type and size.
- Prepare the data: Gather all the financial and business data you want to report and organize it into a structured format.
- Choose an XBRL software: There are various XBRL software options available, both commercial and open-source, that you can use to create your XBRL file.
- Map the data: Use the XBRL software to map the data you prepared in step 2 to the elements defined in the taxonomy chosen in step 1.
- Validate the file: Use the XBRL software to validate the file to ensure that it complies with the XBRL standard and the chosen taxonomy.
- Submit the file: Once the XBRL file has been validated, submit it to the MCA through the MCA21 portal.
Note: The exact steps may vary depending on the XBRL software you use, so it is important to follow the software’s specific instructions. It is also advisable to consult a professional to ensure that the XBRL file is prepared and submitted correct. Contact CS NISHA GUPTA