xbrl & revised schedule vi
DESCRIPTION
Training programme on XBRL and Revised Schedule VITRANSCRIPT
& Revised Schedule & Revised Schedule VIVI
XBRL is a language for electronic communication of business and financial information between business and over internet
XBRL stands for eXtensible Business Reporting Language
It is one of the family of "XML" languages
It is an open standard, free from any licence fees
It is software independent
Revised Schedule VI is a New Format of Balance Sheet & P&L Mandatory by MCA.
Revised Schedule VI is to be applicable to all Companies
XBRL is being developed by XBRL International Inc., an international non-profit consortium of approximately 450 major companies, Accounting Firms, IT Companies, Regulatory Bodies, Government Agencies etc.
XBRL is already being put to practical use in USA, UK, China, Japan, Singapore, France, Belgium, Netherlands, Australia etc.
India has just embarked upon this global standard for business & financial reporting through initiative of MCA 21 filing
Major benefits at all stages of business reporting & analysis
Automation, cost savings, faster, more reliable & more accurate handling of data
Allows for processing & checking of collected data by use of computer software
Enables Electronic Data Interchange (EDI)
Improves analysis & quality of decision making
Revised Schedule VI is on the lines of IFRS & simplifies Schedule VI to make it more relevant to the present needs pf globalization
It is proposed to include all companies to file their Balance Sheet and Profit and Loss account statements in XBRL from Financial Year 2011-12 onwards.
With the development of taxonomies for Banks, Insurance, Non-Banking Finance Companies and Power sector, the companies operating in these sectors would also be filing their financial reports in XBRL from FY 2011-12.
In order to capture sector specific details, it is proposed to allow for extensions in the taxonomy by the filers from FY 2011-12 onwards.
RBI has already implemented XBRL based reporting by banks for Capital Adequacy Data as per Basel II norms
RBI has plans to convert all other returns on XBRL in next couple of years
SEBI has started developing a Platform for XBRL based filing by all listed Companies
CERC is developing an XBRL based Regulatory Information Management System (RIMS)
India is a hot destination for XBRL data conversion work
A major portion of US SEC filing work is being outsourced to India
MNCs such as Merrill IT, RR Donley, Aptara have set up offices in India for XBRL data conversion work
A substantial portion of UK HMRC filing work is expected to be outsourced to India
Finance Professionals with knowledge of XBRL are in demand for outsourced work
........need we say more
Course Objective:
To enable the participants for filing financial statements in XBRL format as per Revised Schedule VI
Course Contents:
Background and overview of XBRL
Understanding new XBRL Taxonomy
Complete understanding of the filing process in MCA21
Understanding of Revised Schedule VI Format for Balance Sheet & P&L.
Hands-on practical Session for Preparation of Financial Statement using automated tool
Option 1 Fees: Rs. 3,500.00 + Service Tax (for full-day session) Option 2 Fees: Rs. 2,000.00 + Service Tax (for a half day session,
first half is concepts while second half is practical aspects)
Payment to be made in favour of ‘Takshila Learning Pvt. Ltd.‘
Payment is acceptable through cash, cheque, credit card or demand draft
In case of on-line payment through credit card, 7.5% towards bank charges would be extra
Modalities for payment
◦ Cheques to be couriered to 1/44 Lalita Park , Laxmi Nagar, Delhi-110092
◦ Cheques can be deposited in our HDFC Bank Account no. 01442000012558 in any HDFC Bank Branch
◦ For transferring funds on-line through net-banking NEFT, branch IFSC Code is: HDFC0000144
◦ Call for our executive to pick up the cheque/cash from your doorsteps
Webtel is the knowledge partner of Takshila for this training programme on XBRL
WebTel Electrosoft Pvt. Ltd. is India's leading e-regime company engaged in complete software solutions and knowledge process outsourcing activities.
Webtel is known for several of its products in the financial sector particularly catering to e-filling
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