Cost Audit FAQs
13. Does preparing XBRL Documents mean that the entire report has to be typed (Data Entry) in XBRL ?
Previous 11-20
The Institute of Cost Accountants of India has been organizing XBRL training programmes across the country to familiarize interested professionals with the Costing Taxonomy. The details of the programmes are available on the website of the Institute (www.icwai.org) as well the website of MCA (www.mca.gov.in).
XBRL is an open source technology. Any of the following methods can be adopted to create the instance document required for filing of the respective reports.
XBRL-enabled software packages developed by different software vendors which support the creation of cost reports in XBRL format can be used to create the necessary document.
Various elements of Cost Audit Report and Compliance Report can be mapped into XBRL tags of the costing taxonomy using specialised XBRL software tools specifically designed for this purpose.
Different third party packages can be integrated into the existing accounting systems to generate XBRL Cost statements.
There are various web based applications available that take input reports in various formats viz. Microsoft Excel etc. and transform them into XBRL format.
The methodology adopted by an individual company will depend on its requirements and the cost accounting software and systems being used and other factors.
The methodology adopted by an individual company will depend on its requirements and the cost accounting software and systems being used and other factors.
13. Does preparing XBRL Documents mean that the entire report has to be typed (Data Entry) in XBRL ?
XBRL software is required for creating instance documents. The way of working and sequence of entering data in the software may be different, but the output, i.e. the XBRL instance document has to be same irrespective of the software used. The softwares developed by individual vendors being different, some may require data entry to be done, while some others may facilitate tagging on the document itself..
XBRL instance document creation software is required to be purchased from the software vendors in the market. This software is used to create XBRL instance documents for uploading on the MCA portal. MCA21 system provides facility for validation of the instance document and filing of the same. MCA is not recommending any specific XBRL software.
There are several software vendors in the market, who are in the business of developing XBRL software tools. The users are free to choose the one that suits their requirements in order to create XBRL documents for filing.
There are several software vendors in the market, who are in the business of developing XBRL software tools. The users are free to choose the one that suits their requirements in order to create XBRL documents for filing.
The final costing taxonomy published by MCA is to be used for mapping of individual cost elements of the company to the Taxonomy. The Business Rules of the Costing Taxonomy published by the MCA provides details of the character of individual elements of the taxonomy and the validation checks built into the system to ensure correctness of the information.
Ministry of Corporate Affairs has given the Filing Manual that can be downloaded from the following link:
/Ministry/pdf/XBRL_Filing_manual_Costing_1.0.pdf
The following steps have to be followed in sequence:
Mapping the individual cost elements of the company to the elements of the costing taxonomy.
Populating the relevant data in the software/filing tool.
Creating an XBRL instance document.
Download XBRL validation tool.
Validating the instance document with the validation tool of MCA.
Pre-scrutiny of the instance document.
Use available tool to convert the instance document to a human readable pdf format and check correctness of data.
Attaching the instance document to the e-Form and filing on MCA portal.
Though technically, it is not required to convert the xml instance document into human readable / pdf format, it is advisable to generate a human readable format of the instance document to ensure its correctness by matching with relevant Cost Audit Report or Compliance Report prepared by the Cost Auditor/Accountant before it is uploaded.
Yes, validating the instance document is a pre requisite before filing the Cost Audit Report and Compliance Report on MCA portal. A tool has been provided on the MCA portal for validating the generated XBRL instance document. You are required to download the tool from the portal and validate the instance document before uploading the same. The MCA XBRL validation tool can be downloaded from the XBRL website of the Ministry of Corporate Affairs from the following link:
http://xbrltool.mca.gov.in/XBRL/XBRL_TOOL/MCAXBRLCostingTaxonomy_ValidationTool_Version2.0.zip
http://xbrltool.mca.gov.in/XBRL/XBRL_TOOL/MCAXBRLCostingTaxonomy_ValidationTool_Version2.0.zip
No extensions are allowed in the Costing Taxonomy. This means the tagging is required to be done with the elements already defined in the Costing Taxonomy and additional elements cannot be added.
Previous forms are no longer in existence. Only the new forms I-XBRL and A-XBRL are to be used for filing of Cost Audit Report and Compliance Report respectively in the XBRL format.
