Oct 052012
 

Source: Sensys Technologies Pvt. Ltd.
Friday 5th October 2012, 11.25 AM (IST)

Sensys Technologies Announces Launch of InstantXBRL 2012.
XBRL Filing Made Simple as per MCA Mandate.

Mumbai, India, Friday 5th October 2012.

Sensys Technologies Pvt. Ltd. is an eminent software development company in HR, Finance & Taxation arena. The company has been striving to meet modern day finance, taxation & accounting related needs in order to give a new trend-setting dimension to the business and boost the growth of the company. We aim at achieving complete client satisfaction & are building this company for the long term – a profitable company that is highly relevant to its clients, supportive of its people, and respected in the marketplace. Sensys Technologies is poised as an instrumental solution provider for every HR, Accounts and pool of professionals working for companies.

Sensys Technologies today announced the launch of InstantXBRL 2012. InstantXBRL software is working out solutions to bring transformation in the field of financial transaction in eXtensible Business Reporting Language (XBRL).  Earlier everything used to be manually filed. InstantXBRL is now helping professionals to transform statement data such as balance sheet, profit and loss statement, auditor’s report into an electronic media in the XBRL Format. The electronically transmitted financial data in XBRL format works as per the MCA Mandates.

Now Corporates, Chartered Accountants, Company Secretaries, Professionals find this tool as a dependable means for easy filing of Finacial Staments in XBRL format. In view to speeding up business reporting and analysis InstantXBRL in fact saves time from re-entry of data as it has Excel Template or Tagging by Drag & Drop facility from existing financial statements.  To get abreast with the latest business working ambience, all the business reporting including balance sheets, profit and loss statement is being done with InstantXBRL.

Today, experts who analyze, interpret or process internal management reports, financial statements in the financial fields prefer to avail themselves of InstantXBRL software and can be completely dependent for business reporting in XBRL. They can go for InstantXBRL to file their XBRL efficiently, more presentable & as per the MCA mandates in a given time-frame.

Core Functionalities:

– As per Revised Schedule VI & Cost Audit requirements.
3 ways to do Data Entry
a. Excel Template or
b. Tagging by Drag & Drop or
c. Direct Data entry

- Includes

- Balance Sheet and Profit & Loss (Form 23AC and 23ACA)
– Cost Audit Report & Compliance Report in XBRL format.
– Inbuilt Validations.


For more information and to take a free demo, please visit

http://www.sensysindia.com

http://www.instantxbrl.com

Media contact details

Safique Mohamed
+91 9769468105 / 91 9867307971
+91 22 66278651 / 52
Email: sfm@sensysindia.com

Sep 082012
 

XBRL e-Form 23AC and 23ACA

Beginning FY 2010-2011 onwards, the Ministry of Corporate Affairs (MCA)  has mandated certain class of companies to file their Financial Statements of Balance Sheet and Profit & Loss  in “eXtensible Business Reporting Language(XBRL) Format only”.

As per MCA,  the following class of companies should file their Financial Statements in XBRL format.

(i) All companies listed in India and their Indian subsidiaries; or

(ii) All companies having a paid up capital of Rs. 5 Crore and above; or

(iii) All companies having a Turnover of Rs 100 Crore or above; or

(iv) All companies who were required to file their financial statements for FY2010-11, using XBRL mode.

However, banking companies, insurance companies, power companies and Non-Banking Financial Companies(NBFCs) are exempted from XBRL filing till further orders.

For this, the MCA have come up with Form 23AC (Balance Sheet) and 23ACA (Profit & Loss) in Electronic format (e-Form 23AC and 23ACA) through which the financial statements can be submitted. Note that the traditional Form 23AC and 23ACA shall continue to be there for filing by companies to which XBRL filing is not applicable; and for filing of earlier year’s documents.

e-Form 23AC and 23ACA which are in PDF format provide option to attach the XBRL Instance Document (XML file) for Balance Sheet and Profit & Loss statement respectively. In other words, the XML Instance Document for Balance Sheet and Profit & Loss statement can be attached in the PDF files 23AC and 23ACA respectively.

The e-Forms 23AC and 23ACA need to be digitally signed by the authorized signatories of the company. Also these forms are also required to be certified by a practicing professional (i.e  a member of ICAI/ICSI/ICWAI). Once these e-Forms are completed with all the information, the same can be uploaded on the MCA website for submission.

For FY 2011-2012 , All companies referred above, will be allowed to file their financial statements in XBRL mode without any additional fee / penalty up to 15h November, 2012 or within 30 days from the date of their AGM, whichever is later.

Click here for Form 23AC

Click here for Form 23ACA