What kind of IT changes will be required in order to produce XBRL information?

There are a number of ways to create financial statements in XBRL:

• Financial statements can be mapped into XBRL using XBRL software tools and applications designed for this purpose, i.e. outside of the existing accounting software.
• XBRL-aware accounting software products may be utilized which will support the export of data in XBRL form. The software should allow users to map charts of accounts and other structures to XBRL tags as defined by different taxonomies, e.g. MCA taxonomy for Schedule VI.
• Data from accounting databases can be extracted using third party products, outside of the existing software vendors, to achieve the transformation of the data to XBRL.

The route which an individual company may take will depend on internal and external requirements, accounting software and systems it currently uses, organizational structure, the number of subsidiaries that require XBRL data, among its other factors. Companies should carefully assess and consider the various available options before committing to a particular solution strategy.

Is any form of validation or assurance required on the XBRL format submitted information?

The circular does not explicitly require auditor (or any other third party) attestation or validation of the XBRL format information submitted. Clarity on this topic is critical as professional firms would need to prepare themselves internally accordingly as per the requirements of the XBRL standards

There are a number of ways to create financial statements in XBRL: Financial statements can be mapped into XBRL using XBRL software tools and applications designed for this purpose, i.e. outside of the existing accounting software. XBRL-aware accounting software products may be utilized which will support the export of data in XBRL form. The software should allow users to map charts of accounts and other structures to XBRL tags as defined by different taxonomies, e.g. MCA taxonomy for Schedule VI. Data from accounting databases can be extracted using third party products, outside of the existing software vendors, to achieve the transformation of the data to XBRL. The route which an individual company may take will depend on internal and external requirements, accounting software and systems it currently uses, organizational structure, the number of subsidiaries that require XBRL data, among its other factors. Companies should carefully assess and consider the various available options before committing to a particular solution strategy. Is any form of validation or assurance required on the XBRL format submitted information? The circular does not explicitly require auditor (or any other third party) attestation or validation of the XBRL format information submitted. Clarity on this topic is critical as professional firms would need to prepare themselves internally accordingly as per the requirements of the XBRL standards