Rhapsody Services launches XBRL Software and XBRL Filing Application

14-Aug-2011 | News-Press Release

Rhapsody Accounting and Advisory Services launches i-file.in, the end to end XBRL software application as well as XBRL tagging services online tool on 12 August 2011.

i-file.in license is available for sale from 12 August 2011 as we have effectively been able to generate instance document which is passing the Beta version of Ministry of Corporate Affairs (MCA) Validation tool released by MCA on 29 July 2011. Our product is listed on the MCA website under the vendors list.
i-file.in is specially designed to take care of the XBRL filing requirements for :
*    A Corporate or a large enterprise
*    Practicing Chartered Accountant (CA) or Company Secretary (CS)
*    A BPO/ KPO or an outsourcing Accounting firm.
The basic features of the XBRL software tool are:
*    It’s an online tool using cloud computing technology-  so no need to go through the tedious process of installation through the CD etc
*    It is an anytime anywhere tool – so one can access it from anywhere meaning, if you are someone who is providing XBRL managed services for clients, then you can access it not only from your own office but also at the client location. If you are a Company, then you may access it at remote location and need not necessarily be in your own office.
*    It is a multiuser under single license software – so one can access or log in from any number of laptops or desk tops using the various logins which shall be provided.
*    Multiple filings – We have various packages but for larger organisations or firms etc, we have multiple filings which can be done. Thus no restriction in the number of filings
*    Inbuilt MCA validations – The application has inbuilt validations and thus the user need not worry about what might get missed etc
*    User friendly – Extremely user friendly human readable interfaces
*    Tagging – Can be done directly from final audited excel and word source documents
*    Review reports – The tool has various review reports which will facilitate review of the entire tagging process before generation of instance document
*    Audit module – Facilitating the certification of XBRL process.
*    Project management – The application has inbuilt project management dashboards for the Project managers to effectively monitor multiple filing scenarios
*    Role based logins – i-file.in provides role based logins to ensure effective control and data integrity.
*    User manual – The application comes with a very effective and extensive Technical and functional user manual.
*    Helpline – we provide 24/ 7 helpline anywhere and anytime.

As you are aware the output of the entire conversion to XBRL entails generation of Instance document in XML format (machine readable). The output from any Software needs to get validated by the MCA validation tool. The MCA validation tool is based on:
*    Taxonomy specified by MCA (available on MCA website)
*    MCA 21 Business rules (More than 700 in number including all dependencies etc)
*    Technical specifications of XBRL international and MCA
There are many good applications and tools in the market. Every potential user needs to check the ease of filing, the type and nature of validations and quality of review reports as well of the instance document before deciding on the application. One needs to consider the following essential core aspects:
*    Whether the XBRL Application is just a platform to perform tagging to MCA taxonomy and generate instance document or does it ease the process of tagging and is likely to generate a more accurate output.  If the tagging process is not done accurately, which is likely to be the case considering that this is the first year the user of the application will get to know only when the MCA Validation tool throws up errors and then the user will have to go through the entire process of untagging, retagging etc.  A good application will have inbuilt business rules, appropriate review report etc so that the XML instance document is accurate and passes the MCA validation tool with least effort
*    It is not sufficient to do just mandatory elements and minimum tagging. There are detailed calculations and business rules prescribed. One should also keep in mind the fact that this is the only filing being done with MCA and in accurate filing along with in accurate certification is inviting trouble/ notices etc from ROC
*    MCA 21 XBRL filing is very different from a normal Income tax filing. It is therefore essential to not look at MCA filing with a tax filing mindset.
We are of the firm belief that XBRL filing is a simple and easily understandable procedure, successfully being performed the world-over. Let us all understand the concepts and requirements of MCA filing as well as appreciate the essential features of a good and effective software or consultant so that the MCA filing on XBRL is just another routine filing and not a very complicated and earth shattering concept as some people are making it out to be.

I-file.in the XBRL application services module of Rhapsody Accounting and Advisory Services, the pioneers in emerging areas in the Financial and Compliance world. Our Application and services are also listed on the MCA website.

Rhapsody Accounting and Advisory Services (P) Ltd.
Corporate Office
A-109 , 1st Floor
Sector 35
Noida, UP - 201301
Mobile: +91-9810306995
Email: enquiry@rhapsody-services.com

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