XBRL is an XML-based technology standard that improves the way financial information is created, processed, distributed and analyzed. XBRL uses “tags” that package information such as definitions, labels, references and time period around individual accounting concept. In other words, XBRL is a collection of standardized, machine-readable “tags” for line items in financial statements.

Taxonomies capture the definition of individual reporting accounting concepts as well as the relationships between various concepts. .
The taxonomy comprises of the following components:-

• Schema –The purpose of XBRL schemas is to define taxonomy elements (concepts) and give each concept a name and define its characteristics. It can be regarded as a container where elements and references to “linkbase” files are defined.
• Presentation linkbase –Business reports are in general organized into identifiable data structures e.g. a Balance Sheet. The presentation linkbase stores information about relationships between elements in order to properly organize the taxonomy content. This enables a taxonomy user to view a one dimensional representation of the elements. Defines the structure for displaying the data, along with the preferred label attribute.
• Calculation linkbase –The calculation linkbase defines basic calculation validation rules (addition/subtraction), which must apply for all instances of the taxonomy. establishes the arithmetical relationship of simple addition and subtraction, which is done by way of a weight attribute (1 or -1). The idea of a calculation linkbase is to improve quality of an XBRL report (XBRL instance).
• Reference linkbase-Most of the elements appearing in taxonomies refer to particular concepts defined by authoritative literature. The reference linkbase stores the relationships between elements and the references.
• Definition linkbase-The Definition linkbase stores other pre-defined or self-defined relationships between elements. For example a relationship can be defined that the occurrence of one concept within an XBRL instance mandates the occurrence of other concepts.
• Label linkbase –XBRL report presented in different languages, etc requires the taxonomies to represent business data in multiple languages. Therefore it is possible to create an element (concept) in the taxonomy with labels in different languages and or for different purposes e.g. a short label PPE compared to its long label Property, plant and equipment. Those labels are stored and linked to their respective elements in a label linkbase.

XBRL Schemas together with linkbases define an XBRL taxonomy.

Please refer to C&I Taxonomy Architecture Guide 2012 on the MCA XBRL website for more technical details on XBRL.

The taxonomy actually consists of XML and XSD files that are to be used by XBRL software to prepare/validate an instance document. Accordingly, XML and XSD file are to be used only by XBRL Software Vendors. The information contained in these XML and XSD files (taxonomy) have also been presented in ‘human-readable’ excel format for understanding of taxonomy to companies and professionals. For more details on the taxonomy, please visit the MCA XBRL portal.

The new C&I taxonomy is based up on New Schedule VI of the Companies Act, 1956 and is applicable for companies preparing their financial statements for accounting year commencing on or after 01.04.2011. All XBRL eligible companies, who have prepared their financial statement as per new Schedule VI shall use the new C&I taxonomy for filing their XBRL documents for FY 2011-12. XBRL eligible companies, who have prepared their financial statement for accounting year commencing before 01.04.2011, shall prepare their financial statements as per previous year C&I Taxonomy for MCA filings.

In view of the applicability of the new Schedule VI of the Companies Act, 1956, the recognition and presentation of financial statement prepared for accounting year commencing on or after 01.04.2011 has undergone a change. Consequently, the earlier MCA taxonomy (based upon earlier Schedule VI) has also been developed afresh. The broad differences between the C&I Taxonomy 2012 (based upon new Schedule VI) vis-à-vis earlier MCA C&I Taxonomy (based upon old Schedule VI) are as follows:

a. The C&I Taxonomy 2012 is based on the requirements of Revised Schedule VI to the Companies Act, 1956.

b. Requirements of certain industry specific guidance notes viz. Real estate, Oil & gas activities and Certified Emission Rights are also included.

c. The architecture of the taxonomy has undergone a change. It has been developed as per the latest architecture viz. IFRS architecture 2011, whereas the earlier taxonomy was based in IFRS architecture 2006.

d. Definition and Reference linkbases have also been added to the Taxonomy for the ease of users. Hindi label Linkbase has also been provided to render XBRL financial Statements with Hindi labels.

e. The concept of ‘dimensions’ has been introduced in the taxonomy as against ‘tuples’.

As regards the complete details of the new architecture, one may refer to C&I Taxonomy Architecture Guide 2012 available on MCA XBRL portal.

It is a share itemtype as per the requirements of the Guidance Note on Revised Schedule VI.