DataTracks India Launches XBRL Self-Service

PR Newswire | 30 Jul, 2012
CHENNAI: DataTracks India (www.datatracks.in) has launched a web based do-it-yourself solution for preparing financial statements in XBRL format for filing with MCA. This self-service facility will help accounting firms and companies to prepare financial statements in XBRL format for filing with Ministry of Corporate Affairs (MCA), Government of India. This self-service facility is aimed at users who need to convert financial statements of simple to medium level complexity into XBRL format (DataTracks offers a Template service for very simple financial statements and a fully outsourced service for complex financial statements. Visit www.datatracks.in for details).

The web based XBRL self-service facility is quite easy to use and is affordably priced at Rs 500/- per financial statement.

All that the user has to do is to register at www.datatracks.in and download a very light software application into the PC. This application works with the web based XBRL tagging engine to help the user prepare XBRL statements based on inputs uploaded in Word format. When the XBRL statement is fully ready, users pay for the service through the portal and download the XBRL files.

The XBRL tagging engine, which forms the core of the self-service offering, is compliant with the taxonomy released by MCA. Users of self-service need to have a reasonable level of familiarity with the MCA taxonomy. DataTracks can train users on MCA taxonomy where required.

One of the main advantages of the self-service facility from DataTracks is that users need not update their software application when changes to taxonomy are announced by MCA. DataTracks updates such changes in their tagging engine through their change management process. Users are therefore assured of the most up-to-date solution equipped to handle their XBRL compliance requirements.

The self-service facility is an important addition to DataTracks' existing set of offerings on XBRL. DataTracks offers (a) XBRL template, useful for companies with simple financial statements and (b) a Full Service, where users send financial statements and DataTracks takes care of preparing XBRL instance documents. These services are aimed at companies whose financial statements need to conform to specific disclosures that are not typically applicable to all companies.

About DataTracks India:

DataTracks India is part of DataTracks Global, leaders worldwide in preparation of financial statements in XBRL and iXBRL formats for filing with regulators. DataTracks Global prepares more than 10,000 statements a year in XBRL format for regulatory filings with SEC in United States, HMRC in the United Kingdom and MCA in India. DataTracks Global is a unit of TaurusQuest (www.taurusquest.com).

Website: www.datatracks.in

Primary Media Contact: T R Santhanakrishnan, trs@datatracks.in, 91-44-42316368