DataTracks India Launches low Cost Do-it-yourself Template for Preparing Financial Statements in XBRL Format

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• Publié par: taurusquest-services-india-pvt-ltd
• Nombre de lectures: 22
• Langue: English

Extrait

DataTracks India Launches low Cost Do-it-

yourself Template for Preparing Financial

Statements in XBRL Format

PR Newswire

CHENNAI, July 3, 2012

CHENNAI

,

July 3, 2012

/PRNewswire/ --

DataTracks India (www.datatracks.in) has launched a low cost do-it-yourself

XBRL template that would help accounting firms and companies to prepare

financial statements in XBRL format for filing with MCA. This easy-to-use facility

is targeted towards companies that have a fairly simple set of financial

statements and notes, and do not warrant expensive tagging tools.

All that a company (or an accounting firm) has to do is to register as a user at

www.datatracks.in, set up company information and fill up the template with

actual numbers. The user can download the financial statement as an XBRL

document (for filing with MCA) and as a print quality PDF document for

records. The price, at

Rs 100

per document, is affordable. The web based

template has one major advantage over spreadsheet templates and tagging

tools. The user does not need to worry about having to keep the tool updated

as taxonomies change.

The XBRL template from DataTracks is compliant with the taxonomy released

by the Ministry of Corporate Affairs (MCA), Government of India. One does not

require prior knowledge of the XBRL Taxonomy or any related training to use

the XBRL template. As the XBRL template is web-based, no software needs to

be installed in the user's PC. This pre-validated XBRL template contains

placeholders for 'financial facts'. Registered users can log into the DataTracks

website, make payments online, enter financial data against placeholders in the

template, and generate the XBRL output.

"The XBRL template of DataTracks is designed with a simple and easy-to-use

interface, which makes it convenient for users. We believe that the cost of

regulatory compliance for companies having simple financial statements should

be nominal. This is the reason why we are offering our XBRL template at a low

cost per entity," said Suresh Illath, Vice President, Service Delivery, DataTracks

India.

While the template will be useful for smaller companies with simpler financial

statements, DataTracks offers (a) a web based self-service tagging tool that

users can use to prepare XBRL documents involving more complexity and (b) a

full service where users send financial statements and DataTracks takes care of

preparing the XBRL statements. These services are aimed at companies whose

financial statements cannot conform to simpler templates and need to

accommodate company specific disclosures that are not commonly applicable

to all companies.

"DataTracks is fully geared to meet the conversion needs of companies. Our

XBRL template will meet the demand for a low cost, easy-to-use online facility

for XBRL conversion. Our self service will meet the requirements of companies

looking for an XBRL software tool for their internal use. Our full service will

meet the requirements of companies who wish to outsource their XBRL

conversion task," said Sneha Rajagopal, Vice President, XBRL Services,

DataTracks India.

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, [e-mail], 91-44-4231-

6368 x 101

Secondary Media Contact: Sriram, [e-mail], 91-44-4231-6368