DataTracks India Launches low Cost Do-it-yourself Template for Preparing Financial Statements in XBRL Format
Poster: SySAdmin
Posted on July 3, 2012 at 5:28:01 AM
DataTracks India Launches low Cost Do-it-yourself Template for Preparing Financial Statements in XBRL Format
CHENNAI, July 3, 2012/PRNewswire/ --
DataTracks India (http://www.datatracks.in [http://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.
(Logo:
http://photos.prnewswire.com/prnh/20120627/CG28129 )
All that a company (or an accounting firm) has to do is to register as a user at
http://www.datatracks.in [http://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 (http://www.taurusquest.com
[http://www.taurusquest.com ]).
Website: http://www.datatracks.in [http://www.datatracks.in ]
Primary Media Contact: T R Santhanakrishnan, trs@datatracks.in, 91-44-4231-6368 x 101
Secondary Media Contact: Sriram, sriram@datatracks.in, 91-44-4231-6368
Photo:
http://photos.prnewswire.com/prnh/20120627/CG28129
Source: TaurusQuest Services India Pvt Ltd
PRN
CHENNAI, July 3, 2012/PRNewswire/ --
DataTracks India (http://www.datatracks.in [http://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.
(Logo:
http://photos.prnewswire.com/prnh/20120627/CG28129 )
All that a company (or an accounting firm) has to do is to register as a user at
http://www.datatracks.in [http://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 (http://www.taurusquest.com
[http://www.taurusquest.com ]).
Website: http://www.datatracks.in [http://www.datatracks.in ]
Primary Media Contact: T R Santhanakrishnan, trs@datatracks.in, 91-44-4231-6368 x 101
Secondary Media Contact: Sriram, sriram@datatracks.in, 91-44-4231-6368
Photo:
http://photos.prnewswire.com/prnh/20120627/CG28129
Source: TaurusQuest Services India Pvt Ltd
PRN