DataTracks India participates in ICWAI National XBRL Conference to promote XBRL awareness
12 Dec 2011
DataTracks India, provider of fully managed conversion services in preparing regulatory filings in XBRL format for filing with MCA participated in National XBRL conference conducted by the Institute of Cost and Works Accountants of India to promote XBRL awareness amongst accounting professionals.
The Ministry of Corporate Affairs (MCA) mandated the top 44,000 companies to submit their financial statements in XBRL format, effective this year and opened its portal for the XBRL filing on 6 October 2011.
DataTracks India announced the launch of XBRL conversion services in India soon after MCA started accepting the XBRL filing. DataTracks offers XBRL conversion services through an easy-to-use self-service portal www.datatracks.in,which enables users to set up user accounts, upload financial statements and (on preparation of output by DataTracks) download XBRL instance documents for filing with MCA. Ever since the launch, there has been an overwhelming response from companies, accounting professionals and company secretaries for the portal based XBRL conversion services from DataTracks.
Professional bodies such as Institute of Chartered Accountants of India (ICAI), Institute of Company Secretaries of India (ICSI) and Institute of Cost and Work Accountants of India (ICWAI) have been supporting the XBRL initiative of MCA .They have been conducting a series of workshops, seminars and conferences across India to create awareness on XBRL and the MCA XBRL filing process. DataTracks has been actively participating in many of these events.
DataTracks recently participated in the “National Seminar on XBRL” organized by ICWAI on 10 November 2011, at Chennai. The seminar was attended by over 200 delegates, which included members of the ICWAI, senior professionals from companies and public sector undertakings and also partners from accounting firms, from all over India. The technical session of the seminar was conducted by DataTracks which was well received by the delegates. DataTracks provided insight into the MCA XBRL filing process with an overview of the steps involved in preparing an XBRL instance document, validation and filing with MCA. DataTracks also shared insights on the various options available in preparing XBRL instance documents and how to choose the right approach.
"We are quite honored to be invited by professional bodies like ICWAI, ICSI and ICAI to participate in their XBRL seminars and workshops. By participating in such seminars we have been able to share our experiences worldwide (in preparing more than 10,000 XBRL filings a year in USA and UK), and contribute towards promoting the XBRL initiative in India" commented Sneha Rajagopal, Vice President Global XBRL Services. “Participating in such seminars also help us understand the issues faced by companies and accounting firms, and fine tune our conversion services offering, to meet their expectations”
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 India is a unit of DataTracks Services Limited (www.datatracksglobal.com).
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