XBRL Services for Regulatory Filings with MCA - DataTracks India Announces Launch of XBRL Conversion Services
30 Sep 2011
DataTracks India announces the launch of XBRL services in India for companies to get the regulatory filings prepared in XBRL format for filing with the Ministry of Corporate Affairs of the Government of India.
MCA has notified that large companies, including listed companies, their Indian subsidiaries and companies with a topline revenue in excess of Rs 1,000 million or paid up capital in excess of Rs 50 million, should file their annual returns with MCA in XBRL format for the financial years ending on or after 31 Mar 2011. Regulators worldwide are moving to collect financial data in XBRL format and MCA is a leader in introducing this new initiative in India.
DataTracks India has announced that it would be launching its turnkey online XBRL services through http://www.datatracks.in, where users can set up accounts, upload inputs for conversion, and download the XBRL outputs. DataTracks India uses its proprietary tagging engine to convert input documents into XBRL format. The tagging engine has been adapted to meet the requirements of MCA and the India GAAP taxonomy specified by MCA. DataTracks has participated in the testing of MCA’s XBRL systems with sample outputs. User registrations and acceptance of inputs will commence after MCA announce the final specifications of the taxonomy and the validation requirements. This is expected to be done shortly.
“We have a global track record of serving more than 2500 companies in UK and US for nearly six years. Our secure and easy-to-use portal will offer our customers a very reliable and user friendly experience. We have already booked close to 100 orders for our XBRL conversion services, even before the commencement of MCA XBRL filing, which only reiterates our strong credentials”, comments Rajashekar G, Vice President Business Development for DataTracks.
“Our active participation in various XBRL conferences and workshops across India, hosted by the professional bodies such as ICAI, ICSI and ICWA has helped us understand better the XBRL filing requirements in India.” he added.
About DataTracks India: DataTracks India is owned by DataTracks Services Limited (www.datatracksglobal.com), leaders worldwide in preparation of financial statements in XBRL format for filing with regulators. DataTracks has prepared more than 60,000 statements (in ASCII, HTML and the more recent XBRL format) for filing with Securities Exchange Commission in the United States in the last five years.