DataTracks India Announces Launch of XBRL Tagging Self-service Portal www.datatracks.in for MCA Filings
12 Oct 2011
DataTracks India announces the launch of self-service portal www.datatracks.in for companies and accounting firms in India to set up user accounts, upload financial statements and (on preparation of output by DataTracks) download XBRL instance documents.
The Ministry of Corporate Affairs mandated all listed companies (and their subsidiaries) and companies that cross threshold limits in revenue or capital to submit their financial statements in XBRL format effective this year. The Ministry started accepting XBRL instance document inputs from 8 Oct 2011 after publishing the validation rules that input documents need to conform to.
Immediately after MCA started accepting filings in XBRL format, DataTracks India launched its self-service portal at www.datatracks.in. Companies and service providers such as practicing accountants and company secretaries can set up user accounts and upload financial statements (in Word or Excel format) for conversion into XBRL format. DataTracks will notify the users when the output is ready (normally within 10 calendar days) and users can download the XBRL instance documents for filing with MCA.
DataTracks will provide additional documents to clarify how each data item in the financial statement is tagged and highlight key tagging decisions for review by companies and their advisors/auditors. DataTracks will incorporate changes (as many times and at no extra cost) to the tags if desired by the companies or their advisors/auditors.
DataTracks uses its proprietary XBRL tagging tool (“DataTagger”) to prepare the XBRL instance documents.
Announcing the launch, N Madanlal, Manager eCommerce said "We are pleased that we were able to develop the tagging engine in time and in accordance with the specifications of MCA. We are happy to note the supportive enquiries even prior to launch from a large number of companies and service providers. Our service is backed by our global track record in having prepared several thousand regulatory filings for SEC in United States and HMRC in the United Kingdom over the last five years. As a pure play XBRL service provider with no other interest in the confidential data we manage and the ISO 27001 information security accreditation provides us additional credentials in meeting our customers' requirements".
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.
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