DataTracks, global leader in XBRL services, promptly delivering error-free files topped the quality table, published on 01 July 2015, in Charles Hoffman’s analysis. The findings were based on DataTracks’ performance against a set of fundamental accounting concepts for SEC filings. Eighty four percent of files generated by DataTracks’ XBRL solution adhered to these concepts, while the industry average was at seventy. DataTracks stood number 1 in this adherence list*.
“High quality in XBRL can be achieved when you understand the semantics and the taxonomy correctly and apply them to human readable financial statements. Our US GAAP XBRL experts are well trained in these areas and we are constantly tuning our solutions to produce the best quality XBRL statements,” says Balaji Muthukrishnan – Vice President for XBRL practices at DataTracks. “Being in this industry since inception, made it easy for us to understand these compliances better” he added.
The evaluation to this ranking was done in two parts. First is the complete adherence to fundamental accounting concepts. Inconsistencies in these are due to wrong concepts or mathematical errors. This is reconciled by the accounting acumen of our XBRL experts. Higher the adherence level to these accounting concepts, better it is for the analysts/general public to use XBRL files reliably. Next is the ability of the machine to precisely decipher the information furnished. This is achieved by the superior performance of the software. DataTracks scored the highest aggregate in this evaluation.
DataTracks’ intuitive Online Reviewer’s Guide makes it easier for the users to review XBRL tags through various special purpose reports and allows users to add and reply to comments during their review. Every XBRL statement produced by DataTracks goes through hundreds of XBRL checks/validations. These checks are part of XBRL 2.1 & XML 1.0 specifications, SEC EdgarFiler Manual (EFM) Rules, US GAAP architecture, SEC Staff recommendations and Best Practices Guidance from XBRL US. DataTracks strives to implement the above changes promptly, enabling it to top the quality table.