DataTracks UK (www.datatracks.co.uk), a leading provider of iXBRL managed tagging services, announces an upgraded version of its in house software that includes a feature to ensure consistency between XBRL tags used (for comparable data elements) in the current year and last year.
Customers who use DataTracks UK’s “managed tagging services” would not have to worry whether the tags used last year and the tags used this year are consistent. The software now incorporates a feature that matches “text strings”, compares taxonomy elements used and alerts if there is any inconsistency.
In the UK, Her Majesty’s Revenue &Customs (HMRC) had mandated that all tax returns and financial statements should be filed electronically in iXBRL format last year. Most companies would commence filing for the second year in iXBRL format now.
“Our in house tagging software has been upgraded to ensure consistency between XBRL tags chosen for comparable data between current year and last year. This feature improves the accuracy of iXBRL tagging”, said Sneha Rajagopal, Vice President, Global XBRL Services. This feature is available as a review option built into the software.
DataTracks UK is a vendor recognized by HMRC to provide iXBRL managed tagging services in converting financial statements and tax computations into iXBRL format.
DataTracks has been providing these services for over a year now; and has prepared several thousand statements in iXBRL format in 2011. DataTracks offers its services through its web portal www.datatracks.co.uk, where users can set up accounts, pay online, upload inputs (for conversion into iXBRL format by DataTracks UK), and download output instance documents. Several companies and accounting firms have chosen DataTracks for its simple, effective and easy-to-use online services.
DataTracks currently offers XBRL solutions for US, UK and India markets and plans to extend its services to other countries in the near future.