DataTracks India Announces Launch of XBRL Tagging Self-service Portal www.datatracks.in for MCA Filings.
Launch of XBRL Tagging Self-service Portal:
DataTracks India announces the launch of a self-service portal www.datatracks.in for companies and accounting firms in India to set up user accounts, upload financial statements and (on the 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 to which input documents must conform.
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 often and at no extra cost) to the tags if the companies or their advisors/auditors desire.
DataTracks uses its proprietary XBRL tagging tool (“DataTagger”) to prepare the XBRL instance documents.
Announcing the launch, N Madanlal, Manager of 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 inquiries even prior to the launch from a large number of companies and service providers. Our global track record backs our service in having prepared several thousand regulatory filings for SEC in the 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, the ISO 27001 information security accreditation provides us additional credentials to meet our customers’ requirements”.
About DataTracks India: DataTracks India is owned by DataTracks Services Limited (www.datatracksglobal.com), leaders worldwide in the 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 the Securities Exchange Commission in the United States in the last five years.
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