New York, July 10, 2013 DataTracks US, a leading provider of XBRL services to corporations and mutual funds in the US, has integrated the 2013 US GAAP taxonomy into DataTracks Disclosure Management System after extensive testing. DataTracks has begun filing their customers’ XBRL statements using the new taxonomy, starting 8th July, 2013.
The 2013 US GAAP Financial Reporting Taxonomy was approved effective May 20, 2013 for use by companies in preparing and submitting their financial statements in XBRL by the US Securities and Exchange Commission (SEC). From this date XBRL filings created using 2011 US GAAP taxonomy or earlier versions are not accepted by the SEC. The significant changes made to concepts relating to the Insurance Industry and some structural changes to the new taxonomy are some of the primary changes made in the 2013 taxonomy compared to the 2012.
“We are happy to announce that documents created using DataTracks Disclosure Management System are now compliant with the latest XBRL taxonomy and updated validation rules” said Balaji Muthukrishnan, Vice President of XBRL services.
DataTracks continuously focuses on providing the most up-to-date services in the XBRL space. DataTracks has adopted a robust change management process to keep pace with updates to XBRL taxonomies. Knowledge enhancement programs aligned around these taxonomy updates ensure that DataTracks service delivery resources stay up to date on US GAAP and other global accounting standards.
DataTracks consistently strives to ensure that its services conform to the latest standards as dictated by the regulatory bodies in the regions that it operates. .
DataTracks currently offers XBRL services for US, UK and India markets and plans to extend its services to other countries in the near future.
We have XBRL experts who have experience in working with various regulatory environments (SEC in USA, HMRC in UK, MCA in India, ACRA in Singapore and Revenue in Ireland) various accounting taxonomies and various commercially available XBRL applications.
About DataTracks: DataTracks US is part of DataTracks Services Limited (www.datatracksglobal.com), leaders worldwide in preparation of financial statements in XBRL and iXBRL formats for filing with regulators. DataTracks prepares more than 12,000 XBRL statements annually for filing with regulators such as SEC in the United States, HMRC in the United Kingdom, Revenue in Ireland, ACRA in Singapore and MCA in India.