DataTracks upgrades its DMS to include the 2018 taxonomy for XBRL filings with SEC.
DataTracks is pleased to report that its products and services now include the 2018 GAAP Financial Reporting Taxonomy and the new SEC Reporting Taxonomy (SRT), recently approved by the Securities and Exchange Commission. On 22nd March 2018, the SEC announced its adoption of a new set of taxonomies developed by the Financial Accounting Standards Board (FASB); FASB is the governing body overseeing the development and maintenance of taxonomy for use by public companies to file reports with the SEC in XBRL or Inline XBRL formats.
Upgrading DMS to meet XBRL Filing Standards with SEC:
The SEC releases an updated taxonomy standard every year, considering the need for modifications or new elements based on documents filed in the previous year. An interesting modification to the 2018 taxonomy is the introduction of SRT, which contains elements about financial schedules required by the SEC, condensed consolidating financial information for guarantors, and disclosures about oil and gas production activities.
DataTracks today successfully test-filed with the SEC an XBRL document tagged with 2018 taxonomy. “We are committed to making document management effortless. To that end, our solution constantly evolves, incorporating the latest frameworks adopted by regulators so that our customers are always abreast of developments, no matter how recent,” says Balaji Muthukrishnan, Senior Vice President of Service Delivery at DataTracks. “Thanks to our strong technical team and a robust change management process, our application is built modularly, allowing new taxonomy sets to be plugged in without extensive re-development. This helps us save significant time, letting us launch updates as early as possible, following the modification of regulations,” he adds.
DataTracks is a global leader in disclosure management and regulatory compliance software and services. They are the preferred vendor for leading accounting firms and thousands of corporations across global markets. DataTracks enables customers across geographies to file reports compliant with the standards of regulators like the SEC (the US), HMRC (the UK), Revenue (Ireland), various EU regulatory authorities, ACRA (Singapore), MCA (India), and CIPC (South Africa). To know why financial accounting firms and enterprises worldwide trust DataTracks, please visit www.datatracks.com, www.datatracks.co.uk, and www.datatracks.eu.
Media contact: Karthik Sathuragiri, President, DataTracks,