DataTracks XBRL services and solutions accepts the new 2014 US GAAP Taxonomy
New York, July 10, 2014: DataTracks (www.datatracks.com) specializes in preparing Edgar/XBRL reports for filing with SEC. With a track record of 9+ years, DataTracks has over 600 satisfied customers using the DataTracks Disclosure Management System to prepare their quarterly XBRL filings.
DataTracks Disclosure Management System is a cloud-based, collaborative, single source solution, which facilitates corporations to have full control over the process of preparing regulatory filings while leaving all the XBRL tagging to DataTracks. The system has recently been upgraded to integrate with the 2014 US GAAP Financial Taxonomy.
The 2014 US GAAP Financial Taxonomy has been adopted and supported by SEC (Securities and Exchange Commission) and has been in effect from June 16th, 2014. The responsibility of maintaining the taxonomy lies with FAF (Financial Accounting Foundation) and FASB (Financial Accounting Standards Board). There has been considerable changes made to the taxonomy including industry specific changes which are consistent with the SEC’s system.
The integration of the 2014 US GAAP Financial Taxonomy into the Disclosure Management System has been done after extensive testing. 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.
In a nutshell, among the changes made in the new taxonomy, there are 403 new elements added, 706 elements removed, 177 elements replaced, 633 elements’ definitions changed and several other changes to references and labels.
DataTracks consistently strives to make sure that its services conform to the latest standards as dictated by the regulatory bodies in the regions that it operates.
Balaji Muthukrishnan, Vice President of XBRL Services said, “DataTracks has always strived to be the first in implementing the latest practices and technology in the regulatory reporting space – worldwide. The 2014 US GAAP taxonomy capability within such short period has been the result of our team’s commitment and dedication”.
With a proven track record of over nine years leadership in EDGAR conversions, DataTracks provides world-class services, which include a team of certified accountants experienced in US GAAP and XBRL, and EDGAR specialists to assist with the SEC filing process. DataTracks currently offers XBRL services for US, UK, Ireland and India markets and is already extending its XBRL services to regulatory bodies of other countries.
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, 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.