DataTracks India launches low-cost do-it-yourself template for preparing financial statements in XBRL format.
Pocket-friendly XBRL Tagging Tool:
DataTracks India (www.datatracks.in) has launched a low-cost do-it-yourself XBRL template that would help accounting firms and companies to prepare financial statements in XBRL format for filing with MCA. This easy-to-use facility targets companies with a fairly simple set of financial statements and notes and does not warrant expensive tagging tools.
All a company (or an accounting firm) has to do is register as a user at www.datatracks.in, set up company information and fill up the template with actual numbers. The user can download the financial statement as an XBRL document (for filing with MCA) and as a print quality PDF document for records. The price, at Rs 100 per document, is affordable. The web-based template has one major advantage over spreadsheet templates and tagging tools. The user does not need to worry about updating the tool as taxonomies change.
The XBRL Template from DataTracks complies with the taxonomy released by the Ministry of Corporate Affairs (MCA), Government of India. One does not require prior knowledge of the XBRL Taxonomy or any related training to use the XBRL Template.As the XBRL Template is web-based, no software needs to be installed in the user’s PC. This pre-validated XBRL template contains placeholders for ‘financial facts’. Registered users can log into the DataTracks website, make payments online, enter financial data against placeholders in the template, and generate the XBRL output.
“The XBRL Template of DataTracks is designed with a simple and easy-to-use interface, which makes it convenient for users. We believe that the regulatory compliance cost for companies with simple financial statements should be nominal. This is the reason why we are offering our XBRL Template at a low cost per entity”, said Suresh Illath, Vice President Service Delivery DataTracks India.
While the template will be useful for smaller companies with simpler financial statements, DataTracks offers (a) a web-based self-service tagging tool that users can use to prepare XBRL documents involving more complexity and (b) a full-service (where users send financial statements and DataTracks takes care of preparing the XBRL statements. These services are aimed at companies whose financial statements cannot conform to simpler templates and need to accommodate company-specific disclosures that are not commonly applied to all companies.
“DataTracks is fully geared to meet the conversion needs of companies. Our XBRL Template will meet the demand for a low-cost, easy-to-use online facility for XBRL conversion. Our Self Service will meet the requirements of companies looking for an XBRL software tool for their internal use. Our Full service will meet the requirements of companies who wish to outsource their XBRL conversion task, ” Sneha Rajagopal, Vice President, XBRL Services, DataTracks India.
About DataTracks India: DataTracks India is a unit of DataTracks Services Limited (www.datatracksglobal.com), leaders worldwide in 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 Securities Exchange Commission in the United States in the last five years.
Website: www.datatracks.in
Media contact:T R Santhanakrishnan, trs@datatracks.in +91 (44) 4231 6368 x 101
