DataTracks India has launched a low cost do-it-yourself XBRL template to help accounting firms and companies prepare financial statements in XBRL format for filing with MCA.
This easy-to-use facility is targeted towards companies that have a fairly simple set of financial statements and notes and do not warrant expensive tagging tools.
All that a company, or an accounting firm, has to do is register as a user on the DataTracks website, 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 having to keep the tool updated as taxonomies change.
The XBRL Template from DataTracks is compliant with the taxonomy released by 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 template. As the XBRL Template is web-based, no software needs to be installed on the user's PC. The template is pre-validated and 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 cost of regulatory compliance for companies having 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 web based self-service tagging tool that users can use to prepare XBRL documents involving more complexity and a full service where users send financial statements and DataTracks ta 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 applicable 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", said Sneha Rajagopal, Vice President, XBRL Services, DataTracks India.