CFOs stay focused on disclosure content, without having to worry about the heavy lifting involved in XBRL tagging. This is “minds on, hands off” at its best.
New York, NY (PRWEB) September 11, 2012
DataTracks, a global leader in XBRL services, with seven years’ track record and more than 12,000 XBRL statements per annum in US and UK announced plans to launch a next generation “minds on, hands off” XBRL service to financial printers and corporations in the United States.
The new service, expected to be launched in the first quarter next year, will be cloud based where the document held in the cloud can be accessed by multiple people from multiple locations for creating/editing content up to the last minute. Users retain full control over disclosure content while leaving all the heavy lifting in attaching XBRL taxonomy tags to disclosure items to be managed by DataTracks.
Creating and managing content would be quite easy.
- Users can create content with standard word processing features.
- All Tables in the document would have spreadsheet features that make it very easy to create financial data content in a word processor format.
- Same data elements at various locations in the document can be linked to ensure change in one location is consistently executed in all other locations.
- Different users can work on different sections of the document from different locations at the same time.
- Changes to content can be monitored and tracked.
- Output can be extracted in PDF format for printing, HTML format and XBRL format for filing with SEC”.
“CFOs will find this quite attractive for three reasons: One, CFOs stay focused on disclosure content, without having to worry about the heavy lifting involved in XBRL tagging. This is “minds on, hands off” at its best. Two, CFOs need not worry about any inadvertent inconsistency between HTML and XBRL versions of the document. They come from the same source. Three, CFOs would have the ability to make last minute changes easily. There would not be unreasonable “pencils down” restraint” said T R Santhanakrishnan, CEO of DataTracks.
“Three factors distinguish us from others in the market place”, said Sneha Rajagopal, Vice President XBRL Services. “One, all the heavy lifting in identifying the taxonomy tags, attaching them to data disclosed and preparing/validating the XBRL instance document would be handled DataTracks. Ours is a full service. Two, our track record of seven years in preparing more than 9,000 HTML filings in US each year and more than 12,000 XBRL filings in US and UK for filing with SEC and HMRC respectively. Three, we have a reputation as a provider of XBRL services at a competitive price. Ask us for a quote, you would be surprised” she added.
The service is likely to be launched in the first quarter of 2013 and offered to financial printers who have been using DataTracks for several years first; and extended to US corporations later.
About DataTracks: DataTracks offers Edgar/XBRL services in US (http://www.datatracks.com), UK (http://www.datatracks.co.uk) and in India (http://www.datatracks.in). DataTracks prepares financial statements in HTML/XBRL formats for several financial printers in US and public accounting practices in UK. DataTracks is a unit of TaurusQuest Services Private Limited. DataTracks delivery centers in global locations are accredited with ISO 9001:2008 certificate for quality management system and ISO 27001:2005 certification for information security management system.