New York (PRWEB) March 23, 2013
The U.S. Securities and Exchange Commission (SEC) is enforcing that all filers use the XBRL International Units Registry with immediate effect. DataTracks provides the most up-to-date XBRL tagging software on the market and is fully compliant with SEC requirements.
This means that, if a filer or their service provider creates an element for which the units have already been defined in the Units Registry, they must use the unit type as defined in the registry. Using unit type that does not match Unit Registry will result in the XBRL submission failure. This applies to all filings that are created using the 2012 US GAAP Taxonomy and of course, will apply to the 2013 as well.
You can refer the latest version of Unit Registry on http://xbrl.org/utr/utr.xml. Element item types such as Area item type, Power item type, Volume item type, Voltage item types, Length item types and currencies are covered under this.
This enforcement from the SEC is a very encouraging as it helps to bring in the uniformity between the Entities in reporting units. For example, if the utility company has reported gallons, they should be tagged to volumeItemType elements and unit Id should be “gal”. Similarly, unit ID for values reported in Chinese currency should be “CNY” and not “RMB” for tagging monetaryItemType elements. Any other unit Id under this context will be rejected by SEC.
“DataTracks’ application helps the users to look up and tag these units easily based on the item type of elements that they use. For example, if the user is tagging areaItemType element, Acre, Square Foot, Square Mile and Square Yard are listed under units registry inside the tagging section. This makes the identification quite easy”, said Suresh Illath, Head of Service Delivery, DataTracks.
DataTracks currently offers XBRL services for US, UK and India markets and plans to extend its services to other countries in the near future. DataTracks has been investing sustained efforts to ensure that its services conform to the latest standards as dictated by regulatory bodies in the regions that it operates.
About DataTracks: DataTracks US is part of DataTracks Services Limited (http://www.datatracksglobal.com), leader in preparation of financial statements in XBRL and iXBRL formats for filing with regulators worldwide. DataTracks Global prepares more than 12,000 XBRL statements per annum for filing with regulators such as SEC in United States, HMRC in the United Kingdom and MCA XBRL in India. DataTracks delivery centers are ISO 9001:2008 (Quality Management) and ISO 27001:2005 (Information Security) accredited.
Media contact: T R Santhanakrishnan, media(at)datatracks(dot)com +1 (609).257.4240 x 101