Chennai, 17 Nov 2011: DataTracks India’s clients filed their financial statements in XBRL format successfully with MCA this week.

DataTracks India is part of DataTracks Worldwide providing services (through self service portals) for companies and accounting firms to convert financial statements and other filings into XBRL or iXBRL format for filing with regulators worldwide. DataTracks offers its XBRL/iXBRL services in United States, United Kingdom and India.

DataTracks India offers conversion services to companies, accountants, company secretaries and lawyers to convert financial statements into XBRL format. The conversion service is aimed at addressing the 40,000 companies that are expected to file their financial statements in XBRL format with MCA on or before 30 November 2012.

DataTracks plans to offer a “do it yourself” service for simpler financial statements next year at a competitive price to address the needs of the 900,000 companies that are expected to file their financial statements in XBRL format next year.

DataTracks India registered several clients within a few hours of launching its service in October 2011. The first of these clients successfully filed its statement this week with MCA. Many more are expected to join next week.

Announcing this, Sneha Rajagopal Vice President Global XBRL Services, said “We are proud that our customers have begun to successfully file their XBRL instance documents prepared by us with MCA. Credit goes to MCA in carefully planning the migration to XBRL and working with leading vendors such as DataTracks and several others to do test runs before going live. Our experience worldwide in preparing XBRL statements in US and in the UK for several years was also helpful”.

DataTracks India is a self-service portal where users can set up accounts, set up entities, upload financial statements and (on advice from DataTracks that the output is ready) download the XBRL instance documents for filing with MCA. The output is validated by DataTracks prior to release with a validation tool and in the MCA portal. DataTracks executes unlimited number of changes at no extra cost (based on input from companies and their advisors) all the way until the filing is successfully done. DataTracks provides additional documents to facilitate quick/easy review of tagging decisions by users who may not necessarily have expertise in XBRL and whose opinions on accounting judgments are important.