Managed XBRL Tagging Services Provider DataTracks Upgrades Software

Managed tagging services provider DataTracks UK has announced an upgraded version of its iXBRL software. The new version features a mechanism to ensure consistency between the XBRL tags used for comparable data elements, both in the current year and last year.

DataTracks is recognized by Her Majesty's Revenue & Customs (HMRC) to provide iXBRL managed tagging services for the conversion of financial statements and tax computations into the iXBRL format. For the UK, the HMRC mandated that all tax returns and financial statements be filed electronically in iXBRL format last year.

A majority of companies will now file in iXBRL format for the second consecutive year now. DataTracks offers XBRL solutions for the US, UK and India markets, and the company plans to extend its services to additional countries in the near future. Services are offered through a self-service web portal, through which users may set up accounts, pay online, upload inputs for conversion to iXBRL format and download output instance documents.

Customers using the DataTracks managed tagging services need not worry about whether the tags used last year are consistent with this year's tags, since the updated solution incorporates a feature that matches text strings, compares taxonomy elements used, and issues alerts if inconsistencies are found. The new feature is available as a review option built into the software.

DataTracks UK, which operates as DTracks Limited in the UK, is part of DataTracks Global. The company is a unit of TaurusQuest, which manages a variety of accounting, legal and back-office processes. It offers preparation of financial statements in XBRL and iXBRL formats for filing with regulators throughout the world. More than 10,000 XBRL statements are prepared through the company each year for filing with regulators like the SEC (News - Alert) in the US, HMRC in the UK and MCA in India.

“Our tagging software has been upgraded to ensure consistency between XBRL tags chosen for comparable data between current year and last year,” said Sneha Rajagopal, vice president, Global XBRL Services. “This feature improves the accuracy of iXBRL tagging.”

The company became a member of XBRL International (XII) earlier this year. XII is the international standards organization tasked with developing and maintaining the XBRL specifications in collaboration with a number of XBRL jurisdictions throughout the world. The group focuses on greater transparency, improved access to reliable and accurate data and reusability of business information.

Membership in the XII gives DataTracks access to a network of XBRL experts, organizations and regulatory bodies as well as other authorities involved with XBRL initiatives. The company also has access to research information, XBRL projects and the latest initiatives.

“DataTracks has been a global level player with more than 10,000 XRBL regulatory filings to its credit and a track record of serving clients worldwide for more than seven years in regulatory filings,” said Rajagopal. “Being a dominant player in the XBRL service industry with global presence, it was time for us to join XBRL US and XBRL International. Access to these networks gives us information on the latest developments in XBRL. We also get to participate in various XBRL steering committees. As a result of our global XBRL experience, we can contribute to various XBRL discussion groups and further propagate the benefits of XBRL beyond regulatory compliance.”