Users can convert their excel-based financial information into XBRL format
Infosys has launched XBRL Filing Solution, an offering for Indian companies to file financial statements in XBRL (eXtensible Business Reporting Language) format.
With XBRL Filing Solution, users can convert their excel-based financial information into XBRL format in a few simple steps and the offering can be integrated into a Microsoft Excel format, post which it can be used immediately after installation.
The new filing offering includes the accountant community, a feature that allows organisations to generate an embedded XBRL report view, to review financial statements before filing.
The Infosys filing offering has been developed based upon the taxonomy developed for the existing Schedule VI, as per the existing Accounting Standards notified under the Companies Rules, 2006.
XBRL Filing Solution addresses the requirements of Indian companies who want to file their financial statements in XBRL format starting the financial year 2010-11 based on the Ministry of Corporate Affairs (MCA) mandate, said the company.
Infosys India Business head Raghu Cavale said, the mandate from the Ministry of Corporate Affairs (MCA) to digitise the entire process of preparing and filing financial statements for Indian corporates is appreciable.
"This will bring in greater transparency, uniformity, ease of view and review of financial information. XBRL Filing solution from Infosys fulfills this demand by giving users a Microsoft Excel based solution for the generation of reports in XBRL format. This is a part of our consistent effort to provide appropriate tools to help our clients address emerging business challenges," said Cavale.