DataTracks ventures into Singapore offering XBRL Tagging Services
Singapore, Dec 20 2014: DataTracks, a leader in compliance reporting services for preparing annual returns in XBRL format made inroads into Singapore for its tagging Services. DataTracks, with operations in US, UK, Ireland and India has been among the early adopters of XBRL technology and has been assisting companies and accounting firms in preparation of XBRL reports for filing with their respective regulatory agencies.
ACRA (The Accounting and Corporate Regulatory Authority) in Singapore has mandated all Singapore incorporated companies whether public or private to file their financial statements in XBRL format. The companies will need to file their financials in XBRL effective from March 2014. Although, XBRL implementation is in nascent stage in Singapore, it has been accepted widely in European countries and North America as the foremost interactive data format for financial disclosures. Dominic Savio, Vice President, Business Development said, “Singapore provides us with exciting business opportunities for XBRL tagging services and DataTracks would strive to make XBRL implementation process simple and affordable for companies and accounting firms here. XBRL has been gaining acceptance as a globally recognized data format for financial reporting and Singapore has been quick to adopt it for making financial disclosures transparent and reliable.
For this purpose, a new taxonomy called ACRA 2013 was created taking inspiration from disclosure requirements for financial statements in line with the Singapore Financial Reporting Standards.
DataTracks with its team of GAAP experts for different geographies like USA, UK, Ireland and India has been a preferred service provider for XBRL tagging services. DataTracks has experience of working with regulators like SEC in USA, HMRC in UK, Revenue in Ireland & MCA in India and has deep understanding of the associated taxonomies. It has been accredited by ISO for quality and Information Security and has been continuously improving its compliance standards to meet global requirements.
About DataTracks: DataTracks is a global leader in preparation of financial statements in XBRL and iXBRL formats for filing with regulators. With more than 9 years’ experience, DataTracks prepares more than 12,000 XBRL statements annually for filing with regulators such as SEC in the United States, HMRC in the United Kingdom, Revenue in Ireland and MCA in India.
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