MCA Filings in XBRL format, the easy way
MCA is ready to accept filings in XBRL format. Are you ready?
If you are one of the 38,000 companies in India mandated to file in XBRL format, you have got barely more than a month to do so.
What can you do to get your regulatory filing content converted into XBRL format?
You have four choices:
1. Produce it yourself by buying an XBRL tagging tool
2. Produce it yourself by subscribing to a web based XBRL tagging tool
3. Produce it yourself by using a standard template (available typically in web or as an Excel sheet)
4. Use DataTracks
The choice that is best for you depends upon your ability to make an upfront investment, your ability to get trained in new technology, the number of returns you need to file in a season and the complexity of your financial statements.
A quick comparison of the four alternatives follows:
| Investment of Money | Training Software | Training MCA rules | Updates to tool | Investment of Time | Quality risk | Cost | |
| Buy Software | High | High | High | Required | High | High | High |
| Subscribe to Web service | Not required |
Moderate | High | Not required |
High | High | Moderate |
| Use a template | Not required |
Moderate | Moderate | Not required |
Moderate | Moderate | Low |
| Use DataTracks | Not required |
Not required |
Not required |
Not required |
Very low | Very low | Moderate |
If you need to produce several hundreds of returns buying software or subscribing to a web service could be your best options.
If your financial statements are not complex subscribing to web service could be your best bet.
If you financial statements are very simple using a template could be your preferred route.
If you are a company that is not a large empire of subsidiaries, and your financial statements are not very simple and you want to minimize your investment of money, time and risk, your best bet is to outsource the entire work to an XBRL expert.
What do others do?
Most US corporations and UK companies outsource this work to XBRL experts. We should know because we are one of the leading preparers of XBRL statements in the US and in the UK for more than six years. We have more than 60,000 regulatory filings to our credit in EDGAR and in XBRL format in the US; and have prepared more than 1,500 iXBRL statements in the UK.
DataTracks would be happy to convert your filing content into XBRL format for filing with MCA.
We use our proprietary XBRL tool.
Contact us at enquiry@datatracks.in.
We will do the work for you. You focus on what is important to you.