Infosys unveils XBRL filing solution

BANGALORE, INDIA: Infosys Ltd on Friday announced the launch of XBRL Filing Solution, a solution for Indian companies to file financial statements in XBRL(eXtensible Business Reporting Language)format.

This solution is aimed at addressing the requirements of Indian companies who are required to file their financial statements in XBRL format starting the financial year 2010-11 based on the Ministry of Corporate Affairs (MCA) mandate.

XBRL Filing solution developed by Infosys,is a ‘Ready to Use’ tool, in which users can convert their excel-based financial information into XBRL format in a few simple steps. This standalone solution can be easily integrated into a Microsoft Excel format, post which it can be used immediately after installation.

“The mandate from the MCA to digitize 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,” said Raghu Cavale, head India Business at Infosys.

“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,” he added.

XBRL Filing solution provides the accountant community a feature that allows them to generate an embedded XBRL report view, to review financial statements before filing. XBRL Filing solution has been developed based upon the taxonomy developed for the existing Schedule VI, as per the existing (non-converged) Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006.