NEW YORK, March 12, 2015 /PRNewswire/ --
In a recent development, the SEC announced its adoption of the 2015 US GAAP taxonomy developed by the Financial Accounting Standards Board (FASB). FASB is the governing body overlooking development and maintenance of taxonomy for public companies registered with the SEC. The recent version contains a mix of updates and revisions to the existing taxonomy used by the companies to file their financial statements in XBRL format with the SEC.
Of late, the SEC has been encouraging companies to use the most recent version of taxonomy for including relevant tags in their financial statements. The SEC came down heavily on corporates failing to comply with the latest revisions. In July last year, the SEC sent letters to CFOs of those companies that did not include all the required calculation relationships in their XBRL report.
Suresh Illath, Senior Vice President, Service Delivery at DataTracks says, "XBRL is a globally accepted reporting format which provides transparent and reliable information. The SEC in its quest for continuous improvements to reporting periodically incorporates revisions to the taxonomy. Here at DataTracks, we continuously monitor the regulations and their related revisions and integrate it with our systems to keep our clients abreast of SEC's upgrades."
Balaji Muthukrishnan, Vice President, Service Delivery at DataTracks adds, "With the SEC striving for an error-free reporting environment with low extensions, the filers are encouraged to keep a track of latest developments in taxonomy. Since it becomes time-consuming and complex for them, they rely on DataTracks to provide high quality reports at quick turnaround times to meet their filing requirements. DataTracks has been partnering with companies since the introduction of mandatory XBRL reporting by the SEC. With a strong team of US GAAP experts, DataTracks is trusted by companies across the industry for their 10-K and 10-Q reports."
DataTracks provides compliance reporting solutions to enterprises across North America, Europe and Asia. Being a pioneer in XBRL technology, DataTracks' Disclosure Management Solution provides cloud-based collaborative experience for preparing regulatory and statutory reports.
About DataTracks: DataTracks Inc. is part of DataTracks Services Limited (http://www.datatracksglobal.com), leaders worldwide in the preparation of financial statements in XBRL and iXBRL formats for filing with regulators. 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, ACRA in Singapore and MCA in India.
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