Infosys rolls out XBRL filing solution

by CXOtoday Staff    Nov 18, 2011

India’s second largest software company Infosys launched XBRL Filing solution to help Indian companies file financial statements in eXtensible Business Reporting Language (XBRL) format.

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

According to Infosys, the solution 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.

Raghu Cavale, Head India Business at Infosys said that the mandate from the MCA to digitize the entire process of preparing and filing financial statements for Indian corporates was appreciable. “This will bring in greater transparency, uniformity, ease of view and review of financial information.”

The tool will provide users a Microsoft Excel based solution for the generation of reports in XBRL format.

The MCA had decided to implement XBRL for all companies in India from 2011. XBRL allows the users of financial information to electronically retrieve data with greater assurance of accuracy.

According to the Institute of Chartered Accountants of India and MCA; XBRL can also be helpful for the government to tackle corruption.