Regulatory Reporting for AIFMD, CRD IV, Solvency II, MiFID II, FATCA and AnaCredit

Press Release

DataTracks Commends SEC's Adoption of Inline XBRL

03/07/2018
GENERAL

The Securities and Exchange Commissions (SEC) on 28 June 2018 voted on the adoption of iXBRL (Inline eXtensible Business Reporting Language) for submission of financial statement information and risk/return summaries by companies and funds. The Commission voted in favor of making amendments to the XBRL requirements that already exist for qualifying companies.

The amendments – to obligate public companies and funds to utilize Inline XBRL for all filings that they currently submit in XBRL – were first proposed in March 2017, following an experiment where SEC started allowing voluntary submissions in iXBRL from June 2016. DataTracks commends SEC’s passing of the new iXBRL requirements, which will take effect in phases starting from 2019.

“The vote in favor of amending the existing requirements is a major step towards better reporting, and high quality financial information,” said Karthik Sathuragiri, President, DataTracks. “This will greatly reduce the cost of compliance while improving accuracy of financial statements and making it easier for companies to file required compliance information with the Commission. At DataTracks, we work with over 12,000 enterprises worldwide on their XBRL/iXBRL requirements and we are excited with SEC mandating this for qualifying companies in the United States.”

“This move not only modernizes reporting and improves accessibility of financial information, but also empowers investors and stakeholders to make better decisions, and will ultimately result in improved market efficiency,” added Manish Mishra, VP – US Sales, DataTracks. “For over 8 years, DataTracks has been iXBRL-capable, helping companies comply with regulators around the world, generating accurate, high-quality Inline XBRL documents.”

About DataTracks

DataTracks is a global leader in disclosure management and regulatory compliance software and services. Six of the top 10 accounting firms and over 12,000 enterprises across global markets trust us with their data, counting on our deep expertise to help them inform, decide and comply. We enable enterprises across geographies to file reports compliant with the standards of regulators like the SEC (the US), HMRC (the UK), Revenue (Ireland), various EU regulatory authorities, ACRA (Singapore), MCA (India), and CIPC (South Africa). To know why financial accounting firms and enterprises world-over trust DataTracks, please visit www.datatracks.com, www.datatracks.co.uk and www.datatracks.eu.

 

For business enquiries contact: 1800-937-9280 (toll-free), enquiry@datatracks.com

Media contact: Karthik Sathuragiri, President, DataTracks, +91 99860 34993, karthik@datatracks.com

Website: www.datatracks.com



Specialists in XBRL and regulatory reports

DataTracks prepares more than 14,000 XBRL statements annually for filing with regulators such as SEC in the United States, HMRC in the United Kingdom, Revenue in Ireland, Eurofiling compliance reports in Europe, ACRA in Singapore and MCA in India. Honed by our experience of preparing more than 185,000 compliance reports, our solutions and services are designed to assure quality, reliability and ease of use.

185,000+

compliance reports

18,000+

Clients

12

Regulations

15+

years experience






Blog

The Importance of Maintaining Transparency While Reporting Financial Data to ESMA

09/02/2020 ||By: Pooja Parikshit

The use of data is no longer limited to big corporations and data analytic companies. Most enterprises today use analytics in some capacity; it’s fair to say the process is widespread. Maintaining transparency in data reporting is equally essential. The European Securities and Markets Authority (ESMA), for instance, has gone through great lengths to ensure […]


Blog

The New Update in the Reporting Manual on European Single Electronic Format by ESMA

08/19/2020 ||By: Pooja Parikshit

To resolve filing issues and make the process more convenient for issuers, ESMA continually updates its reporting manual on the ESEF (European Single Electronic Format). The new update entails an expansion of the existing guidance and reflects relevant developments in the technical specifications. Let’s see what’s new with ESMA and how to choose the right […]


Blog

Phase 2 of the Technical Package on Reporting Framework 2.10 Released by the EBA

07/29/2020 ||By: Pooja Parikshit

To improve and ease the issuers’ reporting structure, the European Banking Authority (EBA) continuously works towards improvements and updates in their regulations. Considering this and the current crisis due to COVID-19, the EBA recently released phase 2 of its technical package on  the reporting framework 2.10. This update lays down the technical tools and specifications […]