LONDON, March 29, 2012 /PRNewswire-iReach/ -- DataTracks UK, a leading provider of managed tagging services, announces an upgraded version of its iXBRL software that includes a feature to ensure consistency between the XBRL tags used, for comparable data elements, in the current year and last year.

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Customers who use DataTracks managed ixbrl tagging services would not have to worry whether the tags used last year and the tags used this year are consistent.  The software now incorporates a feature that matches text strings, compares taxonomy elements used, and alerts if there is any inconsistency.

In the UK, Her Majesty's Revenue & Customs (HMRC) had mandated that all tax returns and financial statements should be filed electronically in iXBRL format last year.  Most companies would commence filing for the second year in iXBRL format now.

"Our tagging software has been upgraded to ensure consistency between XBRL tags chosen for comparable data between current year and last year.  This feature improves the accuracy of iXBRL tagging", said Sneha Rajagopal, Vice President, Global XBRL Services. This feature is available as a review option built into the software.

DataTracks UK is a vendor recognized by HMRC to provide iXBRL managed tagging services in converting financial statements and tax computations into iXBRL format.  During 2011 DataTracks UK  prepared several thousand statements in iXBRL format.  DataTracks currently offers XBRL solutions for US, UK and India markets and plans to extend its services to other countries in the near future. Services are offered through a self-service web portal, where users can set up accounts, pay online, upload inputs for conversion into iXBRL format, and download output instance documents. 

About DataTracks UK:  DataTracks UK (operating as DTracks Limited in the UK) is part of DataTracks Global, leaders worldwide in preparation of financial statements in XBRL and iXBRL formats for filing with regulators.  DataTracks Global prepares more than 10,000 XBRL statements per annum for filing with regulators such as SEC in United States, HMRC in the United Kingdom and MCA in India.  DataTracks Global is a unit of TaurusQuest (www.taurusquest.com).

Media Contact: Sandeep John, DataTracks UK, +44 (20) 3468 6382, media@datatracks.co.uk

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SOURCE DataTracks UK

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