NEW DELHI: Country’s second largest software exporter Infosys today announced the launch of XBRL filing solution to help companies file their financial statements in the format mandated by the Ministry of Corporate Affairs. XBRL Filing solution released by Infosys is a ready to use tool, in which users can convert their excel-based financial information into XBRL (eXtensible Business Reporting Language) format in a few simple steps.
This standalone solution can be integrated into a Microsoft Excel format and can be used immediately after installation, it added.
There are about eight lakh companies across the country which will have to file their financial statements using XBRL format over the next couple of years.
The key benefits of XBRL are transparent filing of financial statements, quick analysis of financial data, improved monitoring by regulators, easier detection of errors and inconsistencies, significant cost reduction in data collection among others.
