Infosys launches XBRL solution

"XBRL Filing solution 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," Infosys said in a statement.

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

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.