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Infosys Brings XBRL Solution to Indian Market

Businesses can reduce the burden and difficulty of manual financial reporting

To assist Indian firms in their efforts to achieve financial reporting compliance, Infosys has debuted its new XBRL

To assist Indian firms in their efforts to achieve financial reporting compliance, Infosys has debuted its new XBRL solution.

With companies around the country adjusting to regulatory changes mandated by the Ministry of Corporate Affairs, many are searching for guidance in their preparation of fiscal 2011 statements. Infosys believes it has satisfied this demand with one easy-to-use tool.

"The mandate from the MCA to digitize the entire process of preparing and filing financial statement for Indian corporates is appreciable," noted Infosys regional spokesman Raghu Cavale. "This will bring in greater transparency, uniformity, ease of view and review of financial information."

The new software is based upon the Microsoft Excel platform and allows executives to generate XBRL filings with unprecedented ease.

According to Business Finance Magazine, a similar "interactive data" mandate from the U.S. Securities and Exchange Commission is generating increased interest in XBRL software solutions among American firms.

The extensive administrative burden associated with applying XBRL tags to all financial filings has inspired many organizations to partner with a third-party service provider, according to the news outlet. However, the rise of automated, intuitive XBRL software solutions from Infosys and others may allow companies to handle the task internally. 

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