Infosys Ltd today announced the launch of XBRL Filing Solution™, a solution for Indian companies to file financial statements in XBRL (eXtensible Business Reporting Language) format. This solution is aimed at addressing the requirements of Indian companies who are required to file their financial statements in XBRL format starting the financial year 2010-11 based on the Ministry of Corporate Affairs (MCA) mandate.
XBRL Filing solution™ developed by Infosys, is a 'Ready to Use' tool, in which users can convert their excel-based financial information into XBRL format in a few simple steps. This standalone solution can be easily integrated into a Microsoft Excel format, post which it can be used immediately after installation.
Raghu Cavale, Head India Business at Infosys said,"The mandate from the Ministry of Corporate Affairs (MCA) to digitize 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. XBRL Filing solution™ from Infosys fulfills this demand by giving users a Microsoft Excel based solution for the generation of reports in XBRL format. This is a part of our consistent effort to provide appropriate tools to help our clients address emerging business challenges."
XBRL Filing solution™ provides the accountant community a unique feature that allows them to generate an embedded XBRL report view, to review financial statements before filing. XBRL Filing solution™ has been developed based upon the taxonomy developed for the existing Schedule VI, as per the existing (non-converged) Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006.
About Infosys Limited
Many of the world's most successful organizations rely on the 142,000 people of Infosys to deliver measurable business value. Infosys (infosys.com) provides business consulting, technology, engineering and outsourcing services to help clients in over 30 countries build tomorrow's enterprise.
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Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2011 and on Form 6-K for the quarters ended December 31, 2010, June 30, 2011 and September 30, 2011. These filings are available at sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company.