DataTracks Supports Open Data Initiative in Arkansas
Arkansas Open Data and Transparency Task Force invited the Data Coalition and some of its members on March 31, 2016, to present on the effectiveness of implementing an open data standard in regulatory reporting in the state ofArkansas. The Task Force was established in 2015 with the objective of recommending specific solutions and legislation for an efficient open data and transparency law before the end of 2016 to maintain and share public data. And open data standard would lead to the following broader-level benefits:
- Quick receipt and consumption of data by regulator
- Greater insights from data available in a structured manner
- One filing shared by multiple agencies (avoiding repetitive reporting)
- Better transparency
- Deterrent to fraud and efficient audit by the state
DataTracks made a presentation on its software used for filing tax returns in inline XBRL format with HMRC in the UK and Revenue in Ireland with a view to supporting the open data initiative in the state of Arkansas. DataTracks briefly explained: how XBRL, which is a popular and widely accepted open data standard, works; what the benefits of inline XBRL are; how effective it is for the regulators receiving the data; how the iXBRL tagging is achieved through the DataTracks software; the key highlights of the software.
Mr. Pramodh Vittal, Head of Product Design, said: "Open data standards, like XBRL or iXBRL, serve as an effective tool that helps the regulators manage the taxpayers' money in a better way by bringing in transparency. Success of the open data standard depends upon the minimum compliance costs and conversion effort. We at DataTracks understand this well and have been successful in providing iXBRL software (for the UK and Ireland) with a user-friendly interface, a simple five-step tagging approach and transfer of iXBRL tags for future reporting periods without having to re-tag the document, which makes the compliance cost less and iXBRL conversion easier."
DataTracks US is part of DataTracks Services Limited, leaders worldwide in the preparation of financial statements in XBRL and iXBRL formats for filing with regulators. DataTracks prepares more than 12,000 XBRL statements annually for filing with regulators such as the SEC in the United States, HMRC in the United Kingdom, Revenue inIreland, Euro filing compliance reports in Europe, ACRA in Singapore and MCA in India.
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