Breaking News: Vakils and Jyoshan form a new company that targets the financial reporting market
In a move with far-reaching implications for financial reporting, Vakils and Jyoshan Digital Media Services, promoted by Venkat 'Puru' Purushotham have formed a company called JVX Media Services.
22 Jul 2011 | By Samir Lukka
Breaking News: Vakils and Jyoshan form a new company that targets the financial reporting market
JVX aims to deliver content on cross media platforms.
Vakils is an established and well recognised name for printing of annual reports. Vakils strengths combined with Jyoshan’s, expertise in content transformation will offer great value for corporates in filing their annual reports in XBRL format. The company will be operational early August and has already begun targeting the year-end annual reports of March 2011.
"The Ministry of Corporate Affairs (MCA) has mandated all companies over a turnover of Rs100-crore or Rs 5-crore paid-up capital to file their annual financial statements in XBRL format only," said Bimal Mehta, executive director of Vakils.
XBRL (Extensible Business Reporting Language) provides a common, electronic format for business reporting. It is a data-rich dialect of XML, the universally preferred language for transmitting financial information via the internet.
MCA, as part of its green initiatives, has also mandated companies to send an electronic version of the annual report to the shareholders as an alternative to the printed version. According to Mehta, the paper-based annual reports will reduce by 30% in the next financial year.
Vakils is offering an HTML micro-site as part of its service offerings to its annual report customers.
Mehta added: "In the PDF versions which are prevalent, annual reports are slow to download and have a linear page viewing." Demonstrating on the iPad, he pointed out, that "On html, it is optimised for a quick view, is more intuitive to navigate, easier to link and better support for multimedia content apart from the most important benefit of cost saving. The whole operational cost for this html micro site is significantly less than the lakhs of rupees spent by corporate companies on printing and mailing of annual reports for shareholders."
Vakils Premedia has a significant experience in preparation of online annual reports for its strategic partner Heywood Innovation in Australia. According to Mehta, 80% of the shareholders prefer online html versions over the print version in Australia.
Vakils is an established and well recognised name for printing of annual reports. Vakils strengths combined with Jyoshan’s, expertise in content transformation will offer great value for corporates in filing their annual reports in XBRL format. The company will be operational early August and has already begun targeting the year-end annual reports of March 2011.
"The Ministry of Corporate Affairs (MCA) has mandated all companies over a turnover of Rs100-crore or Rs 5-crore paid-up capital to file their annual financial statements in XBRL format only," said Bimal Mehta, executive director of Vakils.
XBRL (Extensible Business Reporting Language) provides a common, electronic format for business reporting. It is a data-rich dialect of XML, the universally preferred language for transmitting financial information via the internet.
MCA, as part of its green initiatives, has also mandated companies to send an electronic version of the annual report to the shareholders as an alternative to the printed version. According to Mehta, the paper-based annual reports will reduce by 30% in the next financial year.
Vakils is offering an HTML micro-site as part of its service offerings to its annual report customers.
Mehta added: "In the PDF versions which are prevalent, annual reports are slow to download and have a linear page viewing." Demonstrating on the iPad, he pointed out, that "On html, it is optimised for a quick view, is more intuitive to navigate, easier to link and better support for multimedia content apart from the most important benefit of cost saving. The whole operational cost for this html micro site is significantly less than the lakhs of rupees spent by corporate companies on printing and mailing of annual reports for shareholders."
Vakils Premedia has a significant experience in preparation of online annual reports for its strategic partner Heywood Innovation in Australia. According to Mehta, 80% of the shareholders prefer online html versions over the print version in Australia.
See All