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DATA Act Compliance Shows Room for Improvement
  •   16 Aug, 2018  Posted By Guru Raj Singh   Posted in DATA Act
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On 23 July 2018, the U.S. Government Accountability Office (GAO) released a report that examined the quality of agencies’ spending data in the context of the Digital Accountability and Transparency Act of 2014 (the DATA Act). Perhaps of some concern, … Continue reading

European Commission proposes to clarify the meaning of pre-marketing under AIFMD

In March 2018, the European Commission released a proposal to amend the AIFM directive in order to provide further clarity as to what constitutes pre-marketing. The proposal, if accepted, should be adopted in May 2019, and should then be implemented … Continue reading

The challenges of Solvency II reporting

Recently, InsuranceERM released an article arguing that most Solvency II reporting mistakes happen in solvency ratios. The findings were based on an analysis conducted by Insurance Risk Data, which found that in 68% of cases where errors in quantitative reporting … Continue reading

XBRL – a standard for now and the future of compliance reporting in the US
  •   03 Aug, 2018  Posted By Guru Raj Singh   Posted in XBRL
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XBRL has been around for a few years now. At the time of its introduction, much attention was given to the possibilities that XBRL reporting could offer – digitization, increased comparability and reliability to name a few. However, it’s equally … Continue reading

XBRL around the world
  •   31 Jul, 2018  Posted By Karthik Sathuragiri   Posted in XBRL
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While there has been increased focus on XBRL within the United States over recent months, in part due to the SEC’s recent announcement that iXBRL will be used by operating companies and mutual funds going forward, it’s also worth taking … Continue reading

Making Tax Digital – A step forward towards digitisation

Digitisation is the order of the day. Just as there was a wave of transformation during the late 20th century from paper-based filing to electronic filing in PDF or HTML among various regulators, there is now another wave of change … Continue reading

Sixth ruleset from the XBRL US Data Quality Committee approved

The XBRL US Data Quality Committee (DQC) recently released its sixth ruleset regarding SEC (Securities and Exchange Commission) filings that use either the IFRS or US GAAP taxonomies. Here are some of the key highlights of the ruleset. What’s in … Continue reading

The evolving landscape of Pillar 3

Pillar 3 is part of a framework designed by the Basel Committee on Banking Supervision (BCBS) for capital measurement and capital standards. Specifically, Pillar 3 focuses on the public disclosure requirements that banks and insurance companies must follow. These disclosures … Continue reading

MiFID II: Five months on

It’s been over five months since the Markets in Financial Instruments Directive II (MiFID II) came into effect. As such, many have begun to wonder what impact the directive has had, on both investment firms and financial markets, and whether … Continue reading

News on reforms in Solvency II risk margin for UK entities

The UK regulator – Prudential Regulatory Authority (PRA) – has concerns that the build-up of offshore reinsurance by undertakings can become a major issue when unconstrained. In fact, they believe the stock build-up of offshore reinsurance is an unintended consequence, … Continue reading

What Public Interest Score means for you if you’re a company under the CIPC regime

Thе CIPC (Cоmраnіеѕ аnd Intellectual Prореrtу Cоmmіѕѕіоn) of South Africa has еmbrасеd thе uѕе оf XBRL, the international data standard for financial information, whеn it requires companies to submit their Annuаl Fіnаnсіаl Stаtеmеntѕ (AFS). Being an electronic format, XBRL (eXtensible … Continue reading

The Irish tax system analysed by Social Justice Ireland

Ireland needs more tax revenue Social Justice Ireland (SJI) has suggested that Ireland needs additional tax revenue. They proposed that the Irish government should aim to add about £3 billion to tax revenue each year. Their reason is to ensure … Continue reading

Handling CbCR, and the penalties and impact of non-compliance

Thе BEPS Action 13 report (Trаnѕfеr Pricing Dосumеntаtіоn аnd Country-by-Country Reporting) provides tеmрlаtеs for multіnаtіоnаl enterprises (MNEѕ) to compile rероrts yearly аnd for еасh tаx jurіѕdісtіоn in whісh thеу dо business. Such a report іѕ саllеd the Cоuntrу-bу-Cоuntrу (CbC) Rероrt. … Continue reading

Brexit’s impact on Trade Reporting (MiFID II/R)

As European financial markets come to terms with the outcome of the UK referendum, Brexit has severe implications for the Markets in Financial Instruments Directive (MiFID). MiFID II/R is the cornerstone of EU’s regulation of financial markets. It aims to … Continue reading

Eurofiling XBRL Week 2018

The Eurofiling XBRL Week 2018 recently took place in Warsaw, Poland, between 28 and 30 May 2018. The conference is jointly organised by Eurofiling and XBRL Europe. Eurofiling has been around since 2005, and seeks to encourage collaboration around European … Continue reading

Things you need to know about the SBR mandate for filing with Kvk
  •   06 Jun, 2018  Posted By Gautham   Posted in SBR
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Standard Business Reporting (SBR) is a national standard in Netherlands for digital exchange for business reports like financial statements and tax returns. KvK(Chamber of Commerc) is one mong the four authorities who collect reports in SBR. The Chamber of Commerce (Kamer … Continue reading

Impact of LEI delays on MiFID II/R filing timeline

Eligible lеgаl еntіtіеѕ have until 3 June 2018 to obtain their LEI (Legal Entity Identifier) соdе. After June 3, no EU investment firm can рrоvіdе аnу ѕеrvісе that triggers thе оblіgаtіоn tо ѕubmіt a transaction rероrt for a trаnѕасtіоn entered … Continue reading

New taxonomy version 2.8 released under CRD IV

Thе Eurореаn Bаnkіng Authоrіtу (EBA) hаѕ rесеntlу mаdе сhаngеѕ tо thе rероrtіng framework under thе CRD IV dіrесtіvе and has рublіѕhеd the lаtеѕt vеrѕіоn 2.8 оf thе tаxоnоmу. The EBA released аmеndmеntѕ to the Implementing Tесhnісаl Stаndаrdѕ (ITS) on supervisory … Continue reading

Digital Financial Reporting Transparency in South Africa

Thе Companies and Intellectual Property Commission (CIPC) hаѕ mаndаtеd submission оf Annuаl Financial Stаtеmеntѕ (AFS) in the iXBRL format fоr аll qualifying еntіtіеѕ frоm 1 Julу 2018. Thіѕ article аіmѕ tо explain the concepts, rеquіrеmеntѕ аnd рrосеѕѕ to follow іn … Continue reading

iXBRL in South Africa – Why it makes sense

Regulators in South Africa and other parts of the world still collect Annual Financial Statements (AFS) in PDF and paper formats. However, there is increasing need for adapting to an international standard of accurate, efficient and fast digital business information … Continue reading

What’s new with GAAP?

What’s new with GAAP? In March 2018, the Financial Accounting Standards Board (FASB) stated that the United States Securities and Exchange Commission (SEC) confirmed its approval of the 2018 U.S. GAAP taxonomy. The FASB is an independent not-for-profit organization that … Continue reading

Brexit delays MTD mandate and implementation

Brexit delays MTD mandate and implementation A deadline of 2020 is set for all tax returns to be digitised. However, the Brexit split will delay the MTD (making tax digital) mandate and its implementation which might extend the timeline for … Continue reading

2017 IFRS Foundation Annual Report Released
  •   28 May, 2018  Posted By Karthik Sathuragiri   Posted in ESMA, IFRS
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The IFRS Foundation, which is a not-for-profit public interest organisation that oversees the International Accounting Standards Board (IASB), recently released its 2017 annual report and financial statements. Here are some of the key milestones the Foundation reported in 2017, along … Continue reading

CbCR Hurdles Faced By Tax Departments

In thе раѕt years, the glоbаl rеgulаtоrу environment has bесоmе increasingly demanding fоr multіnаtіоnаl еntеrрrіѕеѕ (MNEѕ). In an attempt tо сrеаtе grеаtеr trаnѕраrеnсу, mаnу tаx аuthоrіtіеѕ nоw require MNEѕ tо rероrt more dеtаіlеd іnfоrmаtіоn wіth rеѕресt tо іnсоmе tаxеѕ раіd. … Continue reading

IFRS 16: Upcoming Changes to Lease Accounting

IFRS 16 Leases comes into effect from 1 January 2019. As the standard will bring about wide-reaching changes to the way businesses account for leases, we highlight what you need to know below. The existing rules will change Currently, leases … Continue reading

ARM or NCA? Benefits of direct MiFID submission
  •   22 May, 2018  Posted By Swappna D   Posted in MiFID
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MіFID II hаѕ reopened the ARM vs NCA dеbаtе. Hоwеvеr, the question hаѕ become more соmрlеx owing to an іnсrеаѕе in the іnfоrmаtіоn required fоr MiFID II rероrtѕ, with аvаіlаblе fіеldѕ jumріng frоm 24 to 65. A brief introduction to … Continue reading

Why you should outsource your iXBRL requirements
  •   22 May, 2018  Posted By Amruth   Posted in ixbrl
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Different regulatory bodies across the world have passed regulations for publicly traded corporations in recent times. Over the past year, many organisations and regulatory agencies have put forth new rules that govern how and when organisations must report their annual … Continue reading

Things you should know about CIPC’s XBRL Programme

The Companies and Intellectual Property Commission (CIPC) embraces international best practices and the іmрасt of the use of iXBRL when submitting Annual Financial Statements (AFS) online and in improving efficiency. iXBRL will simplify reporting financial information electronically for companies. The … Continue reading

Country by Country Reporting: Getting It Right
  •   21 May, 2018  Posted By Karthik Sathuragiri   Posted in CbCR
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Country-by-Country (CbCR) reporting is part of Action 13: Transfer Pricing Documentation and Country-by-Country Reporting of the Base Erosion and Profit Shifting (BEPS) initiative by the OECD.   Part of a three-tiered approach CbCR is just one part of a three-tiered … Continue reading

Structuring the Unstructured – XBRL

XBRL Continues to Make Waves eXtensible Business Reporting Language, or XBRL for short, is an XML-based global data standard that has changed the way that organizations share their business and financial data. We’ve previously discussed the importance of XBRL implementation, … Continue reading

The ESMA Mandate: Impact of iXBRL and ESEF for listed companies in the EU

Digitisation is the norm everywhere; including the agenda from European Securities and Markets Authority (ESMA), pushing for better utilisation of technology in reporting and compliance. The goal being to ensure listed companies within the EU are preparing their annual financial … Continue reading

Things you should know about country-by-country reporting (CbCR)

What is Country-by-Country Reporting and who are the OECD? The Organisation for Economic Cooperation and Development (OECD) is a forum that involves the governments of 35 member countries working alongside those of other 70 non-member countries, all with the aim … Continue reading

Why CFOs should care about FATCA

The Foreign Account Tax Compliance Act (FATCA) was brought into law in 2010. Designed to increase tax compliance by U.S. taxpayers with funds held overseas, FATCA has had wide-ranging implications since its introduction. Not only does FATCA impact U.S. taxpayers … Continue reading

Solvency II: PRA Issues Consultation Paper on Modelling of Volatility Adjustment

Although Solvency II is now well and truly in force, the Prudential Regulation Authority (PRA) continues to publish a number of consultations into Solvency II. The topics of the consultations have ranged from regulatory reporting to changes to the external … Continue reading

Purchasing regulatory software? The 7 things that should be on your checklist

MiFID II, and its accompanying regulation MiFIR, going into effect in January 2018, improved transparency for investors, but at the same time, greatly increased the burden for firms on the reporting front. In addition, the forthcoming General Data Protection Regulation … Continue reading

Why CFOs should care about AIFMD

Hedge funds, private equity firms, real estate, and other investment funds have a historical track record of providing clients with significant returns on investment, over an extended period of time. While they have been great investment options, they traditionally did … Continue reading

Impact of changes in financial reporting for small and micro entities accounting standards

The FRC (Financial Reporting Council) promotes high-quality corporate governance and set the standards for accounting, auditing, and actuarial work in the UK. The quality of corporate reporting and auditing are regularly monitored by FRC. Recently, FRC published a number of … Continue reading

HMRC postpones Making Tax Digital project by another year

Making Tax Digital (MTD) for Businesses project is HMRC’s ambitious project to make the tax system advanced and efficient. After much consideration about the rate and scale of changes, the government has recently postponed the Making Tax Digital scheme to … Continue reading

ESMA Initiates Inline XBRL Testing

Issuers listed on stock markets in the EU are governed by the European Transparency Directive. This directive requires such listed companies to prepare and submit financial reports in a European Single Electronic Format (ESEF). European Securities and Markets Authority (ESMA) … Continue reading

Making Tax Digital reporting system beta test to begin in April, 2017 – HMRC

HM Revenue and Customs (HMRC) has confirmed plans to beta test its Making Tax Digital (MTD) reporting system in April, with up to 100 testers due to be selected for an initial pilot ahead of a more significant trial in … Continue reading

Digital Revolution in Compliance Reporting

Computers revolutionised the world of information decades ago. ‘Interactivity’, however has been a more recent phenomenon. Hitherto, data collection by Regulators has always been in ‘non-interactive’ formats like PDF, Word, etc. This scenario is changing as we go to press. … Continue reading

HMRC reveals responses towards Making Tax Digital for Business (MTDfB) project

A step to modernize the tax system was taken when the HMRC identified a tax gap of close of 8 billion between tax receivable and actual tax collected, owing to taxpayer errors. The roadmap to achieving this is the Making … Continue reading

Your smarter choice for iXBRL preparation

All corporate tax payers in the UK need to file their CT600 form with HMRC including the Accounts, in iXBRL format. There are several ways corporations can fulfill this requirement including, in-house, getting it done through the Accountants/Tax Advisors, or … Continue reading

Have you filed your Confirmation Statement?

Companies House and HMRC are having a busy year implementing several changes. HMRC notified tax payers about withdrawing its free CT600 and restricting access of their new online filing system CATO to unrepresented companies. HMRC also notified that support for … Continue reading

Will Revenue of Ireland extend your iXBRL filing deadline?
  •   20 Jul, 2016  Posted By Getsy Jenita   Posted in ixbrl
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Companies registered for Corporation Tax must file the CT1 Corporation Tax return form on an annual basis.  Companies are also required to file their financial statements in iXBRL format through Revenue’s Online Services (ROS). The CT1 form and any balance … Continue reading

Importance of XBRL Implementation
  •   20 Jul, 2016  Posted By Pramodh Vittal   Posted in XBRL
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XBRL (eXtensible Business Reporting Language), as we all know it, is a globally accepted standard for exchanging business information. From the Regulator’s perspective, it is an interactive data format as against  the merely readable formats like HTML, PDF etc., that … Continue reading

Impact of New FRS for HMRC Filing

While iXBRL conversions of financial statements and tax computations are now routine activities for corporation tax payers in UK, new challenges await filers in the latter half of this year. Ever since the Financial Reporting Council (FRC) came up with … Continue reading

XBRL Sustainable reporting brings accountability and transparency
  •   04 Jul, 2016  Posted By Getsy Jenita   Posted in XBRL
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The flow of information from one point to another is important to keep the ecosystem intact, especially in the financial world. Regulators need it to regulate the enterprises; investors need it to analyze the enterprise’s performance and take an investment … Continue reading

Making Tax Digital
  •   28 Jun, 2016  Posted By Stephen Parnham   Posted in HMRC, Tax
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Despite assurances that the digitisation of tax reporting is going to be straightforward and simple it is likely that the process will prove time consuming, costly, worrying and turn out to be a burden on many for little, if any, … Continue reading

HMRC’s Termination of UK GAAP and UK IFRS Taxonomies and Adoption of New Ones
  •   17 Jun, 2016  Posted By Getsy Jenita   Posted in HMRC
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HMRC has mandated Financial Statements attached to CT600 in iXBRL format since 2011. Since then, they have accepted UK GAAP and UK IFRS as the two accounting standards and appropriate taxonomies have been accordingly accepted. With the introduction of  the … Continue reading

Accountex 2016: iXBRL compliance reporting in 3 easy steps with DataTracks
  •   11 May, 2016  Posted By Getsy Jenita   Posted in ixbrl
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DataTracks offer a fully assisted outsourced service for iXBRL conversion of financial statements. With more than 35,000 iXBRL statements prepared, our solution is sought after for its easy and user-friendly interface, quick turnaround time, customized packages to suit organizational needs, … Continue reading

Companies house releases technical specification for electronic filing service

The United Kingdom is one of the countries that has chosen an interactive data (XBRL/iXBRL) platform for collection of company data. Companies House, which is the corporate regulator in the UK, was planning for mandatory XBRL collection of Annual Reports … Continue reading

Solvency II – At The Gates

With the Solvency II Taxonomy 2.0.1 out, we are almost at the end of the long series of taxonomies that we have encountered in this last year. Every ending, however, is a new beginning, and with the first live filing … Continue reading

AIFMD: Investor Ownership, Classification & Liquidity
  •   28 Oct, 2015  Posted By Gopi P Dhamodaran   Posted in AIFMD
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Investor Ownership, Classification & Liquidity: Reporting for Alternative Investments under Alternative Investment Fund Managers Directive (AIFMD) requires the funds to report various investor-related questions; Top 5 investors’ aggregate percentage (or %) holding in the fund Ownership by investor group type … Continue reading

DataTracks at XBRL International, Copenhagen
  •   11 Sep, 2015  Posted By Anupam Das   Posted in XBRL
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The 28th Annual XBRL International Conference concluded yesterday in Copenhagen, Denmark. As a meeting ground for the various stakeholders that make up the XBRL – and, in fact, more broadly, the Open and Standard Data – ecosystem, the conference was … Continue reading

Three Challenges for Accountants in the Next Decade

Trust in traditional financial institutions remains extremely low in the UK and yet accountants are still one of the most trusted sources of advice for the majority of businesses. Major challenges driven by technological change could, however, threaten that cherished … Continue reading

Alternative Investment Fund Managers Directive (AIFMD) & Risk Management
  •   28 Aug, 2015  Posted By Gopi P Dhamodaran   Posted in AIFMD
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Alternative Investments form one of the investment vehicles that provide high returns to the investors, but at high risk. The risk in alternative investments is driven by factors such as: type of instruments, type of industry/sector, region in which investments … Continue reading

The Pain of a CFO
  •   29 Jul, 2015  Posted By Stephen Parnham   Posted in CFO
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“The job of a CFO is to make sure the company is still around in 10 years time.” No other phrase better sums up the role of a CFO and just how crucial that role is in any organisation. Over the … Continue reading

AIFMD Complexity in Reporting
  •   27 Jul, 2015  Posted By Gopi P Dhamodaran   Posted in AIFMD
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AIFMD Annex IV reporting data can be classified into: Static data such as name of the fund house, name of the fund, legal entity code etc. Calculated data such as Asset under Management (or AuM), geographical focus, concentration of assets, … Continue reading

Investment property & FRS 102

ACCOUNTING FOR FRS102 Some of the most practical issues surrounding FRS 102 are those concerning investment properties and the significantly different accounting treatments under FRS 102 and SSAP 19. The definition of investment property under FRS 102 is set out … Continue reading

Asset Under Management (AuM) & Liquidity
  •   08 Jun, 2015  Posted By Gopi P Dhamodaran   Posted in AIFMD
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Asset under Management (AUM), portfolio liquidity and investor liquidity are critical yardsticks to measure the fund’s performance. Regulators require fund managers to disclose these information in their regulatory report in order to ensure more transparency in the market and to … Continue reading

Regulatory Reporting For Alternative Investment – (AIFMD)
  •   29 May, 2015  Posted By Gopi P Dhamodaran   Posted in AIFMD
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The European Union (EU) has commenced regulations for Alternative Investments managed or marketed in the European Economic Area (or EEA). The reporting obligation shall depend upon the Asset under Management (or AuM) of the fund marketed or managed in the … Continue reading

New FRS Taxonomies Call Time On Minimum Tagging

Where we have come from: 2011 – 2014 Since the introduction of HM Revenue & Customs computer-readable ‘Extensible Business Reporting Language’ or iXBRL mandate in April 2011, minimum tagging has been the subject of considerable concern and debate. Minimum tagging … Continue reading

DataTracks Customer Satisfaction Survey: Delivering business benefits for our clients

DataTracks latest customer satisfaction survey demonstrates high level of customer satisfaction and tangible business benefits delivered seamlessly to its clients. The survey was designed to judge 5 parameters, namely Timeliness of Output Response Time to complaints Complaint Resolution Process Value … Continue reading

COREP FINREP Reporting: A Primer
  •   25 Feb, 2015  Posted By Rohan Shirdhankar   Posted in COREP
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In response to the global financial crisis, the European Commission decided that it was time that high quality regulatory reporting was implemented by scrutinising the financial data of companies in much more detail. Consequently, to align with the international bank … Continue reading

Solvency II: Begin at the Beginning

Insurance and reinsurance undertakings across the European Economic Area (EEA) are gearing up for the implementation of Pillar 3 of the Solvency II Directive first published in 2009 (2009/138/EC) and amended later. Originally slated to start in January 2014, Pillar … Continue reading

Timelines for Transition to FRS (the new UK GAAP)
  •   28 Jan, 2015  Posted By Meena Mahadevan Iyer   Posted in FRS 102
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Financial Reporting Council (FRC) has issued three new accounting standards collectively known as Financial Reporting Standards (FRS) which will replace the existing UK GAAP. Synopses of the three FRS standards are given below: FRS 100: Application of Financial Reporting Requirements … Continue reading

HMRC’s experience with iXBRL data
  •   26 Dec, 2014  Posted By Rohan Shirdhankar   Posted in iXBRL filing
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After four years of successful implementation of iXBRL, HMRC has shared its experience on high quality analysis. The iXBRL has been proven advantageous to HMRC and has provided an improved reporting and analysis capability for tax authorities. It has also … Continue reading

FRS 102 and Transitioning Accounts
  •   24 Nov, 2014  Posted By admin   Posted in FRS 102
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FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (the new UK GAAP) becomes mandatorily effective for accounting periods commencing on or after 1 January 2015 for entities who are not eligible, or choose not … Continue reading

The Key Differences between UK GAAP and FRS 102

The FRS 102, published recently by the Financial Reporting Council (FRC) is a replacement of the UK GAAP system that is used by enterprises in the UK and Ireland for filing their annual statements to the revenue bodies and regulatory … Continue reading

The XBRL Tagging Conventions (Taxonomies) published by the Financial Reporting Council (FRC) – FRS 101, FRS 102 and EU-adopted IFRS

The Financial Reporting Council (FRC) had released the FRS 101 and FRS 102 which forms the basis of the new UK GAAP. These standards are effective for the accounting periods beginning from 1st January 2015. Based on this, FRC has … Continue reading

iXBRL Submission Rejections by HMRC – A Study

This article will help you in understanding the Do’s and Don’ts during iXBRL submission with HMRC. Observing the nature of the queries we have received from our customers, we have listed down a few common scenarios and the solutions that … Continue reading

The new UK GAAP presents challenges in preparing iXBRL

The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment. In 2012 and 2013 the FRC revised financial reporting standards in the UK and Republic of Ireland. The … Continue reading

Detailed Profit and Loss Taxonomies mandate from HMRC

All tax filing submissions to HMRC, on or after 1st April 2014, that contain a detailed Profit and Loss (whether it appears in the accounts or computations) must be tagged in iXBRL using the DPL taxonomy. DPL taxonomy is intended … Continue reading

New UK GAAP – FRS 100, 101 & 102 : A Quick Overview

The Financial Reporting Council (FRC) in UK has published three standards which form the basis of the new UK GAAP. These standards are applicable in UK and in Ireland. This framework will be effective for the accounting periods beginning from … Continue reading

Companies House publishes XBRL/iXBRL company accounts to general public

Companies House has launched its Free Accounts Data Product in response to the market demand for company accounts data, and to be consistent with the UK government’s open data agenda. It is part of the Public Data Group (PDG), which … Continue reading

Revenue Ireland iXBRL Project

Ireland has just kick started its mandated iXBRL program – second largest iXBRL program in the world. Here is the project overview for a better understanding. What is required? Tax returns that are filed with Revenue Ireland are required to … Continue reading

How companies can reduce HMRC rejection

The transition to iXBRL (inline eXtensible Business Reporting Language) technology has enabled HMRC (Her Majesty’s Revenue and Customs) to validate the contents of accounts and tax computation statements, a feature that was not possible with the previous PDF attachments. This … Continue reading

ICAEW accreditation – What it means for you?
  •   29 Nov, 2012  Posted By admin   Posted in ixbrl
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The Institute of Chartered Accountants of England & Wales (ICAEW) is one of the largest professional accountancy bodies operating in Europe. It has more than 118,000 members. The Institute operates under a Royal Charter, and provides accreditation to desiring professionals … Continue reading

Companies House Filing vs HMRC Filing with iXBRL | DataTracks UK

Companies registered in the UK are required to file their accounts with Companies House, while all businesses (not just companies) are required to do the same with HMRC, along with their tax returns. Companies are therefore required to submit the … Continue reading

Accounting Standards – International IFRS Use & Status
  •   10 Oct, 2012  Posted By Sneha Rajagopal   Posted in ixbrl
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International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB). The main objective of IFRS is to have one global set of accounting standards. Adoption of an accounting standard is purely … Continue reading

Roll forward in iXBRL Explained

XBRL statements are being prepared by companies once every quarter or every year depending on the regulatory requirements of each country. Updating an XBRL document for a new period requires four types of changes to be managed: 1. Changes in … Continue reading

Why HMRC Made the Right Decision to Choose iXBRL over XBRL

XBRL (eXtensible Business Reporting Language) is an open technology standard for business reporting.  XBRL is based on XML (eXtensible Markup Language).  iXBRL (Inline XBRL) is a development over XBRL, where the key enhancement lies in the rendering of tagged facts … Continue reading

Analysis of the Trends in First Year iXBRL Filings in UK

The past year has witnessed the marketplace for iXBRL services boom with a number of service providers vying for consumer attention since the introduction of the HMRC’s mandate. DataTracks has been at the forefront of the market, providing services to … Continue reading

What is iXBRL? Differences between XBRL and iXBRL

XBRL (eXtensible Business Reporting Language) is an open technology standard for financial reporting, based on XML (eXtensible Markup Language). XML, in its original form, is a markup language that defines the manner in which the documents can be encoded, making … Continue reading

What should you look for in an iXBRL tagging services provider?

With the increasing number of iXBRL tagging service providers in the industry, it becomes vital that companies and accounting firms choose the right iXBRL tagging service provider. Here are some tips on how you should decide on an iXBRL managed … Continue reading

More Tips for successful iXBRL filing with HMRC

As we enter the peak season of iXBRL filing in the United Kingdom, there is a buzz of activity in the market around companies, accounting firms along with iXBRL software and service providers. While a good number of accounting firms … Continue reading

Why do companies prefer to use outside vendors rather than prepare iXBRL documents in-house?

There are two myths about conversion of financial documents into iXBRL format. Myth 1: it is simple. Myth 2: It is complex. The first reaction of most companies is to try and prepare the iXBRL statements in house using an … Continue reading

Tips to Users to ensure quick and error free output from DataTracks
  •   12 Oct, 2011  Posted By admin   Posted in ixbrl
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In the beginning there was euphoria when we learnt of the HMRC initiative to collect financial statements and tax computations in iXBRL format. You don’t get an opportunity to address a new market with such a large size. The euphoria … Continue reading

iXBRL is here to stay
  •   16 Sep, 2011  Posted By admin   Posted in ixbrl
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The iXBRL deadline has come and gone. We are now past 1 April 2011 and quite a few companies have already filed their corporation tax returns and related financial statements electronically with HMRC in iXBRL. A good number of companies … Continue reading



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