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How Does iXBRL Affect My Business’ Accounts Preparation and Reporting Process?

From 1 January 2010, legislation has been in place in the U.K. that requires companies to file their accounts and computations with HMRC in Inline XBRL (iXBRL) format in respect of returns submitted on or after 1 April 2011. There … Continue reading

XBRL awareness required: Does your company need to file AFS in iXBRL with CIPC?

From 1 July 2018, CIPC (Companies and Intellectual Property Commission) mandated that all qualifying entities in South Africa must submit their Annual Financial Statements (AFS) in iXBRL with their annual returns. Yet, many companies are still unaware of the mandate. … 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

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

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

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

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

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

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

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

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 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

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

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

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

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

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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