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Introduction to Structured Data Standard: XBRL
  •   20 Dec, 2018  Posted By Thenvi Subin   Posted in Uncategorized
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XBRL(eXtensible Business Reporting Language) has gained popularity as one of the most popular mediums for sharing financial data among financial publishing houses, stock broking firms, security regulators, accounting organizations etc. What makes XBRL user-friendly is the fact that each information … Continue reading

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

Malaysian Business Reporting System (MBRS) – What you need to know
  •   20 Nov, 2018  Posted By Thenvi Subin   Posted in MBRS
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In Malaysia, all companies (both public and private) need to register themselves with the Malaysian Regulator, Suruhanjaya Syarikat Malaysia (SSM), and these companies have to submit their financial information to SSM once every year. The regulator’s role is to enhance … Continue reading

House of Representatives Passes the GREAT Act

In the final week of September 2018, the House of Representatives passed the Grant Reporting Efficiency and Agreements Transparency (GREAT) Act of 2018 through a voice vote. Although there is still work to be done before the GREAT Act of … Continue reading

Proposed Update to the IFRS Taxonomy 2018 Released by the IFRS Foundation

On September 20 2018, the IFRS Foundation published Proposed IFRS Taxonomy 2018 Update PTU/2018/1 relating to Common Practice (IFRS 13 Fair Value Measurement), which is now open to the public for consultation. According to the IFRS Foundation, the proposed amendment includes … Continue reading

The advantages of XBRL

XBRL, also known as eXtensible Business Reporting Language, is an open standard reporting language that was introduced with the intention of improving the quality of financial data reporting. It is a form of extensible markup language (XML) that is used … Continue reading

The Federal Data Strategy: An Overview

The digital age is no longer a futuristic world, nor is it considered to have reached its tipping point. In fact, it is the contrast and its expansion and evolution will indeed continue to gain pace. As a result of … 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

The European Single Electronic Format (ESEF) – What You Should Know
  •   18 Sep, 2018  Posted By Karthik Sathuragiri   Posted in XBRL
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From 1 January 2020, issuers with listed securities in EU regulated markets will be required to prepare annual financial reports (AFRs) in line with the European Single Electronic Format (ESEF). These changes will impact thousands of companies across the EU … Continue reading

The United States and Data Standardization – The Long Road Ahead

Data standardization has often been trumped as the gold standard for financial reporting – and justifiably so. Not only can it help ensure greater transparency and comparability between the financial performance and position of companies or local government bodies, but … Continue reading

Revised Conceptual Framework Released by IASB

At the end of March 2018, the International Accounting Standards Board (IASB or Board) published its revised Conceptual Framework for Financial Reporting (Conceptual Framework). This new Conceptual Framework replaces its predecessor, which was issued back in 2010. Who uses the … 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

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

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

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

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

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

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

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

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

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

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

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

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



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