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What You Need to Know About iXBRL Tagging

Her Majesty’s Revenue and Customs (HMRC) is just one body across the world that requires companies to file their corporation tax returns and accounts in iXBRL format. This requirement has been in place for a number of years – specifically, since 1 January 2010, when legislation came into force that required most companies’ corporation tax […]

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Filing Your CT600 – An Overview

If your business is set up as a company in the United Kingdom then you will more than likely have to file a corporation tax return – known as a CT600 – to HMRC. What is a CT600? Very simply, a CT600 refers to a company’s corporation tax return. A company will have to include […]

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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 are very limited exceptions to this rule. Although this legislation has been in place for […]

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HMRC and iXBRL Tagging – What You Should Know

Many companies in the U.K. have their year-ends on either the 31 December or 31 March. This means that many businesses, especially those with December year-ends, will need to comply with HMRC filing deadlines within a matter of weeks. With time ticking away, it’s worth knowing what you need to do to get your accounts […]

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Malaysian Business Reporting System (MBRS) – What you need to know

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 and promote the supply of corporate information and to create and develop a facility whereby […]

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Making Tax Digital : What’s coming our way!

One of the most intellectual persons the world has ever had, Albert Einstein said, “The hardest thing in the world to understand is the income tax.” Tax payments have almost been like rocket science to most taxpayers. Even Former U.S. Secretary of Defense Donald Rumsfeld gets confused about his taxes! After he filed his 2013 […]

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The Developers’ Disclosure Guide to Ind AS 115

Ministry of Corporate Affairs (MCA) brought Ind AS 115 as part of the Companies Amendments Rules 2018. Ind AS 115 replaces Ind AS 11and 18 which are related to revenue and construction contracts. MCA has introduced Ind AS 115 with an objective to establish the principles that an entity should apply, to report useful information […]

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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 2018 can be passed into law, this latest approval signals that improvements to the state […]

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The Importance of Finding the Right Managed Tagging Service Provider

Since April 2011, legislation has been in place in the UK that requires the vast majority of companies to submit their corporation tax returns and accompanying financial statements in iXBRL format to HMRC. As a result, companies – especially large companies or companies with complex financial statements – should ensure they have a managed tagging […]

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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 “changes to the IFRS Taxonomy 2018”, reflecting common reporting practice for the disclosure requirements in […]

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Recent Posts

  • 17 Dec
    What You Need to Know About iXBRL Tagging
    Her Majesty’s Revenue and Customs (HMRC) is just one body across the world that requires companies to file their corporation tax returns and accounts in iXBRL format. This requirement ...
  • 14 Dec
    Filing Your CT600 – An Overview
    If your business is set up as a company in the United Kingdom then you will more than likely have to file a corporation tax return – known as a CT600 – to HMRC. What is a ...