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IFRS Foundation releases educational modules for the IFRS – SMEs Standard

In August 2018, the IFRS Foundation released an additional seven educational modules in respect of the 2015 version of the IFRS for SMEs Standard. These modules aim to assist anyone who wants to prepare, use, or understand financial statements that have been prepared under the Standard. This brings the total number of educational modules released […]

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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 it can also lead to reduced costs when it comes to data preparation, conversion and […]

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Making Tax Digital for VAT Notice Released by HMRC

On 13 July 2018 HMRC released VAT Notice 700/22: Making Tax Digital for VAT. As the scheme is only months away from its scheduled launch date, businesses and accounting firms alike will likely welcome the additional clarification that this release brings. What is Making Tax Digital for VAT? Making Tax Digital for VAT will come […]

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The growing importance of data analytics for the SEC

On 25 June 2018, the U.S. Securities and Exchange Commission (SEC) published its draft strategic plan for fiscal years 2018 – 2022. Although comments for the draft closed on 25 July 2018, the draft provides ample insight into the SEC’s priorities over the coming years and its apparent willingness to embrace digitisation. Acceptance of data […]

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DATA Act Compliance Shows Room for Improvement

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, the GAO found that a wide number of CFO Act agencies and non-CFO Act agencies […]

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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 into national legislative frameworks by May 2021. Here are some highlights of the changes that […]

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DataTracks iXBRL

How DataTracks enables smooth filing with CIPC ?

Since the CIPC mandate came into effect from 1 July 2018, qualifying companies have had to submit their annual financial statements in iXBRL – the global standard for exchanging financial information. Companies have to calculate public interest scores to find out if the mandate applies to them. For companies that it does apply to, XBRL […]

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XBRL – a standard for now and the future of compliance reporting in the US

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 true that the awareness of XBRL and its benefits has fallen away in recent years, […]

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XBRL around the world

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 a step back to see just how prevalent XBRL is across the globe. Admittedly, certain […]

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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 оrdеr tо соmрlу wіth thе CIPCs mandate of Digital Financial Reporting.   Financial reporting 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 ...