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Making Tax Digital for VAT Notice Released by HMRC

08/28/2018 ||By: Karthik Sathuragiri

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 […]

The growing importance of data analytics for the SEC

08/23/2018 ||By: Guru Raj Singh

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 […]

Financial Reporting Council (FRC) updates iXBRL taxonomies, effective on or after 1 January 2019

08/17/2018 ||By: Shabeer

The Financial Reporting Council (FRC) has made updates to iXBRL taxonomies that will take effect on or after 1 January 2019. Keeping with the recent amendments, FRC has also said that early adoption will be accepted only if both the accounts and iXBRL tagging are prepared in accordance with the new requirements. In June this […]

DATA Act Compliance Shows Room for Improvement

08/16/2018 ||By: Guru Raj Singh

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 […]

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

08/10/2018 ||By: Amruth

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 […]

The challenges of Solvency II reporting

08/07/2018 ||By: Karthik Sathuragiri

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 templates were discovered, the errors were surrounding solvency and minimum capital ratios.   What are […]

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

08/03/2018 ||By: Guru Raj Singh

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, […]

XBRL around the world

07/31/2018 ||By: Karthik Sathuragiri

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 […]

Making Tax Digital – A step forward towards digitisation

07/06/2018 ||By: Pramodh Vittal

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 from a plain electronic format to an interactive standard. HMRC, the UK regulator known for […]

Sixth ruleset from the XBRL US Data Quality Committee approved

07/03/2018 ||By: Karthik Sathuragiri

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 the sixth ruleset? The ruleset provides a number of validation checks for filings following the […]

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Specialists in XBRL and regulatory reports

DataTracks prepares more than 14,000 XBRL statements annually for filing with regulators such as SEC in the United States, HMRC in the United Kingdom, Revenue in Ireland, Eurofiling compliance reports in Europe, ACRA in Singapore and MCA in India. Honed by our experience of preparing more than 172,000 compliance reports, our solutions and services are designed to assure quality, reliability and ease of use.

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