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3 ways to make your iXBRL CIPC submission easy

The CIPC, in July 2018, made it compulsory for all qualifying entities to file their Annual Financial Statements (AFSs) in the iXBRL reporting standard. Companies earlier used to submit their annual financial statements to CIPC in the PDF format. All qualifying entities will also have to file their yearly returns apart from filing their Annual […]

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XBRL – The Audit Consequences of XML in Financial Reporting

  XBRL (Extensible Business Reporting Language) is an open standard which is used for exchanging business details between systems.  The conversion of financial statement data into interactive fields enables quicker data analysis. What are the risks associated with XML Audit? Irrespective of whether the company opts for outsourcing the conversion or not, the firm whose […]

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When Do they Accept Late Submission without Penalty for ACRA?

All private limited companies which are based in Singapore need to be compliant with Accounting and Corporate Regulatory Authority (ACRA). Annual filings are essential for active as well as dormant Singapore companies. If you fail to meet ongoing compliance requirements in a timely manner, you may have to pay penalties. Here, we will discuss about […]

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Vital Changes Which You Need To Know About 2019 IFRS Update

With the start of the new year, a number of changes and amendments of IFRS has been made. In this article, we cover all major changes and amendments which have been made in 2019- The new standard IFRS 9 Financial Instrument applies in toto In case you have deferred implementation of IFRS 9 till now, […]

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The Significance of Malaysian Business Reporting System

In Malaysia, all firms (public as well as private) have to register themselves with Suruhanjaya Syarikat Malaysia (SSM), the Malaysian regulator. Its responsibility is to improve and promote the supply of business details and create a facility in which the public can analyze the required corporate information. Starting from November 2018, SSM has made it […]

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Role and Significance of Companies and Intellectual Property Commission

A few years ago, the Companies and Intellectual Property Registration Office (CIPRO) was replaced by Companies and Intellectual Property Commission (CIPC). Since this new act came into being, there has been a significant change in the way business owners register a company. The Act specifies that no registration of new close corporations can take place. […]

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What is XBRL Filing? Do I Need It?

XBRL is an abbreviation of Extensible Business Reporting Language. It is widely used for presenting data which ensures hassle-free analysis, thereby bringing down costs, time and effort of businesses. It ensures paperless reporting and is therefore gaining widespread acceptance across different parts of the world. Here are some of the major reasons why XBRL filing […]

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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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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 across the globe today, and millions of XBRL documents are created each year. As a […]

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The Benefits of Uniform Entity Identification

In September 2018, a joint report was issued by the Global Legal Entity Identifier Foundation (GLEIF) and the Data Foundation. Among other things, the report considered how Legal Entity Identifier (LEI) adoption across US federal agencies “could streamline entity identification and produce benefits within and beyond financial markets.” One of the key issues mentioned in […]

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