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Making Tax Digital and the Agent Services Account

There has been a lot of focus on how individuals and businesses can get ready for Making Tax Digital, but how do agents get involved in the process? What is an agent services account? If tax agents wish to access certain HMRC online services on behalf of their clients, such as the Making Tax Digital […]

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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 this momentum, it is expected that good data management will then become increasingly essential. This […]

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Missed your Corporation Tax filing deadline with HMRC? You can still avoid late filing penalties

Have you been issued a penalty notice from HMRC for not filing your corporate tax returns? Worry not. You may still be exempt from late filing penalties if you are victim to a valid, excusable reason. In the UK, companies have to file their corporate tax returns in iXBRL format within 12 months after the […]

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The European Single Electronic Format (ESEF) – What You Should Know

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 and have the potential to change the reporting landscape in Europe. What’s required under the […]

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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. Inline XBRL or iXBRL, which can be read by both machines and humans, is an […]

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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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