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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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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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Recent Posts

  • 09 Apr
    Optimise Submission of Audited Financial Statements
    More than 120 countries, today, follow the International Financial Reporting Standards. Most of them use organised data with XBRL (Extensible Business Reporting Language) for their ...
  • 27 Mar
    Financial Market of South Africa – 2019
    South Africa is a diverse and developed middle-income nation. It is the second-largest economy of Africa after Nigeria. However, it also experiences a high unemployment rate, income ...