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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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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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iXBRL in South Africa – Why it makes sense

Regulators in South Africa and other parts of the world still collect Annual Financial Statements (AFS) in PDF and paper formats. However, there is increasing need for adapting to an international standard of accurate, efficient and fast digital business information exchange, like XBRL (eXtensible Business Report Language). XBRL is a non-profit voluntary program that aims […]

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DataTracks Announces New Client Acquisition For iXBRL Solution For CIPC Filing in South Africa

DataTracks, the global leader in disclosure management and regulatory compliance software and services, today announced that they have been selected as the iXBRL solution provider of choice by Brandesign Group (Pty) Ltd., a leading branding and investor communications agency in South Africa. DataTracks’s Disclosure Management Solution (DMS) is currently used by listed companies to file […]

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Why you should outsource your iXBRL requirements

Different regulatory bodies across the world have passed regulations for publicly traded corporations in recent times. Over the past year, many organisations and regulatory agencies have put forth new rules that govern how and when organisations must report their annual and quarterly financial statements. One of the most significant changes that organisations will have to […]

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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 ...