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  • 28 May 2018
  • Karthik
  • IFRS

2017 IFRS Foundation Annual Report Released

The IFRS Foundation, which is a not-for-profit public interest organisation that oversees the International Accounting Standards Board (IASB), recently released its 2017 annual report and financial statements.

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  • 25 May 2018
  • Gautham
  • CbCR

CbCR Hurdles Faced By Tax Departments

In thе раѕt years, the glоbаl rеgulаtоrу environment has bесоmе increasingly demanding fоr multіnаtіоnаl еntеrрrіѕеѕ (MNEѕ). In an attempt tо сrеаtе grеаtеr trаnѕраrеnсу, mаnу tаx аuthоrіtіеѕ nоw require MNEѕ tо rероrt more dеtаіlеd іnfоrmаtіоn wіth rеѕресt tо іnсоmе tаxеѕ раіd. The consequence has bееn a substantial rise іn the соѕtѕ оf tаx compliance fоr buѕіnеѕѕеѕ аnd іnfоrmаtіоn оvеrlоаd for tаx departments.

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  • 25 May 2018
  • Karthik Sathuragiri
  • IFRS

IFRS 16: Upcoming Changes to Lease Accounting

Currently, leases are primarily accounted for by reference to IAS 17 and IFRIC 4. IFRS 16 will replace these standards and interpretations. Although IFRS 16 will mainly impact lessees, there are some items that lessors should be aware of.

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  • 23 May 2018
  • Karthik Sathuragiri
  • Inline XBRL

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 financial statements in XBRL/iXBRL formats with the Securities and Exchange Commission (SEC) in the US. DataTracks upgraded its DMS to include South Africa’s CIPC taxonomy well before the upcoming mandate, wherein all qualifying companies in South Africa are required to file their Annual Financial Statements (AFS) in iXBRL. This compliance filing requirement is effective from 1 July 2018.

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  • 22 May 2018
  • Amruth
  • Inline XBRL

Why you should outsource your iXBRL requirements

One of the main reasons to hire professionals for iXBRL conversions is that it will help ensure things are done correctly. In the process of tagging all of your financial statements for the first time with iXBRL taxonomy, making a mistake can be rather easy. Since all lines on a financial statement will need to be carefully assessed and reviewed, letting experts handle the tagging is a good idea. It will drastically reduce the risk of accidentally submitting incorrect financial statements.

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