In the final week of September 2018, the House of Representatives passed the Grant Reporting Efficiency and Agreements Transparency (GREAT) Act of 2018 through a voice vote. Although there is still work to be done before the GREAT Act of … Continue reading →

Since April 2011, legislation has been in place in the UK that requires the vast majority of companies to submit their corporation tax returns and accompanying financial statements in iXBRL format to HMRC. As a result, companies – especially large … Continue reading →

On September 20 2018, the IFRS Foundation published Proposed IFRS Taxonomy 2018 Update PTU/2018/1 relating to Common Practice (IFRS 13 Fair Value Measurement), which is now open to the public for consultation. According to the IFRS Foundation, the proposed amendment includes … Continue reading →

The tax authority HM Revenue & Customs (HMRC) has invited more than half a million businesses to test Making Tax Digital (MTD) for VAT moving forward to the digitisation of tax which will be effective from April 2019. HMRC has … Continue reading →

Originally announced back in 2015, Making Tax Digital aims to digitise the UK’s taxation system through the use of digital records and online filing through compatible software. With just months to go before the launch of Making Tax Digital for … Continue reading →

In the ideal world, it wouldn’t cost businesses any money to file their annual tax returns and accounts with HMRC and Companies House, respectively. Luckily, for some companies, this dream is a reality thanks to the Company Accounts and Tax … Continue reading →

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 … Continue reading →

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 … Continue reading →