Despite assurances that the digitisation of tax reporting is going to be straightforward and simple it is likely that the process will prove time consuming, costly, worrying and turn out to be a burden on many for little, if any, value in the short term.

HMRC has mandated Financial Statements attached to CT600 in iXBRL format since 2011. Since then, they have accepted UK GAAP and UK IFRS as the two accounting standards and appropriate taxonomies have been accordingly accepted.

The Foreign Account Tax Compliance Act (FATCA) was brought into law in 2010. Designed to increase tax compliance by U.S. taxpayers with funds held overseas, FATCA has had wide-ranging implications since its introduction.

Although Solvency II is now well and truly in force, the Prudential Regulation Authority (PRA) continues to publish a number of consultations into Solvency II. The topics of the consultations have ranged from regulatory reporting to changes to the external audit requirement for parts of the Solvency and Financial Condition Report (SFCR).

Hedge funds, private equity firms, real estate, and other investment funds have a historical track record of providing clients with significant returns on investment, over an extended period of time. While they have been great investment options, they traditionally did not have the same reporting and compliance regulations as publicly traded companies.

The FRC (Financial Reporting Council) promotes high-quality corporate governance and set the standards for accounting, auditing, and actuarial work in the UK. The quality of corporate reporting and auditing are regularly monitored by FRC.