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.

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.

Digitisation is the order of the day. Just as there was a wave of transformation during the late 20th century from paper-based filing to electronic filing in PDF or HTML among various regulators, there is now another wave of change from a plain electronic format to an interactive standard.

As such, many have begun to wonder what impact the directive has had, on both investment firms and financial markets, and whether its effect on European financial markets has been as significant as previously thought.

Are you wondering if you are still liable to pay taxes to the government despite your company is dormant? That’s a fair predicament! Know more from DataTracks.

In February 2019, HMRC officials announced at the Charity Tax Forum that 3,000 charities would be asked to file a tax return this year as part of a compliance review. As charities don’t always submit tax returns, it’s likely that many of the 3,000 charities affected will either be filing for the first time or refamiliarising themselves with the tax return submission process.