In Malaysia, all firms (public as well as private) have to register themselves with Suruhanjaya Syarikat Malaysia (SSM), the Malaysian regulator. Its responsibility is to improve and promote the supply of business details and create a facility in which the public can analyze the required corporate information.

XBRL is an abbreviation of Extensible Business Reporting Language. It is widely used for presenting data which ensures hassle-free analysis, thereby bringing down costs, time and effort of businesses. It ensures paperless reporting and is therefore gaining widespread acceptance across different parts of the world. Here are some of the major reasons why XBRL filing is essential for businesses.

If your business is set up as a company in the United Kingdom then you will more than likely have to file a corporation tax return – known as a CT600 – to HMRC.

This requirement has been in place for a number of years – specifically, since 1 January 2010, when legislation came into force that required most companies’ corporation tax returns and accounts to be iXBRL tagged in respect of any returns filed on or after 1 April 2011.

From 1 January 2010, legislation has been in place in the U.K. that requires companies to file their accounts and computations with HMRC in Inline XBRL (iXBRL) format in respect of returns submitted on or after 1 April 2011. There are very limited exceptions to this rule.

Many companies in the U.K. have their year-ends on either the 31 December or 31 March. This means that many businesses, especially those with December year-ends, will need to comply with HMRC filing deadlines within a matter of weeks.