On 25 June 2018, the U.S. Securities and Exchange Commission (SEC) published its draft strategic plan for fiscal years 2018 – 2022. Although comments for the draft closed on 25 July 2018, the draft provides ample insight into the SEC’s priorities over the coming years and its apparent willingness to embrace digitisation.

The Financial Reporting Council (FRC) has made updates to iXBRL taxonomies that will take effect on or after 1 January 2019. Keeping with the recent amendments, FRC has also said that early adoption will be accepted only if both the accounts and iXBRL tagging are prepared in accordance with the new requirements.

Major challenges driven by technological change could, however, threaten that cherished status. Three of the most pressing are the impact of technology at a strategic level, the rise of competition from unqualified accountants and the trend towards consolidation. All three are also accompanied by real strategic opportunities for accountants.

The European Union has made it a pre-requisite for applicants to submit data in order to qualify for statutory disclosure of information with the regulatory authorities. However, there are some apprehensions in dealing with this filing and ensuring compliance.

Robotics and artificial intelligence (AI) continue to become more prevalent in the functioning of businesses and economies around the globe. In the past five years, it has revolutionized many industries and facets of economic proliferators like for instance, the world of taxes.

Entities of an MNE group submit a report voluntarily on being a resident in the UK. It is not mandatory for the UPE, to submit a CbCR while being a UK resident.