SEC announced on June 13, 2016 that it will allow companies to voluntarily file structured financial statement data in Inline XBRL. What Does this Announcement Mean for Filing Companies? Read our White Paper on Comprehending SEC's Inline XBRL Filing for filers.
HMRC, UK, which mandated Inline XBRL tagging or iXBRL tagging of CT Returns in April 2011 has decided to switch from UK GAAP to IFRS, moving towards international reporting standards. Here is a 4 point summary on the transition from the previous ixbrl tagging requirements to the current.
The Ministry of Corporate Affairs (MCA), India mandated annual filings by companies to be submitted electronically via XBRL in 2011. The first year of MCA XBRL filings had its own uncertainties since it was a new concept. The next two years witnessed an evolved filing community, increased scope of filing, introduction of new Schedule VI of Companies Act, 1956 and changes in the underlying XBRL taxonomy. The MCA has already taken up taxonomy development for the new sectors. This white paper studies the MCA's XBRL journey and what filers can expect in the near future.
According to the new Companies Act 2013, all listed and unlisted companies