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US

What are SEC filings, and why are they important?

The U.S. Securities and Exchange Commission (SEC) is an independent federal government regulatory agency responsible for safeguarding investors, maintaining fair and orderly functioning of the securities markets, and facilitating capital formation.

SEC filings are essential regulatory documents required of all public companies to provide critical information to investors or potential investors.
SEC filings delivered through EDGAR offer transparency and crucial information for individual and institutional investors, analysts & researchers, and regulators.
Their prominence lies in empowering investors to make informed decisions, identify potential risks, and seize opportunities in the investment landscape.

SEC filings offer investors crucial information about a company’s financial performance, business plans, and risk factors.

  • Annual reports (Form 10-K)
  • Quarterly reports (Form 10-Q)
  • (Form 8-K) – An 8-K is a report of unscheduled material events
  • Proxy statements (Form DEF 14A)
  • Registration statements (Form S-1, Form S-3, etc.)
  • Foreign Private Issuers with listed equity shares on exchanges in the US to file 20-F annually
  • Canadian Companies listed in the US to file 40-F annually
  • Other filings, such as 488BPOS, Form 497 for mutual funds
The SEC requires all public companies to file their annual reports and proxy statements in iXBRL format. Quarterly reports and other filings can be filed in HTML or XBRL format, but iXBRL is preferred.
All publicly traded companies in the United States are required to file their financial statements with the SEC in iXBRL format. This means that these companies must tag their financial statements with the US GAAP Taxonomy.
Foreign private issuers (FPIs) that are listed on US stock exchanges are also required to file their financial statements with the SEC in iXBRL format. However, FPIs are not required to use the US GAAP Taxonomy. They can instead tag their financial statements with the IFRS Taxonomy or another XBRL taxonomy that is approved by the SEC.

DataTracks offers a cloud-based solution called DataTracks RainbowTM that can help you prepare and file your SEC reports in iXBRL format.

With DataTracks Rainbow, streamline your SEC reporting process effortlessly, collaborate and prepare error-free compliance reports under various disclosure requirements.

DataTracks Rainbow automates the process of tagging your financial data with XBRL tags, and it also provides a variety of tools to help you review and edit your reports before you file them.
The deadline to file SEC reports varies depending on the type of report.
For example, companies must submit their annual filing (10-K) within 60 to 90 days of the close of their fiscal year. The Form 10-Q must be filed for the first three quarters of the company’s fiscal year. The filing deadline is within 40 days from the end of the quarter.
The SEC can impose a variety of penalties for late SEC filings, including:
  • Civil penalties of up to $25,000 per day
  • Suspension of trading in the company’s securities
  • Revocation of the company’s registration statement
In addition, the SEC may also take enforcement action against the company’s officers and directors for failing to file SEC reports on time.
DataTracks Rainbow™ is XBRL certified and supports XBRL self-tagging, multi-user collaboration, co-authoring, built-in validation, and a review platform, among other features. It highlights taggable elements while applying XBRL tags, ensuring no facts go untagged. DataTracks Rainbow™ offers the same powerful features as industry-leading SEC reporting software, but at an economical price, guaranteeing affordability.
Yes, switching to DataTracks Rainbow™ from your current SEC reporting solution is seamless and hassle-free. DataTracks Rainbow™ accepts iXBRL input, making it easy to port data from industry-leading software without the need for time-consuming document setup. We offer a smooth onboarding process, which includes quick setup of workspaces with content formatting and XBRL tagging. Additionally, our platform’s intuitive interface ensures users can adapt quickly.
Yes, DataTracks Rainbow™ integrates seamlessly with various data sources, including general ledger systems and spreadsheets. This integration streamlines the reporting process and enhances efficiency.
DataTracks Rainbow™ supports a wide range of input formats to meet your needs. You can import DOCX, XLS, PDF, HTML, and iXBRL formats.
Data security is a top priority for us. DataTracks Rainbow™ ensures the protection of your data through adherence to industry standards like ISAE 3402, SSAE 18, and ISO 27001. Powered by a Tier 1 cloud provider, our infrastructure complies with SOC 1 standards and includes encryption, access controls, and continuous monitoring to safeguard your financial data from unauthorized access and threats.

As a 20-year-old company and one of the pioneers in XBRL technology, our professional support team consists of qualified accounting professionals and XBRL experts. They provide expert assistance on tag selection, tagging decisions, validation, and best practices to ensure the highest quality and completeness in your SEC reporting obligations.

UK

Why is iXBRL tagging necessary for CT600 filing?

HMRC has mandated that all tax returns and financial statements be submitted in iXBRL format for accounting periods ending after March 2010 and accounts filed after March 2011. It ensures that financial data is presented in a structured and standardized format, improving transparency, and facilitating efficient data analysis.

Key financial elements, such as income statement, balance sheet, and other relevant financial details, need to be tagged using iXBRL. This includes details about assets, liabilities, income, and expenses.

There are a number of benefits to using a managed tagging service to create iXBRL accounts and tax computations, including:

  • Accuracy : Managed tagging services have the expertise and experience to ensure that your iXBRL accounts and tax computations are tagged accurately and consistently.
  • Efficiency : Managed tagging services can help you to save time and resources by preparing your iXBRL accounts and tax computations for you.
  • Compliance : Managed tagging services can help you to ensure that your iXBRL accounts and tax computations comply with HMRC’s requirements.
Yes, HMRC provides guidelines and requirements for iXBRL tagging. It’s important to stay updated with the latest guidelines to ensure compliance
iXBRL (Inline eXtensible Business Reporting Language) filing is preferred by tax authorities because it ensures accurate, efficient, and transparent reporting of financial information. It also simplifying tax liabilities, identifying errors, and aiding in fraud detection, iXBRL significantly improves the overall accuracy and transparency of tax systems, reducing administrative burdens and increasing taxpayer satisfaction.
HMRC has issued guidance on the accounts that need to be filed using iXBRL. Taxpayers and their agents should refer to the HMRC web site for exact requirements before taking action but in outline these are:
  • Companies preparing accounts under the Companies Act 2006.
  • Businesses that prepare accounts under certain legislation governing certain financial institutions.
  • Entities incorporated under the law of a non UK country but which are UK resident for tax purposes.
  • UK branch or agency accounts for non resident companies trading in the UK through a permanent establishment.

You must be handling multiple clients. If any of your clients are not comfortable with APS and want to change to MTS, we would be happy to help you. This keeps you off from the hassle of having error free tagged accounts.

Look for a service provider with experience in CT600 filing, a track record of accurate iXBRL tagging, and positive client reviews. Consider factors such as turnaround time, pricing, and customer support. DataTracks, renowned for its expertise, accuracy, and client satisfaction, stands out as a trusted choice in meeting these criteria.
The deadline for submitting your CT600 return to HMRC is 12 months after the end of the accounting period it covers.
  • Late by one day: £100 penalty
  • Late by three months (additional): £100 penalty
  • Late by six months: HMRC calculates the corporation tax due and adds a penalty of 10% of the unpaid corporation tax
  • Late by twelve months (additional): 10% of the unpaid corporation tax

EU ESEF

What is ESEF Reporting?
ESEF stands for European Single Electronic Format. It is a new reporting format for public companies in the European Union that requires them to publish their annual financial reports in a single, electronic format. ESEF is designed to improve the transparency and comparability of financial reporting across the EU.
ESEF applies to all public companies in the EU and UK that are listed on a regulated market. Consolidated IFRS accounts must be tagged using the ESEF taxonomy, but non-consolidated reports only need to be submitted in XHTML format without tagging.

ESEF iXBRL reports must be prepared in XHTML format, with IFRS consolidated financial statements tagged using XBRL. The XBRL tags must be embedded in the XHTML document using Inline XBRL technology.

The ESEF Reporting Requirements affect all issuers whose securities are admitted to trading on regulated markets within the European Union (EU), as well as all issuers who are required to prepare consolidated financial statements in accordance with International Financial Reporting Standards (IFRS), unless they are small and micro enterprises (SMEs) and their securities are not admitted to trading on a regulated market.

The ESEF regulation focuses on publishing annual financial reports, with compliance extending beyond converting audited data into electronic format. The ESEF-RefE emphasizes third-party verification of accuracy. Although the EU Commission handles the audit, auditors and supervisory boards play a crucial role in confirming tag accuracy. At DataTracks, we assist auditors for precise ESEF reporting, enhancing overall financial disclosure quality.
The ESEF Taxonomy is a standardized set of terms and definitions that facilitate the digital tagging of financial information within Annual Financial Reports (AFRs). It provides a common language for reporting entities to label their financial statements, making them machine-readable and structured. Utilizing the ESEF Taxonomy ensures consistency and comparability in financial reporting, enhancing transparency for investors and regulatory compliance.
ESEF block tagging is a method of tagging line items in ESEF reports where multiple line items are tagged as a single block. This is in contrast to individual tagging, where each line item is tagged separately.
Block tagging is typically used for tagging narrative disclosures, such as the management discussion and analysis section of an annual financial report. This is because it can be time-consuming and expensive to tag each individual line item in a narrative disclosure.
We offer a full range of ESEF Reporting services, including:
  • XBRL tagging and validation
  • High-design PDF generation
  • Collaboration and workflow management
  • Regulatory filing
  • Support from a team of ESEF experts
We at DataTracks offer DataTracks Rainbow™, a cloud based ESEF reporting software solution that companies can use to tag their own financial statements and generate iXBRL files.

DataTracks RainbowTM is a self-managed software solution that helps companies comply with ESEF Reporting requirements. It can generate iXBRL reports from a variety of input formats, including Word, HTML, and high-style PDF. It also has a pre-validation gateway that ensures that all reports are error-free and compliant with the latest ESMA reporting requirements. Additionally, DataTracks RainbowTM can preserve rich design layout and provides peace of mind in regulatory reporting.

Deciding on in-house implementation for ESEF obligations involves a hefty upfront investment in software and adaptations, coupled with increased running costs. However, the semi-automated process, once set up, significantly reduces manual effort and errors.
Opting for a service provider minimizes initial in-house efforts, but staying up to date with the evolving ESEF taxonomy demands considerable effort. The outsourcing mitigates this risk, with lower initial investments and reduced burdens. Yet, it means relinquishing some control over the creation process, requiring coordination within a group’s parent/subsidiary context. At DataTracks, we assist you in navigating these decisions and ensure a streamlined ESEF reporting process tailored to your needs.

AIFMD Annex IV

What Is the Alternative Investment Fund Managers Directive (AIFMD)?
The Alternative Investment Fund Managers Directive (AIFMD) serves as a regulatory framework specifically designed for EU-registered hedge funds, private equity funds, and real estate investment funds. Originating in response to the 2008-09 global financial crisis, the AIFMD addresses the need for enhanced oversight and regulation of alternative investments that were previously less regulated. Its primary objectives include safeguarding investors and mitigating systemic risks associated with these funds, contributing to the overall stability of the European Union’s economy.
AIFMs must file a few reports with the NCA, including the AIFMD Annex IV report, transaction reports, valuation reports, and investor reports. AIFMs must also make certain information available to the public.
The AIFMD Annex IV report is a transparency report that is required to be filed by all Alternative Investment Fund Managers (AIFMs) who are authorized or registered in the European Union (EU) or who market their funds to EU investors. The report must be filed with the relevant national competent authority (NCA) on an annual, semi-annual, or quarterly basis, depending on the size and complexity of the AIFM and the types of funds it manages.
The two categories of AIFMD Annex IV reports are:
  • AIFM report : This report provides details of the AIFM, including its organizational structure, governance arrangements, investment strategy, and portfolio composition.
  • AIF report : This report must be completed for each fund that the AIFM manages. It provides details of the assets held by the fund, the risks to which it is exposed, the types of investors holding shares or interests in the fund, and much more.
Even if AIFMs do not have any information to report yet, they are still required to file an AIFMD Annex IV report with the relevant national competent authority (NCA). To do this, AIFMs should use the specific field in the report to indicate that no information is available. This is important because it allows the NCA to track the AIFM’s progress and to ensure that it is meeting its regulatory obligations.
  • AIFM report : This report provides details of the AIFM, including its organizational structure, governance arrangements, investment strategy, and portfolio composition.
  • AIF report : This report must be completed for each fund that the AIFM manages. It provides details of the assets held by the fund, the risks to which it is exposed, the types of investors holding shares or interests in the fund, and much more.
Here are some examples of situations where AIFMs may need to file an AIFMD Annex IV report with no information:
  • A new AIFM has been authorized or registered but has not yet started its activities.
  • A new AIF has been created but has not yet made any investments.
  • An AIFM has suspended its activities.
  • An AIF has been liquidated.
By filing an AIFMD Annex IV report even if they do not have any information to report, AIFMs can demonstrate their commitment to transparency and compliance.

The frequency of AIFMD Annex IV reporting depends on a number of factors, including the assets under management (AuM), the degree of leverage, the type of assets held, and whether the AIFM is registered or authorized. For instance, AIFMs with AuM of less than EUR 100 million are required to report annually. AIFMs with AuM of EUR 100 million or more are required to report semi-annually or quarterly, depending on their specific circumstances.

  • A new AIFM has been authorized or registered but has not yet started its activities.
  • A new AIF has been created but has not yet made any investments.
  • An AIFM has suspended its activities.
  • An AIF has been liquidated.
Generating the AIFMD reporting XML involves a meticulous process of collecting, organizing, and formatting data according to regulatory requirements. This task requires technical expertise and adherence to specific guidelines. Our AIFMD Reporting Solution streamlines this process, ensuring accurate XML generation in compliance with regulatory standards.
  • A new AIFM has been authorized or registered but has not yet started its activities.
  • A new AIF has been created but has not yet made any investments.
  • An AIFM has suspended its activities.
  • An AIF has been liquidated.
Fund managers and administrators often encounter challenges such as cumbersome data collation from multiple sources, tedious compliance with NCA requirements, and the complexity of reviewing and validating regulatory calculations.
However, DataTracks provides a comprehensive AIFMD reporting solution that streamlines data collation, ensures compliance with changing ESMA and NCA requirements, and simplifies the review and validation of calculations.
  • A new AIFM has been authorized or registered but has not yet started its activities.
  • A new AIF has been created but has not yet made any investments.
  • An AIFM has suspended its activities.
  • An AIF has been liquidated.

Our agile and adaptable AIFMD Reporting solution responds swiftly to regulatory changes, guaranteeing compliance with both ESMA and NCA requirements. We handle over 300 points specified by supervisory authorities, easing the tedious task of compliance for fund managers and institutions.

  • A new AIFM has been authorized or registered but has not yet started its activities.
  • A new AIF has been created but has not yet made any investments.
  • An AIFM has suspended its activities.
  • An AIF has been liquidated.

DataTracks not only handles the generation and calculation mandated by the AIFMD directive but places a strong emphasis on maintaining precision and accuracy at every stage. Our AIFMD Reporting solution is meticulously crafted to deliver reports that are not only timely but also exceptionally precise, laying a robust foundation for compliance.

  • A new AIFM has been authorized or registered but has not yet started its activities.
  • A new AIF has been created but has not yet made any investments.
  • An AIFM has suspended its activities.
  • An AIF has been liquidated.
The deadline for the first filing of the AIFMD Annex IV report is 30 days after the end of the initial reporting period following AIFM authorization. Fund-of-Funds have an additional 14 days.
  • For Yearly Reporting : 30 or 45 days after December 31st.
  • For Half Yearly Reporting : 30 or 45 days after June 30th and December 31st.
  • For Quarterly Reporting : 30 or 45 days after March 31st, June 30th, September 30th, and December 31st.

AIFMs may be charged an administrative fee of £250 and receive a reminder from the FCA. The FCA may also take enforcement action, including cancellation of the AIFM’s authorization or registration.

CRD IV

What is the Capital Requirements Directive CRD IV?

The Capital Requirements Directive (CRD IV) is a directive within the European Union, delineating the capital requirements applicable to credit institutions and investment firms. CRD IV aims to guarantee that these entities possess an adequate capital buffer, enabling them to absorb losses and uphold public trust in the stability of the financial system.

The specific types of CRD IV reports that you need to file will depend on the type of entity that you are and the activities that you undertake. However, some common types of CRD IV reports include:
  • COREP reports : These reports provide supervisory authorities with data on the capital adequacy, liquidity, and risk profile of credit institutions and investment firms.
  • FINREP reports : These reports provide supervisory authorities with data on the financial performance and position of credit institutions and investment firms.
  • Large exposures reports : These reports provide supervisory authorities with data on the largest exposures of credit institutions and investment firms.
  • Transaction reports : These reports provide supervisory authorities with data on the individual transactions of credit institutions and investment firms.
The key requirements of CRD IV include:
  • A minimum capital requirement of 4.5% of risk-weighted assets (RWAs)
  • A capital conservation buffer of 2.5% of RWAs
  • A countercyclical capital buffer of up to 2.5% of RWAs
  • Systemic risk buffers of up to 3.5% of RWAs

To file CRD IV reports electronically using the European Banking Authority’s (EBA) reporting portal, you can use our CRD IV reporting solution to automate the entire process and ensure compliance with the latest CRD IV reporting requirements.

  • A minimum capital requirement of 4.5% of risk-weighted assets (RWAs)
  • A capital conservation buffer of 2.5% of RWAs
  • A countercyclical capital buffer of up to 2.5% of RWAs
  • Systemic risk buffers of up to 3.5% of RWAs
Some of the key challenges that financial institutions and investment firms face in meeting the CRD IV reporting requirements include:
  • Increased complexity of reporting requirements
  • Managing digital risk
  • Data preparation, formatting, and validation

These challenges can be addressed by using a reliable CRD IV reporting solution, such as DataTracks’, which can automate the reporting process, ensure compliance with the latest CRD IV reporting requirements, and improve the quality of reported data.

DataTracks simplifies CRD IV reporting by providing nimble and user-friendly templates, flexible data entry options, quick validation, and submission processes. The platform’s comprehensive audit trail ensures control over report changes, and it aids financial institutions and investment firms in complying with the latest CRD IV reporting requirements. Overall, DataTracks’s CRD IV reporting solution enhances the quality of reported data and streamlines the entire CRD IV reporting workflow.

Solvency II

What is Solvency II Pillar 3 reporting?
Solvency II Pillar 3 reporting is a set of requirements that insurance companies must meet in order to disclose their financial and risk profile. The requirements are designed to ensure that insurance companies are transparent and accountable to their policyholders and other stakeholders.

Solvency II Pillar 3 reporting is designed to:

  • Improve transparency and accountability of insurance companies.
  • Enhance the comparability of insurance companies' financial and risk profiles.
  • Promote market discipline.
Pillar 3 reports in the Solvency II framework encompass a blend of quantitative and qualitative elements and are divided into two main categories:
  • Solvency and Financial Condition Report (SFCR)- Regulated by Article 51 of the Solvency II Directive, the SFCR is a publicly available report
  • Regular Supervisory Return (RSR)- Governed by Article 35(1), the RSR is submitted privately to supervisors.
Both reports rely on Quantitative Reporting Templates (QRTs), defined in CEIOPS Consultation Paper 58 (CP58), to underpin quantitative data, ensuring a comprehensive and standardized approach to Solvency II reporting.
All insurance companies that are subject to Solvency II are required to comply with Pillar 3 reporting. This includes insurers that are domiciled in the European Union (EU) and insurers that are located outside of the EU but that operate in the EU.
  • A minimum capital requirement of 4.5% of risk-weighted assets (RWAs)
  • A capital conservation buffer of 2.5% of RWAs
  • A countercyclical capital buffer of up to 2.5% of RWAs
  • Systemic risk buffers of up to 3.5% of RWAs
Insurance companies grapple with challenges like lack of regulatory readiness, integrating integral systems, data granularity issues, budget constraints, and gathering information from multiple sources.
  • Increased complexity of reporting requirements
  • Managing digital risk
  • Data preparation, formatting, and validation

These challenges can be addressed by using a reliable CRD IV reporting solution, such as DataTracks’, which can automate the reporting process, ensure compliance with the latest CRD IV reporting requirements, and improve the quality of reported data.

Insurers can ensure smooth and compliant Pillar 3 disclosure by starting early, involving key stakeholders, using technology, keeping up-to-date, and communicating effectively with supervisors. These steps ensure compliance with reporting requirements, enabling insurers to provide accurate information to policyholders and stakeholders. DataTracks offers a comprehensive Solvency II Reporting solution, facilitating efficient and regulatory-compliant disclosure processes.
DataTracks provides a comprehensive Solvency II solution that addresses challenges in Pillar 3 reporting. Our cloud-based platform ensures secure data storage, offers automated and flexible data entry, connects with external sources, facilitates collaborative workflows, conducts thorough validations, allows comparability of report versions, adapts to regulatory changes, ensures a user-friendly experience, and produces high-quality XBRL reports in compliance with regulators’ requirements. DataTracks is your reliable partner for efficient and seamless Solvency II reporting.
Insurance companies are required to report under Solvency II Pillar 3 annually. They must also report quarterly if their solvency position deteriorates significantly.

MIFID II

What is MiFID II Transaction Reporting?
MiFID II Transaction Reporting is a regulatory requirement that mandates investment firms to report details of their trades to their respective regulators. This reporting is crucial for regulators to effectively monitor market activities, identify potential market abuse, and ensure fair and transparent trading practices.
The main purpose of MiFID II reporting is to enhance the efficiency and integrity of financial markets across the European Union. By imposing reporting obligations on investment firms, MiFIR aims to ensure transparency and accountability in financial transactions.
A wide range of entities are required to report transactions under MiFID II, including investment firms, investment managers, credit institutions, market operators, financial counterparties under EMIR, central counterparties and persons with proprietary rights to benchmarks, and third-country firms providing investment services or activities within the EEA.
A MiFID II transaction report can contain up to 65 fields of data. This information includes details about the financial instruments traded, the trading venues involved, the parties involved in the trades, and the dates and times of the trades. The specific details required for each field are defined in the MiFID II Regulatory Technical Standards (RTS).
All investment firms are obligated to report specified transactions in financial instruments where the underlying instrument is traded on an EEA trading venue. This reporting must be done to an Approved Reporting Mechanism (ARM) on a T+1 basis, contributing to the overall transparency and regulatory oversight of financial activities within the European Union.
Financial firms face several challenges in complying with MiFID II reporting requirements, including:
  • Daily reporting : MiFID II requires firms to report details of all eligible trades within one business day of the transaction. The large volume of data and the complexity of the reporting requirements make it difficult for firms to comply with this deadline without a robust reporting solution.
  • Data collation and preparation : Firms need to collect and prepare data from multiple sources to generate MiFID II transaction reports. This can be a time-consuming and error-prone process, especially if firms are not using a dedicated reporting solution.
  • Validation check : MiFID II transaction reports must pass a series of validation checks before they can be submitted to regulators. If a report contains errors, it will be rejected, and the firm will need to resubmit it. This can be a costly and time-consuming process.
DataTracks offers an agile and adaptable MiFID II reporting solution that includes pre-validation, effortless data entry, quality and consistent reports, and data security features. It helps financial firms reduce the risk of errors, improve compliance, and save time and resources.

FATCA/CRS

What is FATCA/CRS Reporting?
FATCA (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standard) are intergovernmental agreements that aim to combat tax evasion by U.S. persons and non-residents of participating countries, respectively. These agreements require financial institutions to identify and report accounts held by these individuals to their respective tax authorities.
Financial institutions, including banks, investment funds, and insurance companies, are obligated to comply with FATCA/CRS Reporting requirements. Additionally, individuals and entities with foreign financial accounts may be subject to reporting.
FATCA and CRS primarily apply to financial organizations worldwide, such as banks (depository institutions), entities holding assets for others (custodial institutions), investment entities that manage or invest funds, specified insurance companies issuing certain insurance or annuity contracts, and holding companies linked to financial groups (relevant for FATCA).
FATCA : For the Foreign Account Tax Compliance Act (FATCA), the due diligence and reporting requirements are triggered when certain account balances exceed set thresholds. Accounts held by pre-existing individual investors with a balance of less than $50,000, and pre-existing entities with balances under $250,000 as of June 30, 2014, are exempt from reporting. However, if these balances rise above $1 million, the accounts then fall within the reporting requirements.
CRS : The Common Reporting Standard (CRS), on the other hand, has more comprehensive due diligence and reporting requirements. The only exemption threshold under CRS applies to pre-existing entity accounts with balances below $250,000 as of December 31, 2015. Once these accounts exceed that balance, they come within the purview of CRS due diligence and reporting.
FATCA/CRS are designed to promote tax transparency and deter tax evasion. By increasing the visibility of offshore accounts, these agreements help to ensure that individuals pay their fair share of taxes.
To ensure smooth and compliant FATCA/CRS reporting, financial institutions should:
  • Establish clear identification and reporting procedures for FATCA/CRS-covered accounts.
  • Utilize technology solutions to automate reporting tasks, streamline data collection, and minimize errors.
  • Stay updated on regulatory changes and adapt processes accordingly.

With DataTracks’ comprehensive FATCA/CRS reporting solution, financial institutions can automate reportable accounts, generate error-free reports, and maintain compliance status. Our technology minimizes errors and ensures reports meet IRS and OECD standards, keeping you compliant effortlessly.

ESG

What is the need for ESG reporting?
Given the increasing focus of investors on business profitability, it has become crucial for companies to ensure their activities are sustainable. Investments can have direct or indirect effects on the environment, climate, and give rise to social issues. In response to this concern, the European Union (EU) and the European Economic Area (EEA) have implemented control measures to monitor the Environmental, Social, and Governance (ESG) footprint. As a result, the requirement for ESG Reporting has emerged.
The phrase ESG Report also known as “ESG disclosure” or “sustainability reporting,” refers to the financial and non-financial reporting directive of data about the operations of the Organization under EU ESG standards.
Europe has committed to becoming climate neutral by 2050. As a result, the European Commission is seeking entities to report under SFDR.
Such disclosure makes it a fantastic opportunity for entities to highlight their ESG policies, operations, and performance to share their goals with various stakeholders, including clients, lenders, employees, suppliers, and shareholders.
As per the Corporate Sustainable Reporting Directive, the regulatory bodies in the EU require companies to disclose the non-financial information of the organization to the investors, stakeholders, consumers, and policymakers on how they manage ESG risks and handle environmental challenges.

Ireland

What is iXBRL?
iXBRL (Inline XBRL) allows financial statements to be human-readable and machine-readable, enabling accurate electronic filings with Revenue Ireland.
Companies submitting Corporation Tax returns (Form CT1) must file financial statements and tax computations in iXBRL format.
  • Accuracy : Minimizes errors.
  • Efficiency : Simplifies electronic submissions.
  • Transparency : Ensures clarity.
  • Compliance : Meets Revenue standards.
DataTracks provides expert tagging, validation, and comprehensive filing support.
Typically ranges from a few days to a week, depending on complexity.
Typically ranges from a few days to a week, depending on complexity.
  • ISO 27001:2022 and ISO 9001:2015 certified.
  • Complies with ISAE 3402 guidelines.
  • Uses robust data protection protocols.
Yes, they manage intricate reporting requirements with precision.
  • Pre-validation via Revenue Online Service (ROS).
  • Filing assistance and troubleshooting.
  • Pre-validation via Revenue Online Service (ROS).
  • Filing assistance and troubleshooting.
Dormant companies must also file in iXBRL format. DataTracks ensures accurate tagging for compliance.
  • Contact : Reach out via their website or support team.
  • Consultation : Share requirements for a tailored quote.
  • Engagement : Begin the process for seamless filing.

Singapore

What is ACRA, and why is XBRL tagging required for filing in Singapore?
The Accounting and Corporate Regulatory Authority (ACRA) is the governing body in Singapore that mandates the submission of financial statements in XBRL format in 2013. XBRL tagging is essential for converting financial statements into a structured digital format called XBRL that ACRA has defined requirements for the companies to file in XBRL.
All incorporated companies in Singapore, except exempted ones, are mandated to file financial statements in XBRL format with the Accounting and Corporate Regulatory Authority (ACRA) as part of their annual requirements.
Companies limited by guarantee and foreign companies provide key financial data in XBRL alongside signed PDF copies distributed at annual meetings, while both public and private companies submit complete financial statements in XBRL. In contrast, sole proprietorships and partnerships are exempt from submitting financial statements to ACRA.

Filing in XBRL format streamlines financial statement preparation, enabling quick processing and analysis by regulators. Leveraging the XBRL reporting standard, the system provides benefits like automated report generation, faster and more accurate data handling, improved business information analysis, efficient processing of large data sets, and overall cost-effective regulatory procedures.

For businesses required to file annual returns, XBRL-formatted financial statements must be prepared post-financial year-end. Companies with financial years ending before August 31, 2022, should file within 30 days after the annual general meeting. For those ending on or after August 31, 2022, the timeline is five months (listed companies) or seven months (non-listed) after year-end. For companies with overseas branch registers, the deadlines are six months (listed) or eight months (non-listed). Delays may incur penalties, and filing is contingent upon AGM completion or financial statements dispatch for companies without AGMs.
DataTracks assists businesses in converting their financial statements into the required XBRL format as mandated by ACRA for all incorporated companies in Singapore. With a dedicated team of experienced XBRL experts, DataTracks ensures companies seamlessly comply with ACRA’s filing requirements, providing a reliable and efficient solution.
Companies filing the annual return beyond 30 days after their AGM face a late lodgment fee, starting at $300 and increasing with the duration of the delay.
XBRL filing with ACRA (Accounting and Corporate Regulatory Authority) involves submitting financial statements in the eXtensible Business Reporting Language (XBRL) format. This standardized format is used for the electronic communication of business and financial data, facilitating easier sharing, analysis, and comparison of financial information. ACRA requires Singapore-incorporated companies to file their financial statements in XBRL format, aligning with international financial reporting and compliance standards.

Yes, XBRL filing is mandatory in Singapore for most companies. Since the introduction of the ‘XBRL filing requirement ACRA,’ companies incorporated in Singapore are obligated to file their financial statements in XBRL format, as part of their annual filing requirements. However, certain types of entities, like solvent exempt private companies and those using non-SFRS accounting standards, are exempt from this requirement.

The deadline for XBRL filing in Singapore depends on the type of company. Listed companies must file within five months, while non-listed companies have a seven-month deadline. It’s important to adhere to these timelines as late filings can incur penalties. Companies can also apply for an extension via ACRA’s online portal, ensuring they meet the ‘ACRA XBRL filing’ deadlines.
To prepare an XBRL file, companies can use the BizFinx preparation tool available on the ACRA website. This tool facilitates the conversion of financial statements into XBRL format. Companies should ensure that the financial information is accurately represented and tagged in the XBRL file, and any errors in the data are rectified before submission. Alternatively, companies can engage services like DataTracks, which offer ‘ACRA XBRL filing services’ to assist in preparing and filing XBRL financial statements accurately and in compliance with ACRA’s requirements.

South Africa

Who Need to file AFS with CIPC in iXBRL format?
All entities—be they companies, closed corporations, publicly or privately listed organizations, or non-profits with a PI Score exceeding 350—must submit their AFS in iXBRL format to the CIPC. The same mandate applies to companies conducting internal audits with a PI Score above 100, cooperatives boasting an annual turnover greater than 10 million Rands, and any organization that has specified in its Memorandum of Incorporation (MOI) an intent to file their AFS using iXBRL.

DataTracks the trusted CIPC iXBRL conversion specialist in South Africa can convert your annual financial statements into iXBRL format with 100% error free reports within 10 days of turnaround time.

Outsourcing iXBRL Conversion & Tagging to DataTracks brings unparalleled expertise with a global track record of over 30,000 clients and 450,000 reports, assuring you of our proven reliability. Outsourcing iXBRL preparation will drastically help you to reduce your resource overhead. Our commitment to accuracy ensures 100% error-free conversions at a cost-effective rate, simplifying compliance for your business.

Entities are required to submit their annual returns to CIPC within 30 business days after the year-end, with the exception of Close Corporations, which have 60 business days for the submission of their annual financial statements. The submission should include the latest final approved audited or independently reviewed annual financial statements, and both the annual returns and financial statements must be filed on the same day.

Failure to submit Annual Financial Statements (AFS) leads to an investigation, followed by a compliance notice with a specified deadline. Non-compliance may result in fines or formal prosecution. Additionally, not submitting CIPC Annual Returns may lead to entity de-registration and the imposition of penalties.

Cooperatives are the group of individuals doing business together registered under the Cooperative Amendment act of 2013 to meet the collective economic objectives in South Africa. All Coops making turnover of above 10M Rands must file their AFS with CIPC in the iXBRL format, mandated from 2nd Jan, 2023.
Cooperatives are entities are run by group of people with same interest. The Cooperative is classified in to various categories based on the annual revenue turnover.
  • Category A / Primary – (A1: R1 Million and A2: R10 – R1 million),
  • Category B / Secondary – (R25 – R10 Million) Revenue turnover per annum
  • Category C / Tertiary – Annual revenue of R25 million and more.
  • National Apex Cooperatives.

Category A need to file their AFS – Annual Financial Statements in the Inline XBRL Format to the CIPC – Companies and Intellectual Property Commission (CIPC)

Category B need to file their AFS in the iXBRL format (Filing not mandate/Voluntary filing)
Category C Cooperatives (include secondary, tertiary and National Apex Cooperatives) (Filing not compulsory)

CIPC Software

Why do I need iXBRL software for tagging and conversion?

With the DataTracks RainbowTM– iXBRL software, any company or auditing firms boasting qualified accountants can effortlessly convert traditional financial documents into the iXBRL format. This innovative platform not only streamlines the process of iXBRL tagging but also ensures compliance with regulatory requirements.  

By simplifying the reporting process, DataTracks Rainbow enables seamless communication between companies and regulatory bodies. The inclusion of iXBRL tagging within the software’s capabilities means that financial data is accurately and efficiently tagged, ensuring that documents are machine-readable and fully compliant with the latest standards.

This iXBRL Software represents a significant step forward in financial reporting, offering a solution that is both user-friendly and powerful in its compliance and reporting capabilities.

DataTracks iXBRL Conversion and Tagging Experts in South Africa converts your financial statements easily into the high-quality CIPC iXBRL format through the Cloud Based iXBRL Software named “DataTracks RainbowTM“. Our SaaS Based product makes it easy for you to upload the complex financial statements, tag it as pert the Taxonomy, convert it and validate it as per the CIPC validation gateway. DataTracks iXBRL Conversion Software effectively throws up the error warning before iteration and delivers 100% error free iXBRL reports to download.

DataTracks RainbowTM– iXBRL Tagging Software is a cloud-based software that can be used to tag annual financial statements into iXBRL format. It has features such as:

  • Roll forward
  • In-build validation engine
  • Collaboration and co-authoring
  • Data cloning
  • Multiple input capability
  • Access restriction and Audit Trail
  • Powerful formatting options
We offer comprehensive support to assist you at every stage. From onboarding to AFS file uploading assistance, our support team is ready to address any queries or challenges you may encounter.
Purpose-Built for Financial Teams DataTracks’ iXBRL software is designed with finance teams in mind, minimizing the need for IT support. This empowers finance professionals with direct control over iXBRL tagging, streamlining the reporting process.
Consolidated Reporting Confidence : Our integrated solution for iXBRL tagging, consolidation, planning, and reporting ensures that you can trust your data. This unified approach enhances confidence in the accuracy and integrity of your financial reports.
Dedicated Implementation Support : The DataTracks team, alongside our experienced partners, excels in delivering comprehensive support for iXBRL software and tagging. Our consistent track record of successful implementations underscores our commitment to your success.

Malaysia

I'm new to SSM MBRS. What exactly is it, and how does it affect my business?
SSM MBRS is the Malaysian Business Reporting System mandated by the Suruhanjaya Syarikat Malaysia (SSM). It requires companies to submit Annual Returns and Financial Statements in a specific digital format called XBRL. Failing to comply can result in penalties and affect your business standing. DataTracks helps you easily meet these requirements, simplifying your XBRL filing process.
XBRL services include the conversion of financial statements in Word, Excel, or PDF, tags with corresponding data elements with respective regulatory taxonomies, and validation of the final XBRL output via the regulator’s validation tool. These services are crucial for ensuring accurate and timely compliance with various financial regulatory bodies, which include SSM for MBRS filing in Malaysia.

Companies often encounter various challenges during the XBRL conversion process for SSM MBRS filings, which include the accuracy of the XBRL output knowledge and XBRL expertise for correct tagging, the time-consuming process, etc. Partnering with experts in XBRL preparation, like DataTracks, can help organizations overcome these challenges and streamline their financial reporting processes.

Outsourcing XBRL compliance and financial statement preparation can save companies valuable time and resources. It allows them to concentrate on their core business activities, confident that their financial reporting meets regulatory standards. Choosing DataTracks as your outsourcing partner ensures not just compliance but a trusted ally committed to accuracy and efficiency in navigating the dynamic regulatory landscape.
Our MBRS XBRL preparation services streamlines the conversion of your financial documents into the SSM-compliant MBRS XBRL format. It comes with features designed to streamline the tagging process, reduce errors, and save time, making your SSM MBRS filing process more efficient and reliable.
Our service specializes in MBRS / XBRL preparation for SSM filing, offering a comprehensive solution that minimizes the complexities involved in regulatory submissions. By employing our service, you can ensure a hassle-free, accurate, and timely SSM MBRS filing.
Engaging in SSM MBRS XBRL filing offers numerous benefits. Firstly, it standardizes your financial reporting, making it easier for regulatory authorities like SSM to assess and verify the data. This also simplifies the data exchange process, reducing the room for error and saving you valuable time.
DataTracks Malaysia is your trusted choice for XBRL compliance. With 20 years of experience, our experts know the ins and outs of SSM taxonomy and the latest regulations. We’ve successfully assisted over 30,000 clients in 25+ countries, delivering 450,000 reports. Choose us for a reliable partner committed to making your XBRL compliance smooth and accurate.

India

What are SEC Which companies should file in XBRL format with MCA?, and why are they important?
The MCA requirement of filing annual reports in XBRL format applies to :

1. All public companies listed in a stock exchange in India and their Indian subsidiaries

2. All private companies with a turnover of Rs 100 crores or more or paid up capital of Rs 5 crores or more (other than banking companies, insurance companies, power companies and NBFCs)

The mandate for filing applicable to companies meeting the criteria above was released by MCA in March 2011. For updated information, please visit the MCA website

As per the mandate issued in 2011, certain components of Annual reports are required to be filed in XBRL format. The mandated components include:
  • Balance Sheet
  • Profit & Loss Statement
  • Cash Flow Statement
  • Schedules related to Balance Sheet and Profit and Loss Statement
  • Notes to Accounts
  • Statement pursuant to Section 212 of the Companies Act, 1956 relating to subsidiaries
Recent Circular (Financial Year 2011-12):
The Ministry of Corporate Affairs (MCA) has recently issued a circular specifying additional reports to be filed in XBRL format for the financial year 2011-12. The newly mandated reports are:
  • Cost Audit Report (Form I)
  • Compliance report (Form A)
The MCA circular emphasizes that these reports, including overdue reports pertaining to previous years, are to be submitted in XBRL formats.
XBRL documents for MCA should be based upon XBRL Taxonomy developed by MCA for the existing Schedule VI, as per the existing (non converged) Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006. Taxonomies for Indian companies are developed based on the requirements of
• Schedule VI of Companies Act, • Accounting Standards, issued by ICAI • SEBI Listing requirements
The Ministry of corporate Affairs (MCA) has mandated all companies with investment of 5 crores and above and yearly turnover of above 100 crores to file their financial statements in Form AOC-4 XBRL format Within 30 days of the AGM or before the deadline of 30th Oct for FY22-23.
The Ministry of corporate Affairs (MCA) has mandated all companies with investment of 5 crores and above and yearly turnover of above 100 crores to file their financial statements in Form AOC-4 XBRL format Within 30 days of the AGM or before the deadline of 30th Oct for FY22-23.
  • Company: Faces a fine of Rs.1,000 for each day of default (up to a maximum of Rs.10,00,000).
  • Directors, CFO, and Authorized Director: Liable to a minimum fine of Rs. 1 lakh and a maximum of Rs. 5 lakhs, or imprisonment for up to 6 months.
Getting started with DataTracks is simple. Reach out to us, and our team will guide you through the onboarding process. We’ll discuss your specific requirements, gather the necessary financial data, and initiate the XBRL conversion and tagging process to ensure a hassle-free MCA compliance experience for your organization.
What are SEC filings, and why are they important?

The U.S. Securities and Exchange Commission (SEC) is an independent federal government regulatory agency responsible for safeguarding investors, maintaining fair and orderly functioning of the securities markets, and facilitating capital formation.

SEC filings are essential regulatory documents required of all public companies to provide critical information to investors or potential investors.
SEC filings delivered through EDGAR offer transparency and crucial information for individual and institutional investors, analysts & researchers, and regulators.
Their prominence lies in empowering investors to make informed decisions, identify potential risks, and seize opportunities in the investment landscape.

SEC filings offer investors crucial information about a company’s financial performance, business plans, and risk factors.

  • Annual reports (Form 10-K)
  • Quarterly reports (Form 10-Q)
  • (Form 8-K) – An 8-K is a report of unscheduled material events
  • Proxy statements (Form DEF 14A)
  • Registration statements (Form S-1, Form S-3, etc.)
  • Foreign Private Issuers with listed equity shares on exchanges in the US to file 20-F annually
  • Canadian Companies listed in the US to file 40-F annually
  • Other filings, such as 488BPOS, Form 497 for mutual funds
The SEC requires all public companies to file their annual reports and proxy statements in iXBRL format. Quarterly reports and other filings can be filed in HTML or XBRL format, but iXBRL is preferred.
All publicly traded companies in the United States are required to file their financial statements with the SEC in iXBRL format. This means that these companies must tag their financial statements with the US GAAP Taxonomy.
Foreign private issuers (FPIs) that are listed on US stock exchanges are also required to file their financial statements with the SEC in iXBRL format. However, FPIs are not required to use the US GAAP Taxonomy. They can instead tag their financial statements with the IFRS Taxonomy or another XBRL taxonomy that is approved by the SEC.

DataTracks offers a cloud-based solution called DataTracks RainbowTM that can help you prepare and file your SEC reports in iXBRL format.

With DataTracks Rainbow, streamline your SEC reporting process effortlessly, collaborate and prepare error-free compliance reports under various disclosure requirements.

DataTracks Rainbow automates the process of tagging your financial data with XBRL tags, and it also provides a variety of tools to help you review and edit your reports before you file them.
The deadline to file SEC reports varies depending on the type of report.
For example, companies must submit their annual filing (10-K) within 60 to 90 days of the close of their fiscal year. The Form 10-Q must be filed for the first three quarters of the company’s fiscal year. The filing deadline is within 40 days from the end of the quarter.
The SEC can impose a variety of penalties for late SEC filings, including:
  • Civil penalties of up to $25,000 per day
  • Suspension of trading in the company’s securities
  • Revocation of the company’s registration statement
In addition, the SEC may also take enforcement action against the company’s officers and directors for failing to file SEC reports on time.
DataTracks Rainbow™ is XBRL certified and supports XBRL self-tagging, multi-user collaboration, co-authoring, built-in validation, and a review platform, among other features. It highlights taggable elements while applying XBRL tags, ensuring no facts go untagged. DataTracks Rainbow™ offers the same powerful features as industry-leading SEC reporting software, but at an economical price, guaranteeing affordability.
Yes, switching to DataTracks Rainbow™ from your current SEC reporting solution is seamless and hassle-free. DataTracks Rainbow™ accepts iXBRL input, making it easy to port data from industry-leading software without the need for time-consuming document setup. We offer a smooth onboarding process, which includes quick setup of workspaces with content formatting and XBRL tagging. Additionally, our platform’s intuitive interface ensures users can adapt quickly.
Yes, DataTracks Rainbow™ integrates seamlessly with various data sources, including general ledger systems and spreadsheets. This integration streamlines the reporting process and enhances efficiency.
DataTracks Rainbow™ supports a wide range of input formats to meet your needs. You can import DOCX, XLS, PDF, HTML, and iXBRL formats.
Data security is a top priority for us. DataTracks Rainbow™ ensures the protection of your data through adherence to industry standards like ISAE 3402, SSAE 18, and ISO 27001. Powered by a Tier 1 cloud provider, our infrastructure complies with SOC 1 standards and includes encryption, access controls, and continuous monitoring to safeguard your financial data from unauthorized access and threats.

As a 20-year-old company and one of the pioneers in XBRL technology, our professional support team consists of qualified accounting professionals and XBRL experts. They provide expert assistance on tag selection, tagging decisions, validation, and best practices to ensure the highest quality and completeness in your SEC reporting obligations.

Why is iXBRL tagging necessary for CT600 filing?

HMRC has mandated that all tax returns and financial statements be submitted in iXBRL format for accounting periods ending after March 2010 and accounts filed after March 2011. It ensures that financial data is presented in a structured and standardized format, improving transparency, and facilitating efficient data analysis.

Key financial elements, such as income statement, balance sheet, and other relevant financial details, need to be tagged using iXBRL. This includes details about assets, liabilities, income, and expenses.

There are a number of benefits to using a managed tagging service to create iXBRL accounts and tax computations, including:

  • Accuracy : Managed tagging services have the expertise and experience to ensure that your iXBRL accounts and tax computations are tagged accurately and consistently.
  • Efficiency : Managed tagging services can help you to save time and resources by preparing your iXBRL accounts and tax computations for you.
  • Compliance : Managed tagging services can help you to ensure that your iXBRL accounts and tax computations comply with HMRC’s requirements.
Yes, HMRC provides guidelines and requirements for iXBRL tagging. It’s important to stay updated with the latest guidelines to ensure compliance
iXBRL (Inline eXtensible Business Reporting Language) filing is preferred by tax authorities because it ensures accurate, efficient, and transparent reporting of financial information. It also simplifying tax liabilities, identifying errors, and aiding in fraud detection, iXBRL significantly improves the overall accuracy and transparency of tax systems, reducing administrative burdens and increasing taxpayer satisfaction.
HMRC has issued guidance on the accounts that need to be filed using iXBRL. Taxpayers and their agents should refer to the HMRC web site for exact requirements before taking action but in outline these are:
  • Companies preparing accounts under the Companies Act 2006.
  • Businesses that prepare accounts under certain legislation governing certain financial institutions.
  • Entities incorporated under the law of a non UK country but which are UK resident for tax purposes.
  • UK branch or agency accounts for non resident companies trading in the UK through a permanent establishment.

You must be handling multiple clients. If any of your clients are not comfortable with APS and want to change to MTS, we would be happy to help you. This keeps you off from the hassle of having error free tagged accounts.

Look for a service provider with experience in CT600 filing, a track record of accurate iXBRL tagging, and positive client reviews. Consider factors such as turnaround time, pricing, and customer support. DataTracks, renowned for its expertise, accuracy, and client satisfaction, stands out as a trusted choice in meeting these criteria.
The deadline for submitting your CT600 return to HMRC is 12 months after the end of the accounting period it covers.
  • Late by one day: £100 penalty
  • Late by three months (additional): £100 penalty
  • Late by six months: HMRC calculates the corporation tax due and adds a penalty of 10% of the unpaid corporation tax
  • Late by twelve months (additional): 10% of the unpaid corporation tax

ESEF

What is ESEF Reporting?
ESEF stands for European Single Electronic Format. It is a new reporting format for public companies in the European Union that requires them to publish their annual financial reports in a single, electronic format. ESEF is designed to improve the transparency and comparability of financial reporting across the EU.
ESEF applies to all public companies in the EU and UK that are listed on a regulated market. Consolidated IFRS accounts must be tagged using the ESEF taxonomy, but non-consolidated reports only need to be submitted in XHTML format without tagging.

ESEF iXBRL reports must be prepared in XHTML format, with IFRS consolidated financial statements tagged using XBRL. The XBRL tags must be embedded in the XHTML document using Inline XBRL technology.

The ESEF Reporting Requirements affect all issuers whose securities are admitted to trading on regulated markets within the European Union (EU), as well as all issuers who are required to prepare consolidated financial statements in accordance with International Financial Reporting Standards (IFRS), unless they are small and micro enterprises (SMEs) and their securities are not admitted to trading on a regulated market.

The ESEF regulation focuses on publishing annual financial reports, with compliance extending beyond converting audited data into electronic format. The ESEF-RefE emphasizes third-party verification of accuracy. Although the EU Commission handles the audit, auditors and supervisory boards play a crucial role in confirming tag accuracy. At DataTracks, we assist auditors for precise ESEF reporting, enhancing overall financial disclosure quality.
The ESEF Taxonomy is a standardized set of terms and definitions that facilitate the digital tagging of financial information within Annual Financial Reports (AFRs). It provides a common language for reporting entities to label their financial statements, making them machine-readable and structured. Utilizing the ESEF Taxonomy ensures consistency and comparability in financial reporting, enhancing transparency for investors and regulatory compliance.
ESEF block tagging is a method of tagging line items in ESEF reports where multiple line items are tagged as a single block. This is in contrast to individual tagging, where each line item is tagged separately.
Block tagging is typically used for tagging narrative disclosures, such as the management discussion and analysis section of an annual financial report. This is because it can be time-consuming and expensive to tag each individual line item in a narrative disclosure.
We offer a full range of ESEF Reporting services, including:
  • XBRL tagging and validation
  • High-design PDF generation
  • Collaboration and workflow management
  • Regulatory filing
  • Support from a team of ESEF experts
We at DataTracks offer DataTracks Rainbow™, a cloud based ESEF reporting software solution that companies can use to tag their own financial statements and generate iXBRL files.

DataTracks RainbowTM is a self-managed software solution that helps companies comply with ESEF Reporting requirements. It can generate iXBRL reports from a variety of input formats, including Word, HTML, and high-style PDF. It also has a pre-validation gateway that ensures that all reports are error-free and compliant with the latest ESMA reporting requirements. Additionally, DataTracks RainbowTM can preserve rich design layout and provides peace of mind in regulatory reporting.

Deciding on in-house implementation for ESEF obligations involves a hefty upfront investment in software and adaptations, coupled with increased running costs. However, the semi-automated process, once set up, significantly reduces manual effort and errors.
Opting for a service provider minimizes initial in-house efforts, but staying up to date with the evolving ESEF taxonomy demands considerable effort. The outsourcing mitigates this risk, with lower initial investments and reduced burdens. Yet, it means relinquishing some control over the creation process, requiring coordination within a group’s parent/subsidiary context. At DataTracks, we assist you in navigating these decisions and ensure a streamlined ESEF reporting process tailored to your needs.

AIFMD

What Is the Alternative Investment Fund Managers Directive (AIFMD)?
The Alternative Investment Fund Managers Directive (AIFMD) serves as a regulatory framework specifically designed for EU-registered hedge funds, private equity funds, and real estate investment funds. Originating in response to the 2008-09 global financial crisis, the AIFMD addresses the need for enhanced oversight and regulation of alternative investments that were previously less regulated. Its primary objectives include safeguarding investors and mitigating systemic risks associated with these funds, contributing to the overall stability of the European Union’s economy.
AIFMs must file a few reports with the NCA, including the AIFMD Annex IV report, transaction reports, valuation reports, and investor reports. AIFMs must also make certain information available to the public.
The AIFMD Annex IV report is a transparency report that is required to be filed by all Alternative Investment Fund Managers (AIFMs) who are authorized or registered in the European Union (EU) or who market their funds to EU investors. The report must be filed with the relevant national competent authority (NCA) on an annual, semi-annual, or quarterly basis, depending on the size and complexity of the AIFM and the types of funds it manages.
The two categories of AIFMD Annex IV reports are:
  • AIFM report : This report provides details of the AIFM, including its organizational structure, governance arrangements, investment strategy, and portfolio composition.
  • AIF report : This report must be completed for each fund that the AIFM manages. It provides details of the assets held by the fund, the risks to which it is exposed, the types of investors holding shares or interests in the fund, and much more.
Even if AIFMs do not have any information to report yet, they are still required to file an AIFMD Annex IV report with the relevant national competent authority (NCA). To do this, AIFMs should use the specific field in the report to indicate that no information is available. This is important because it allows the NCA to track the AIFM’s progress and to ensure that it is meeting its regulatory obligations.
  • AIFM report : This report provides details of the AIFM, including its organizational structure, governance arrangements, investment strategy, and portfolio composition.
  • AIF report : This report must be completed for each fund that the AIFM manages. It provides details of the assets held by the fund, the risks to which it is exposed, the types of investors holding shares or interests in the fund, and much more.
Here are some examples of situations where AIFMs may need to file an AIFMD Annex IV report with no information:
  • A new AIFM has been authorized or registered but has not yet started its activities.
  • A new AIF has been created but has not yet made any investments.
  • An AIFM has suspended its activities.
  • An AIF has been liquidated.
By filing an AIFMD Annex IV report even if they do not have any information to report, AIFMs can demonstrate their commitment to transparency and compliance.

The frequency of AIFMD Annex IV reporting depends on a number of factors, including the assets under management (AuM), the degree of leverage, the type of assets held, and whether the AIFM is registered or authorized. For instance, AIFMs with AuM of less than EUR 100 million are required to report annually. AIFMs with AuM of EUR 100 million or more are required to report semi-annually or quarterly, depending on their specific circumstances.

  • A new AIFM has been authorized or registered but has not yet started its activities.
  • A new AIF has been created but has not yet made any investments.
  • An AIFM has suspended its activities.
  • An AIF has been liquidated.
Generating the AIFMD reporting XML involves a meticulous process of collecting, organizing, and formatting data according to regulatory requirements. This task requires technical expertise and adherence to specific guidelines. Our AIFMD Reporting Solution streamlines this process, ensuring accurate XML generation in compliance with regulatory standards.
  • A new AIFM has been authorized or registered but has not yet started its activities.
  • A new AIF has been created but has not yet made any investments.
  • An AIFM has suspended its activities.
  • An AIF has been liquidated.
Fund managers and administrators often encounter challenges such as cumbersome data collation from multiple sources, tedious compliance with NCA requirements, and the complexity of reviewing and validating regulatory calculations.
However, DataTracks provides a comprehensive AIFMD reporting solution that streamlines data collation, ensures compliance with changing ESMA and NCA requirements, and simplifies the review and validation of calculations.
  • A new AIFM has been authorized or registered but has not yet started its activities.
  • A new AIF has been created but has not yet made any investments.
  • An AIFM has suspended its activities.
  • An AIF has been liquidated.

Our agile and adaptable AIFMD Reporting solution responds swiftly to regulatory changes, guaranteeing compliance with both ESMA and NCA requirements. We handle over 300 points specified by supervisory authorities, easing the tedious task of compliance for fund managers and institutions.

  • A new AIFM has been authorized or registered but has not yet started its activities.
  • A new AIF has been created but has not yet made any investments.
  • An AIFM has suspended its activities.
  • An AIF has been liquidated.

DataTracks not only handles the generation and calculation mandated by the AIFMD directive but places a strong emphasis on maintaining precision and accuracy at every stage. Our AIFMD Reporting solution is meticulously crafted to deliver reports that are not only timely but also exceptionally precise, laying a robust foundation for compliance.

  • A new AIFM has been authorized or registered but has not yet started its activities.
  • A new AIF has been created but has not yet made any investments.
  • An AIFM has suspended its activities.
  • An AIF has been liquidated.
The deadline for the first filing of the AIFMD Annex IV report is 30 days after the end of the initial reporting period following AIFM authorization. Fund-of-Funds have an additional 14 days.
  • For Yearly Reporting : 30 or 45 days after December 31st.
  • For Half Yearly Reporting : 30 or 45 days after June 30th and December 31st.
  • For Quarterly Reporting : 30 or 45 days after March 31st, June 30th, September 30th, and December 31st.

AIFMs may be charged an administrative fee of £250 and receive a reminder from the FCA. The FCA may also take enforcement action, including cancellation of the AIFM’s authorization or registration.

CRD IV

What is the Capital Requirements Directive CRD IV?

The Capital Requirements Directive (CRD IV) is a directive within the European Union, delineating the capital requirements applicable to credit institutions and investment firms. CRD IV aims to guarantee that these entities possess an adequate capital buffer, enabling them to absorb losses and uphold public trust in the stability of the financial system.

The specific types of CRD IV reports that you need to file will depend on the type of entity that you are and the activities that you undertake. However, some common types of CRD IV reports include:
  • COREP reports : These reports provide supervisory authorities with data on the capital adequacy, liquidity, and risk profile of credit institutions and investment firms.
  • FINREP reports : These reports provide supervisory authorities with data on the financial performance and position of credit institutions and investment firms.
  • Large exposures reports : These reports provide supervisory authorities with data on the largest exposures of credit institutions and investment firms.
  • Transaction reports : These reports provide supervisory authorities with data on the individual transactions of credit institutions and investment firms.
The key requirements of CRD IV include:
  • A minimum capital requirement of 4.5% of risk-weighted assets (RWAs)
  • A capital conservation buffer of 2.5% of RWAs
  • A countercyclical capital buffer of up to 2.5% of RWAs
  • Systemic risk buffers of up to 3.5% of RWAs

To file CRD IV reports electronically using the European Banking Authority’s (EBA) reporting portal, you can use our CRD IV reporting solution to automate the entire process and ensure compliance with the latest CRD IV reporting requirements.

  • A minimum capital requirement of 4.5% of risk-weighted assets (RWAs)
  • A capital conservation buffer of 2.5% of RWAs
  • A countercyclical capital buffer of up to 2.5% of RWAs
  • Systemic risk buffers of up to 3.5% of RWAs
Some of the key challenges that financial institutions and investment firms face in meeting the CRD IV reporting requirements include:
  • Increased complexity of reporting requirements
  • Managing digital risk
  • Data preparation, formatting, and validation

These challenges can be addressed by using a reliable CRD IV reporting solution, such as DataTracks’, which can automate the reporting process, ensure compliance with the latest CRD IV reporting requirements, and improve the quality of reported data.

DataTracks simplifies CRD IV reporting by providing nimble and user-friendly templates, flexible data entry options, quick validation, and submission processes. The platform’s comprehensive audit trail ensures control over report changes, and it aids financial institutions and investment firms in complying with the latest CRD IV reporting requirements. Overall, DataTracks’s CRD IV reporting solution enhances the quality of reported data and streamlines the entire CRD IV reporting workflow.

Solvency

What is Solvency II Pillar 3 reporting?
Solvency II Pillar 3 reporting is a set of requirements that insurance companies must meet in order to disclose their financial and risk profile. The requirements are designed to ensure that insurance companies are transparent and accountable to their policyholders and other stakeholders.

Solvency II Pillar 3 reporting is designed to:

  • Improve transparency and accountability of insurance companies.
  • Enhance the comparability of insurance companies' financial and risk profiles.
  • Promote market discipline.
Pillar 3 reports in the Solvency II framework encompass a blend of quantitative and qualitative elements and are divided into two main categories:
  • Solvency and Financial Condition Report (SFCR)- Regulated by Article 51 of the Solvency II Directive, the SFCR is a publicly available report
  • Regular Supervisory Return (RSR)- Governed by Article 35(1), the RSR is submitted privately to supervisors.
Both reports rely on Quantitative Reporting Templates (QRTs), defined in CEIOPS Consultation Paper 58 (CP58), to underpin quantitative data, ensuring a comprehensive and standardized approach to Solvency II reporting.
All insurance companies that are subject to Solvency II are required to comply with Pillar 3 reporting. This includes insurers that are domiciled in the European Union (EU) and insurers that are located outside of the EU but that operate in the EU.
  • A minimum capital requirement of 4.5% of risk-weighted assets (RWAs)
  • A capital conservation buffer of 2.5% of RWAs
  • A countercyclical capital buffer of up to 2.5% of RWAs
  • Systemic risk buffers of up to 3.5% of RWAs
Insurance companies grapple with challenges like lack of regulatory readiness, integrating integral systems, data granularity issues, budget constraints, and gathering information from multiple sources.
  • Increased complexity of reporting requirements
  • Managing digital risk
  • Data preparation, formatting, and validation

These challenges can be addressed by using a reliable CRD IV reporting solution, such as DataTracks’, which can automate the reporting process, ensure compliance with the latest CRD IV reporting requirements, and improve the quality of reported data.

Insurers can ensure smooth and compliant Pillar 3 disclosure by starting early, involving key stakeholders, using technology, keeping up-to-date, and communicating effectively with supervisors. These steps ensure compliance with reporting requirements, enabling insurers to provide accurate information to policyholders and stakeholders. DataTracks offers a comprehensive Solvency II Reporting solution, facilitating efficient and regulatory-compliant disclosure processes.
DataTracks provides a comprehensive Solvency II solution that addresses challenges in Pillar 3 reporting. Our cloud-based platform ensures secure data storage, offers automated and flexible data entry, connects with external sources, facilitates collaborative workflows, conducts thorough validations, allows comparability of report versions, adapts to regulatory changes, ensures a user-friendly experience, and produces high-quality XBRL reports in compliance with regulators’ requirements. DataTracks is your reliable partner for efficient and seamless Solvency II reporting.
Insurance companies are required to report under Solvency II Pillar 3 annually. They must also report quarterly if their solvency position deteriorates significantly.

MIFID

What is MiFID II Transaction Reporting?
MiFID II Transaction Reporting is a regulatory requirement that mandates investment firms to report details of their trades to their respective regulators. This reporting is crucial for regulators to effectively monitor market activities, identify potential market abuse, and ensure fair and transparent trading practices.
The main purpose of MiFID II reporting is to enhance the efficiency and integrity of financial markets across the European Union. By imposing reporting obligations on investment firms, MiFIR aims to ensure transparency and accountability in financial transactions.
A wide range of entities are required to report transactions under MiFID II, including investment firms, investment managers, credit institutions, market operators, financial counterparties under EMIR, central counterparties and persons with proprietary rights to benchmarks, and third-country firms providing investment services or activities within the EEA.
A MiFID II transaction report can contain up to 65 fields of data. This information includes details about the financial instruments traded, the trading venues involved, the parties involved in the trades, and the dates and times of the trades. The specific details required for each field are defined in the MiFID II Regulatory Technical Standards (RTS).
All investment firms are obligated to report specified transactions in financial instruments where the underlying instrument is traded on an EEA trading venue. This reporting must be done to an Approved Reporting Mechanism (ARM) on a T+1 basis, contributing to the overall transparency and regulatory oversight of financial activities within the European Union.
Financial firms face several challenges in complying with MiFID II reporting requirements, including:
  • Daily reporting : MiFID II requires firms to report details of all eligible trades within one business day of the transaction. The large volume of data and the complexity of the reporting requirements make it difficult for firms to comply with this deadline without a robust reporting solution.
  • Data collation and preparation : Firms need to collect and prepare data from multiple sources to generate MiFID II transaction reports. This can be a time-consuming and error-prone process, especially if firms are not using a dedicated reporting solution.
  • Validation check : MiFID II transaction reports must pass a series of validation checks before they can be submitted to regulators. If a report contains errors, it will be rejected, and the firm will need to resubmit it. This can be a costly and time-consuming process.
DataTracks offers an agile and adaptable MiFID II reporting solution that includes pre-validation, effortless data entry, quality and consistent reports, and data security features. It helps financial firms reduce the risk of errors, improve compliance, and save time and resources.

FATCA/CRS

What is FATCA/CRS Reporting?
FATCA (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standard) are intergovernmental agreements that aim to combat tax evasion by U.S. persons and non-residents of participating countries, respectively. These agreements require financial institutions to identify and report accounts held by these individuals to their respective tax authorities.
Financial institutions, including banks, investment funds, and insurance companies, are obligated to comply with FATCA/CRS Reporting requirements. Additionally, individuals and entities with foreign financial accounts may be subject to reporting.
FATCA and CRS primarily apply to financial organizations worldwide, such as banks (depository institutions), entities holding assets for others (custodial institutions), investment entities that manage or invest funds, specified insurance companies issuing certain insurance or annuity contracts, and holding companies linked to financial groups (relevant for FATCA).
FATCA : For the Foreign Account Tax Compliance Act (FATCA), the due diligence and reporting requirements are triggered when certain account balances exceed set thresholds. Accounts held by pre-existing individual investors with a balance of less than $50,000, and pre-existing entities with balances under $250,000 as of June 30, 2014, are exempt from reporting. However, if these balances rise above $1 million, the accounts then fall within the reporting requirements.
CRS : The Common Reporting Standard (CRS), on the other hand, has more comprehensive due diligence and reporting requirements. The only exemption threshold under CRS applies to pre-existing entity accounts with balances below $250,000 as of December 31, 2015. Once these accounts exceed that balance, they come within the purview of CRS due diligence and reporting.
FATCA/CRS are designed to promote tax transparency and deter tax evasion. By increasing the visibility of offshore accounts, these agreements help to ensure that individuals pay their fair share of taxes.
To ensure smooth and compliant FATCA/CRS reporting, financial institutions should:
  • Establish clear identification and reporting procedures for FATCA/CRS-covered accounts.
  • Utilize technology solutions to automate reporting tasks, streamline data collection, and minimize errors.
  • Stay updated on regulatory changes and adapt processes accordingly.

With DataTracks’ comprehensive FATCA/CRS reporting solution, financial institutions can automate reportable accounts, generate error-free reports, and maintain compliance status. Our technology minimizes errors and ensures reports meet IRS and OECD standards, keeping you compliant effortlessly.

ESG

What is the need for ESG reporting?
Given the increasing focus of investors on business profitability, it has become crucial for companies to ensure their activities are sustainable. Investments can have direct or indirect effects on the environment, climate, and give rise to social issues. In response to this concern, the European Union (EU) and the European Economic Area (EEA) have implemented control measures to monitor the Environmental, Social, and Governance (ESG) footprint. As a result, the requirement for ESG Reporting has emerged.
The phrase ESG Report also known as “ESG disclosure” or “sustainability reporting,” refers to the financial and non-financial reporting directive of data about the operations of the Organization under EU ESG standards.
Europe has committed to becoming climate neutral by 2050. As a result, the European Commission is seeking entities to report under SFDR.
Such disclosure makes it a fantastic opportunity for entities to highlight their ESG policies, operations, and performance to share their goals with various stakeholders, including clients, lenders, employees, suppliers, and shareholders.
As per the Corporate Sustainable Reporting Directive, the regulatory bodies in the EU require companies to disclose the non-financial information of the organization to the investors, stakeholders, consumers, and policymakers on how they manage ESG risks and handle environmental challenges.
What is iXBRL?

iXBRL (Inline XBRL) allows financial statements to be human-readable and machine-readable, enabling accurate electronic filings with Revenue Ireland.

Companies submitting Corporation Tax returns (Form CT1) must file financial statements and tax computations in iXBRL format.
  • Accuracy : Minimizes errors.
  • Efficiency : Simplifies electronic submissions.
  • Transparency : Ensures clarity.
  • Compliance : Meets Revenue standards.
DataTracks provides expert tagging, validation, and comprehensive filing support.
Typically ranges from a few days to a week, depending on complexity.
Typically ranges from a few days to a week, depending on complexity.
  • ISO 27001:2022 and ISO 9001:2015 certified.
  • Complies with ISAE 3402 guidelines.
  • Uses robust data protection protocols.
Yes, they manage intricate reporting requirements with precision.
  • Pre-validation via Revenue Online Service (ROS).
  • Filing assistance and troubleshooting.
  • Pre-validation via Revenue Online Service (ROS).
  • Filing assistance and troubleshooting.
Dormant companies must also file in iXBRL format. DataTracks ensures accurate tagging for compliance.
  • Contact : Reach out via their website or support team.
  • Consultation : Share requirements for a tailored quote.
  • Engagement : Begin the process for seamless filing.
What is ACRA, and why is XBRL tagging required for filing in Singapore?
The Accounting and Corporate Regulatory Authority (ACRA) is the governing body in Singapore that mandates the submission of financial statements in XBRL format in 2013. XBRL tagging is essential for converting financial statements into a structured digital format called XBRL that ACRA has defined requirements for the companies to file in XBRL.
All incorporated companies in Singapore, except exempted ones, are mandated to file financial statements in XBRL format with the Accounting and Corporate Regulatory Authority (ACRA) as part of their annual requirements.
Companies limited by guarantee and foreign companies provide key financial data in XBRL alongside signed PDF copies distributed at annual meetings, while both public and private companies submit complete financial statements in XBRL. In contrast, sole proprietorships and partnerships are exempt from submitting financial statements to ACRA.

Filing in XBRL format streamlines financial statement preparation, enabling quick processing and analysis by regulators. Leveraging the XBRL reporting standard, the system provides benefits like automated report generation, faster and more accurate data handling, improved business information analysis, efficient processing of large data sets, and overall cost-effective regulatory procedures.

For businesses required to file annual returns, XBRL-formatted financial statements must be prepared post-financial year-end. Companies with financial years ending before August 31, 2022, should file within 30 days after the annual general meeting. For those ending on or after August 31, 2022, the timeline is five months (listed companies) or seven months (non-listed) after year-end. For companies with overseas branch registers, the deadlines are six months (listed) or eight months (non-listed). Delays may incur penalties, and filing is contingent upon AGM completion or financial statements dispatch for companies without AGMs.
DataTracks assists businesses in converting their financial statements into the required XBRL format as mandated by ACRA for all incorporated companies in Singapore. With a dedicated team of experienced XBRL experts, DataTracks ensures companies seamlessly comply with ACRA’s filing requirements, providing a reliable and efficient solution.
Companies filing the annual return beyond 30 days after their AGM face a late lodgment fee, starting at $300 and increasing with the duration of the delay.
XBRL filing with ACRA (Accounting and Corporate Regulatory Authority) involves submitting financial statements in the eXtensible Business Reporting Language (XBRL) format. This standardized format is used for the electronic communication of business and financial data, facilitating easier sharing, analysis, and comparison of financial information. ACRA requires Singapore-incorporated companies to file their financial statements in XBRL format, aligning with international financial reporting and compliance standards.

Yes, XBRL filing is mandatory in Singapore for most companies. Since the introduction of the ‘XBRL filing requirement ACRA,’ companies incorporated in Singapore are obligated to file their financial statements in XBRL format, as part of their annual filing requirements. However, certain types of entities, like solvent exempt private companies and those using non-SFRS accounting standards, are exempt from this requirement.

The deadline for XBRL filing in Singapore depends on the type of company. Listed companies must file within five months, while non-listed companies have a seven-month deadline. It’s important to adhere to these timelines as late filings can incur penalties. Companies can also apply for an extension via ACRA’s online portal, ensuring they meet the ‘ACRA XBRL filing’ deadlines.
To prepare an XBRL file, companies can use the BizFinx preparation tool available on the ACRA website. This tool facilitates the conversion of financial statements into XBRL format. Companies should ensure that the financial information is accurately represented and tagged in the XBRL file, and any errors in the data are rectified before submission. Alternatively, companies can engage services like DataTracks, which offer ‘ACRA XBRL filing services’ to assist in preparing and filing XBRL financial statements accurately and in compliance with ACRA’s requirements.
I'm new to SSM MBRS. What exactly is it, and how does it affect my business?
SSM MBRS is the Malaysian Business Reporting System mandated by the Suruhanjaya Syarikat Malaysia (SSM). It requires companies to submit Annual Returns and Financial Statements in a specific digital format called XBRL. Failing to comply can result in penalties and affect your business standing. DataTracks helps you easily meet these requirements, simplifying your XBRL filing process.
XBRL services include the conversion of financial statements in Word, Excel, or PDF, tags with corresponding data elements with respective regulatory taxonomies, and validation of the final XBRL output via the regulator’s validation tool. These services are crucial for ensuring accurate and timely compliance with various financial regulatory bodies, which include SSM for MBRS filing in Malaysia.

Companies often encounter various challenges during the XBRL conversion process for SSM MBRS filings, which include the accuracy of the XBRL output knowledge and XBRL expertise for correct tagging, the time-consuming process, etc. Partnering with experts in XBRL preparation, like DataTracks, can help organizations overcome these challenges and streamline their financial reporting processes.

Outsourcing XBRL compliance and financial statement preparation can save companies valuable time and resources. It allows them to concentrate on their core business activities, confident that their financial reporting meets regulatory standards. Choosing DataTracks as your outsourcing partner ensures not just compliance but a trusted ally committed to accuracy and efficiency in navigating the dynamic regulatory landscape.
Our MBRS XBRL preparation services streamlines the conversion of your financial documents into the SSM-compliant MBRS XBRL format. It comes with features designed to streamline the tagging process, reduce errors, and save time, making your SSM MBRS filing process more efficient and reliable.
Our service specializes in MBRS / XBRL preparation for SSM filing, offering a comprehensive solution that minimizes the complexities involved in regulatory submissions. By employing our service, you can ensure a hassle-free, accurate, and timely SSM MBRS filing.
Engaging in SSM MBRS XBRL filing offers numerous benefits. Firstly, it standardizes your financial reporting, making it easier for regulatory authorities like SSM to assess and verify the data. This also simplifies the data exchange process, reducing the room for error and saving you valuable time.
DataTracks Malaysia is your trusted choice for XBRL compliance. With 20 years of experience, our experts know the ins and outs of SSM taxonomy and the latest regulations. We’ve successfully assisted over 30,000 clients in 25+ countries, delivering 450,000 reports. Choose us for a reliable partner committed to making your XBRL compliance smooth and accurate.
Who Need to file AFS with CIPC in iXBRL format?
All entities—be they companies, closed corporations, publicly or privately listed organizations, or non-profits with a PI Score exceeding 350—must submit their AFS in iXBRL format to the CIPC. The same mandate applies to companies conducting internal audits with a PI Score above 100, cooperatives boasting an annual turnover greater than 10 million Rands, and any organization that has specified in its Memorandum of Incorporation (MOI) an intent to file their AFS using iXBRL.

DataTracks the trusted CIPC iXBRL conversion specialist in South Africa can convert your annual financial statements into iXBRL format with 100% error free reports within 10 days of turnaround time.

Outsourcing iXBRL Conversion & Tagging to DataTracks brings unparalleled expertise with a global track record of over 30,000 clients and 450,000 reports, assuring you of our proven reliability. Outsourcing iXBRL preparation will drastically help you to reduce your resource overhead. Our commitment to accuracy ensures 100% error-free conversions at a cost-effective rate, simplifying compliance for your business.

Entities are required to submit their annual returns to CIPC within 30 business days after the year-end, with the exception of Close Corporations, which have 60 business days for the submission of their annual financial statements. The submission should include the latest final approved audited or independently reviewed annual financial statements, and both the annual returns and financial statements must be filed on the same day.

Failure to submit Annual Financial Statements (AFS) leads to an investigation, followed by a compliance notice with a specified deadline. Non-compliance may result in fines or formal prosecution. Additionally, not submitting CIPC Annual Returns may lead to entity de-registration and the imposition of penalties.

Cooperatives are the group of individuals doing business together registered under the Cooperative Amendment act of 2013 to meet the collective economic objectives in South Africa. All Coops making turnover of above 10M Rands must file their AFS with CIPC in the iXBRL format, mandated from 2nd Jan, 2023.
Cooperatives are entities are run by group of people with same interest. The Cooperative is classified in to various categories based on the annual revenue turnover.
  • Category A / Primary – (A1: R1 Million and A2: R10 – R1 million),
  • Category B / Secondary – (R25 – R10 Million) Revenue turnover per annum
  • Category C / Tertiary – Annual revenue of R25 million and more.
  • National Apex Cooperatives.

Category A need to file their AFS – Annual Financial Statements in the Inline XBRL Format to the CIPC – Companies and Intellectual Property Commission (CIPC)

Category B need to file their AFS in the iXBRL format (Filing not mandate/Voluntary filing)
Category C Cooperatives (include secondary, tertiary and National Apex Cooperatives) (Filing not compulsory)

CIPC Software

Why do I need iXBRL software for tagging and conversion?

With the DataTracks RainbowTM– iXBRL software, any company or auditing firms boasting qualified accountants can effortlessly convert traditional financial documents into the iXBRL format. This innovative platform not only streamlines the process of iXBRL tagging but also ensures compliance with regulatory requirements.  

By simplifying the reporting process, DataTracks Rainbow enables seamless communication between companies and regulatory bodies. The inclusion of iXBRL tagging within the software’s capabilities means that financial data is accurately and efficiently tagged, ensuring that documents are machine-readable and fully compliant with the latest standards.

This iXBRL Software represents a significant step forward in financial reporting, offering a solution that is both user-friendly and powerful in its compliance and reporting capabilities.

DataTracks iXBRL Conversion and Tagging Experts in South Africa converts your financial statements easily into the high-quality CIPC iXBRL format through the Cloud Based iXBRL Software named “DataTracks RainbowTM“. Our SaaS Based product makes it easy for you to upload the complex financial statements, tag it as pert the Taxonomy, convert it and validate it as per the CIPC validation gateway. DataTracks iXBRL Conversion Software effectively throws up the error warning before iteration and delivers 100% error free iXBRL reports to download.

DataTracks RainbowTM– iXBRL Tagging Software is a cloud-based software that can be used to tag annual financial statements into iXBRL format. It has features such as:

  • Roll forward
  • In-build validation engine
  • Collaboration and co-authoring
  • Data cloning
  • Multiple input capability
  • Access restriction and Audit Trail
  • Powerful formatting options
We offer comprehensive support to assist you at every stage. From onboarding to AFS file uploading assistance, our support team is ready to address any queries or challenges you may encounter.
Purpose-Built for Financial Teams DataTracks’ iXBRL software is designed with finance teams in mind, minimizing the need for IT support. This empowers finance professionals with direct control over iXBRL tagging, streamlining the reporting process.
Consolidated Reporting Confidence : Our integrated solution for iXBRL tagging, consolidation, planning, and reporting ensures that you can trust your data. This unified approach enhances confidence in the accuracy and integrity of your financial reports.
Dedicated Implementation Support : The DataTracks team, alongside our experienced partners, excels in delivering comprehensive support for iXBRL software and tagging. Our consistent track record of successful implementations underscores our commitment to your success.
What are SEC Which companies should file in XBRL format with MCA?, and why are they important?
The MCA requirement of filing annual reports in XBRL format applies to :

1. All public companies listed in a stock exchange in India and their Indian subsidiaries

2. All private companies with a turnover of Rs 100 crores or more or paid up capital of Rs 5 crores or more (other than banking companies, insurance companies, power companies and NBFCs)

The mandate for filing applicable to companies meeting the criteria above was released by MCA in March 2011. For updated information, please visit the MCA website

As per the mandate issued in 2011, certain components of Annual reports are required to be filed in XBRL format. The mandated components include:
  • Balance Sheet
  • Profit & Loss Statement
  • Cash Flow Statement
  • Schedules related to Balance Sheet and Profit and Loss Statement
  • Notes to Accounts
  • Statement pursuant to Section 212 of the Companies Act, 1956 relating to subsidiaries
Recent Circular (Financial Year 2011-12):
The Ministry of Corporate Affairs (MCA) has recently issued a circular specifying additional reports to be filed in XBRL format for the financial year 2011-12. The newly mandated reports are:
  • Cost Audit Report (Form I)
  • Compliance report (Form A)
The MCA circular emphasizes that these reports, including overdue reports pertaining to previous years, are to be submitted in XBRL formats.
XBRL documents for MCA should be based upon XBRL Taxonomy developed by MCA for the existing Schedule VI, as per the existing (non converged) Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006. Taxonomies for Indian companies are developed based on the requirements of
• Schedule VI of Companies Act, • Accounting Standards, issued by ICAI • SEBI Listing requirements
The Ministry of corporate Affairs (MCA) has mandated all companies with investment of 5 crores and above and yearly turnover of above 100 crores to file their financial statements in Form AOC-4 XBRL format Within 30 days of the AGM or before the deadline of 30th Oct for FY22-23.
The Ministry of corporate Affairs (MCA) has mandated all companies with investment of 5 crores and above and yearly turnover of above 100 crores to file their financial statements in Form AOC-4 XBRL format Within 30 days of the AGM or before the deadline of 30th Oct for FY22-23.
  • Company: Faces a fine of Rs.1,000 for each day of default (up to a maximum of Rs.10,00,000).
  • Directors, CFO, and Authorized Director: Liable to a minimum fine of Rs. 1 lakh and a maximum of Rs. 5 lakhs, or imprisonment for up to 6 months.
Getting started with DataTracks is simple. Reach out to us, and our team will guide you through the onboarding process. We’ll discuss your specific requirements, gather the necessary financial data, and initiate the XBRL conversion and tagging process to ensure a hassle-free MCA compliance experience for your organization.
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