COREP reporting is one of the most important factors when you submit your reports to the HMRC officials. With the latest changes by the officials, the overall scenario of submitting the reports has changed. The investors and the business owners now have to follow some changes as per the rules and regulations to submit their reports.
Do you know what were the changes announced by the official recently? If not, have a glimpse at the points given below:
Reporting large set of data items:
Well, this will not affect many of the business owners but surely the investors will be. The iXBRL accounts must be now reported in large set of data items so that the reports can be cross checked on the large database. This will surely increase the rate of checking the reports and approving them. It will make it easy for the business owners and investors to get their reports approved at a glance.
Changes to current data sets:
The current data sets should be now changed to the new one with the use of iXBRL software. This software is capable of managing all the aspects automatically. The COREP reporting is much easier with these changes in data sets in the accounts. It will help both, the business owners and the official to make the things simple.
Different submission time frames:
As the report submissions have increased in the last few years, the HMRC officials have changed the time frame of submitting the reports. This was because most of the reports were pending to get an approval and on the other side the submissions were countless. So now there is a different time frame for every one submitting their iXBRL accounts with tags.
The above-mentioned are few changes made by the officials to submit the reports. Well, these are just a part of changes, for more information, you can consult an expert right now!
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