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From 1 April 2011, all UK company tax returns must be filed online. Under the new HMRC regulations, all accounts for periods ending after 31 March 2010 must be submitted in inline eXtensible Business Reporting Language (iXBRL).
XBRL, which stands for eXtensible Business Reporting Language, is used for the electronic communication of business and financial data and is revolutionising business reporting, regulation and auditing around the world. It provides major benefits in the preparation, validation, analysis and distribution of business information. It offers cost savings, greater efficiency and improved accuracy and reliability in supplying or using financial data. The Australian Government launched a USD300 million whole-of-Government system called "Standard Business Reporting" (SBR) which is based on XBRL.
In Asia-Pacific it is in use in stock exchanges and securities regulators in the PRC, Japan, Korea, Taiwan, Singapore, Australia, New Zealand and Thailand. Hong Kong is one of the few Asian territories that have yet to adopt XBRL. Its implementation in Hong Kong is in the very infant stages. Please join us in this seminar to find out what XRBL is, and why Hong Kong business owners and operators should get ready for the revolution.
In this seminar, the speaker will cover the following:
- What XBRL is and how it works in non-technical language
- How XBRL is revolutionizing reporting and auditing
- The latest international developments
- Why Hong Kong businesses and advisers need to get ready for XBRL
Mr. Paul Phenix is the Director of Technical and Regulatory Affairs at Baker Tilly Hong Kong and provides advice and training on technical accounting, financial reporting and auditing issues to Baker Tilly Hong Kong staff and clients. Paul is also an expert on listing matters in Hong Kong, UK and Australia. He is a member of the XBRL International Steering Committee and a Board member of XBRL-AU.
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Conference Room, 6/F, The British Consulate-General
1 Supreme Court Road, Queensway, Hong Kong
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