Arkk Solutions Country by Country Reporting Training Session
Our first Country by Country Reporting training seminar welcomed new clients to Arkk Solutions and gave filers a full overview of the reporting solution.
Reflective of our recent survey, our clients are at a variety of different stages for their reporting. Some are aggregating data from different entities and solving the challenge of bringing information from multiple sources (for example revenue figures and addresses of every entity). Others came prepared with their populated OECD templates.
At Arkk, we’ve always strived to work with our clients to make our solutions better. We’re working on the upcoming SRB XBRL requirements for large banks in conjunction with one of our first clients, and our US customers have helped us bring our Form PF tool to our New York Office. Country by Country Reporting has been no exception, with clients at the user group instrumental in helping us refine and test our OECD template import feature.
This will allow clients to take their populated OECD templates and import the information to our Country by Country templates. The OECD’s templates provide a useful guideline but are not sufficient to file as they are missing parts of the XML schema. Additional items required include the full address of each entity and the TIN of each jurisdiction.
Looking at our clients’ templates gave us a fuller understanding of how users were populating these guideline templates and how we could import as much information as possible to the Arkk templates, which are built to the full XML schema requirements.
Following the session, we’re working with attendees to conduct their Dry Runs on the HMRC Beta portal. Conducting a Dry Run means you can test your XML against the portal prior to submission, and solve any validation errors now rather than just before the filing deadline.
Our October session is all booked up, but there are spaces available for our November Country by Country Reporting training session. To find out more, get in touch with your Account Manager, or if you’re looking for your Country by Country Reporting XML conversion solution, you can get in touch with our team.