XBRL's Fatca Benefits
The Foreign Account Tax Compliance Act (Fatca) was passed in 2010 in an effort by the Internal Revenue Service (IRS) to combat offshore tax evasion and recoup lost tax revenues from foreign financial companies doing business in the US.
As with any new regulation, there are challenges in Fatca’s implementation. Specifically, the volume of data required from multiple companies in multiple languages using multiple methods to define measurement can be complicated. However, adopting an eXtensible
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