INLINE EXTENSIBLE BUSINESS REPORTING LANGUAGE
iXBRL LATEST RELEASE FEATURES
The latest iXBRL release has many new features, including an iXBRL validation check, Auto Save function, Excel/CSV export and the ability to sort and review iXBRL tags. Click the link for further information on the latest iXBRL Conversion Tool.
What is iXBRL?
iXBRL-Inline Extensible Business Reporting Language is the name for the format in which all future HMRC CT filings will have to be made. Its purpose is to maintain independent presentation of statutory accounts so that your electronic filing is not different to a paper copy. However, it additionally includes a marking up, or tagging, of all the information within your accounts so that they can be understood by the HMRC computers.
By April 2011 the first compulsory iXBRL electronic filing to HMRC will occur, based on accounting periods ending in April 2010. iXBRL is therefore also an urgent business driver to ensure that your ledger, accounting & tax systems are iXBRL capable, and to rapidly plan for a software update or transition.
What is the difference between XBRL and iXBRL?
XBRL is only machine readable whereas iXBRL is both machine and human readable so HMRC can see what you intended to display.
How does iXBRL affect me?
If you are a Corporation all your tax return submissions will have to be iXBRL compliant by April 2011.
How do I become iXBRL compliant?
Speak with your software provider, it is down to them to ensure that you are ready.
Need to know more?
Interested in Digita iXBRL software solutions? Why not book a personal demo or contact us for more details.
Alternatively, speak to one of our consultants on 08450 180 907, or feel free to ask a question.
Click here to find out more about our iXBRL Conversion Tool.
Switch completely to an Accounts production package....
Click the above image or here for latest iXBRL brochure.
Digita believe in offering the fullest choice to its customers, and thus supporting them in the way that is appropriate to their particular circumstances and business needs. Accordingly, Digita Accounts Production support a Simple Mark-up through a Word Document import, with intelligence to provide a first pass at XBRL tags. It also supports both the Simple and Integrated approaches to XBRL generation, providing all our customers with the approach that suits them.
Simple Accounts Production
Where a larger volume of accounts are to be produced, we firmly recommend using an Accounts Production method for meeting your iXBRL requirements. The advantage of this approach is that the accounts information does not need to be mapped onto XBRL tags as the AP system will have already taken care of that mapping approach. All the end user will be required to do is enter the ledger information into the system against a standardised chart of accounts, and the system will then generate XBRL automatically.
Depending upon the system provider, an AP system is more likely to support a wider range of accounting formats and reporting standards than a simple mark-up tool. It also requires an individual only knowledgeable in accounts, not XBRL. Further, it does not matter what format your accounts are provided in; simple mark-up doesn’t work with PDFs, Paper, Quark or any number of other formats. Lastly, an AP product necessarily outsources the maintenance of XBRL mappings, and the risk associated with changes to the XBRL Taxonomies from HMRC and others.
Integrated Accounts Production
Ideally the more integrated your processes, the lower the burden that producing statutory accounts becomes. Many organisations already have their books held in a booking system, and perhaps are also generating management accounts information using consolidation systems. All of these products have the capabilities to export their trial balance information, and with some AP solutions this data can be imported into the TB integrating the two and avoiding re-keying. For the largest volumes of company returns, 100+ for instance, we would always recommend that integrating the source ledger systems to the XBRL generation is a must.
Some organisations are offering services to perform XBRL integration directly from the ledger/consolidation/ERP systems as an IT exercise. We feel this is not a good approach, as it puts the burden of maintaining the accounts to XBRL mapping back onto the finance section of the organisation, and also because they usually lack a fully functional user interface to make adjustments, review mappings & make company specific changes to information, declarations & presentation.
Unless you are using the HMRC free tool, you will also need to use a CT software product to create your Computation XBRL for your HMRC filing. Digita CT provides this functionality and can use the accounts XBRL from Digita AP to complete its own filing. If you already use a different product, such as Thomson Reuters Abacus CT, then you can still use the Digita AP solution for your accounts, and it will work on a `best of breed` basis with Abacus CT too.
iXBRL Corporation Tax Software
iXBRL Accounts Production Software
There is a lot of new terminology associated with the new eFiling regime. We hope you can find the explanations you need below, but do get in touch if you are struggling and we will do our best to answer your question and expand this section.
A single document that is (hopefully) valid according to the template. It must include all mandatory elements of the template, and none, all or some of the non-mandatory elements.
An XBRL template that defines all of the types of data which may be included in the XBRL instance, and their parameters and inter-relationships. For instance, the PBT (Profit Before Tax) figure in your accounts is represented within the XBRL taxonomy as … This shows the unique name which HMRC will associate with PBT, the minimum and maximum value that you can put into PBT, the allowed currencies and so on …
XBRL eXtensible Business Reporting Language:
An international specification for defining business data in a machine readable format.
iXBRL Inline XBRL:
A specification of XBRL that allows individual data elements from an XBRL instance to be embedded within a customised presentation of the information, such as a Web Page.
Digita applications are designed for professional production work. Our system requirements are based on the assumption that professional accounting firms replace their computer hardware and operating systems approximately every three years.
While our software may operate on less powerful hardware and operating systems, we do not believe it will perform at a level suitable for production work in those environments. Of course, as processing speed and RAM are increased, software performance will also improve. We recommend business class computers, which generally offer higher levels of performance than home models when running business applications.
The following link provides access to the general requirements for the current versions of all of our applications. However, some products have more stringent and/or additional requirements beyond those documented. Be sure to read the Product-Specific Requirements or speak with one of our consultants for further information.
Is it safe?
Electronic Filing with HMRC is as safe as doing your banking online. That is to say that iXBRL filing has no better or worse security than existing online & offline filing options.
Why do we have to change?
Whilst Paper was a perfectly adequate method for filing in the past, eFiling via iXBRL gives HMRC a lot of advantages in their own processing costs and risk assessment quality. If you now have to invest in technology to meet that cost saving for HMRC, make sure you put a system in place that will allow you to benefit from lower production costs and decreased risks too!
I don't like technology/change and I'm panicing!
Don't panic. You are already sufficiently technologically advanced by visiting this website. Replacing existing `Office Suite` products that you are used to (such as Excel & Word) with specialist tools like Digita Accounts Production & Digita Corporation Tax will not expose you to any more technology (e.g. you are not exposed to XBRL if you use our integrated solutions), and we have the highest rated support team in our market!
When do I have to comply?
You can avoid iXBRL mandatory filing for a while longer if you try hard. Periods ending after 31 March 2010 qualify for mandatory iXBRL filing of accounts, but only if they are filed after 31 March 2011. If you have really simple cases and enough spare time in your compliance cycle you can file later periods earlier than the 31 March 2011 deadline and still use paper!
Can I just ignore it?
I'm afraid not. If you make no attempt to file electronically after 31 March 2011 then HMRC will reject your paper return and you will suffer the fines and penalties for a late filing (once you do eventually file electronically). However, HMRC have said they will be very sympathetic to people who have genuinely tried to file electronically but had problems. This `Soft Landing` should ensure that penalties and fines will not be persued against a taxpayer who suffers technology issues when filing.
Where can I get help?
From Digita. We have a team of people who are happy to help you. Get in touch and we will arrange everything for you.