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Thomson Reuters Intelligent Tagging Tool Answers iXBRL Questions for Accountants and MNCs

12 November 2010

The Tax & Accounting business of Thomson Reuters, today announced that its ONESOURCE and Digita iXBRL conversion tools for accountants and large multinational corporations are available for general release on CD. Both tools apply intelligent tagging to existing documents to produce fully compliant iXBRL submissions ready for HMRC.

The requirements of iXBRL are complex and a fully functional conversion tool of this type will appeal to two audiences. The Digita iXBRL Conversion Tool Version 1.0 is designed for accountancy practices and the ONESOURCE Corporate iXBRL Tool Version 1.0 is targeted at the corporate market. Both tools will apply conversion routines when final accounts are imported from an alternative source document for example; accounts produced in Word or Excel.

With an intuitive user interface, the Digita iXBRL Conversion Tool and ONESOURCE Corporate iXBRL Tool use a clear and simple diagnostic traffic light system to manage risk associated with the new regime. It displays a green light if the accounts are considered ready for conversion, amber for those that need attention and red for those cases where it may not be possible to convert all elements to iXBRL.

Both Digita and ONESOURCE iXBRL converter tools incorporate many innovative features including future proof elements which allow the user to transition to a full accounts production iXBRL solution. Both solutions can be used as a standalone packages for one user or used by a whole office network .Digita iXBRL Conversion Tool is released with both the UK GAAP and IFRS taxonomies with a commitment to update the software whenever changes are made.

Mike Roberts head of the Corporate market, EMEA for the Tax and Accounting Business of Thomson Reuters said:

"It is pivotal for businesses to ensure they choose an iXBRL solution that they can rely on and will grow with them.

"We see a huge potential for both iXBRL Conversion tools with a number of FTSE 100 companies, including the Thomson Reuters Corporation, having already purchased the software.

Jerry Rihll, managing director of Digita and head of the Accounting Firm market for the Tax & Accounting business of Thomson Reuters commented:

"With both iXBRL products carrying HMRC recognition, accounting firms and MNCs can feel secure knowing our software is developed in the UK by a team that understands HMRC requirements.

"It is a hugely exciting time to be working in the world of tax and accounting. Accountants can benefit today from technological innovations that simplify compliance, cut costs and in turn, strengthen the foundation for future growth."

The Digita iXBRL Conversion Tool Version 1.0 has been uploaded and is live to see on the Internet. Until now, professionals have relied on paper based information or by attending one of a few select HMRC or ICAEW events in order to glimpse the iXBRL solutions on offer.

To see the Digita iXBRL Conversion Tool Version 1.0 demo visit: http://www.ixbrlconversion.com


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