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 below links for further information on the latest iXBRL Conversion Tool as well as further information on iXBRL for accountants.
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.
April 2011 the first compulsory iXBRL electronic filing to HMRC occurred, 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.
Speak with your software provider, it is down to them to ensure that you are ready.
Alternatively, speak to one of our consultants on 08450 180 907.
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.
Read more about our iXBRL software >>
Alternatively, visit the below iXBRL related product pages:
iXBRL Corporation Tax Software.
iXBRL Accounts Production Software.