iXBRLWhat is iXBRL accounts format and how does it affect your reporting process?
What is iXBRL?
eXtensible Business Reporting Language (XBRL) is the worldwide standard for tagging business data for computers to process intelligently, which has automated the handling of vast amounts of financial data by businesses across the globe.
Inline eXtensible Business Reporting Language (iXBRL) introduces both human and computer-readable tags as the standard format for all companies’ financial statements tagged in XBRL.
Understand the iXBRL accounts format
Once a financial report has been converted into an iXBRL accounts format, identifying tags are embedded into specific types of data, either manually or with iXBRL tagging software – invisible to the human eye but machine readable.
In the UK, both HMRC and Companies House accept iXBRL tagged sets of accounts and introduced a joint filing service in 2010. Since then, most companies file their company tax returns online in iXBRL, including financial accounts and computations.
Tag reports fast with iXBRL tagging software
Accountants in practice and corporations need to use suitable iXBRL tagging software to create a fully compliant tax return. As computations and accounts must be filed in iXBRL, producing them in iXBRL accounts software is far more efficient than completing them initially without software and converting them to iXBRL at a later date.
Thomson Reuters is an HMRC-recognised software supplier which has evidenced its development of iXBRL tagging software to produce correctly tagged reports. On top of iXBRL functionality, our solutions further enhance your reporting process with customisable report templates, automatic rounding, and more.
What are the benefits?
Speed up iXBRL tagging
Drill down through the report to select the appropriate tag – saving you time.
Review and validate iXBRL tags
Easily spot missing tags and perform a validation check on each tag or edit.
Comply with current legislation
Have confidence that our software contains the correct taxonomies.
Discover our iXBRL tagging software solutions
We make it easier to produce final accounts and tax computations in iXBRL format with iXBRL-compliant accounts production and corporation tax software for corporations and accountancy practices.
Our accounts production solutions automate the production of final accounts and convert them into iXBRL accounts in one seamless process, while our corporation tax software enables you to produce a tax computation in iXBRL format.