What is iXBRL?What is iXBRL? Simply, iXBRL is a computer language that is used around the world to report financial and business information.
Why is it necessary? HM Revenue & Customs now require all corporation tax computations for periods to 31 March 2010 or later to be filed online in iXBRL format.
What impact does this have? Corporation tax returns must be filed online and these must be accompanied by statutory accounts and tax computations in the iXBRL format.
How do I know what needs to be tagged? HMRC have defined a ‘dictionary’ of items/figures/phrases that must be tagged using iXBRL. This ‘dictionary’ is known in the industry as a taxonomy. At 1st Choice iXBRL our managed tagging solution is designed to meet the minimum standards set out in the UK taxonomy whether you prepare accounts under UK GAAP or IFRS. For peace of mind we provide our customers with a detailed review document highlighting exactly which tags have been applied.
Terminology Explained
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