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

• Taxonomy - The ‘dictionaries’ specifying the unique XBRL tags. 
• XBRL - eXtensible Business Reporting Language (XBRL) is a standard for reporting financial data that uses labels or 'tags' that computers can interpret. 
• Inline XBRL (iXBRL) - HMRC has adopted the internationally recognised form of XBRL called inline XBRL (iXBRL), which allows the computer-readable tags to be attached to an electronic file which can also be read by people on screen or in printed form. This means that you don't have to change the content, style or layout of your accounts and tax computations, and that HMRC will be able to view your Company Tax Return exactly as you've submitted it.