iXBRL conversion and filing
McEllin Kelly offer a comprehensive set of iXBRL Conversion Services to Companies.For the accounting periods ending after March 2010 and for accounts filed after March 2011 HMRC have made it mandatory that all tax returns and financial statements need to be submitted in new iXBRL format.
So what is iXBRL?
iXBRL is the application of computer-readable meta tags to business data. This enables the information to be processed automatically by software. This in turn results in gains in efficiency as well as providing an opportunity for greater analysis of quality business information.
Unlike other formats that have been in use for a number of years iXBRL is a world wide standard. In the UK, there are 3 main taxonomies that will be used:
- for company reporting: UK GAAP for accounts created by companies reporting under GAAP regulations
- UK-IFRS for the accounts of listed and other companies filing under the International Financial Reporting Standards (IFRS)
- Corporation Tax or ‘CT’ Computational Taxonomy to represent the additional data used in tax computations
- A Detailed Profit and Loss taxonomy to tag detailed profit and loss statements that may be attached to the accounts or computations.
The prime objective of iXBRL is to introduce computer-readable XBRL tags into business reports to enable automated handling of financial data. McEllin Kelly can produce your financial accounts & tax calculations in iXBRL format for you.