iXBRL INTRODUCTION
iXBRL (in-line Extensible Business Reporting Mark-Up Language) is the template for accounts and tax tagging systems (taxonomies) that utilises thousands of tags to identify specific information in a set of filed accounts and tax computations, so that tax authorities, investors and others can process and compare that information. The in-line aspect adopted in Ireland and the UK allows the tagged financial statements to be viewed in HTML format (i.e. on a web browser). As of 1st of October 2014, Phase 1 and 2 are in effect in Ireland. iXBRL will soon become compulsory for all Irish and UK companies.
Phase 1 |
1st of October 2013 brought about the mandatory introduction of iXBRL for companies dealt with by the Large Case Division of Revenue. |
PHASE 2 |
1st of October 2014 brought about mandatory iXBRL filing for all medium sized companies. |
PHASE 3 |
Phase 3 will see compulsory iXBRL filing for all limited companies. |
SIMPLIFYING iXBRL
There are several thousand tags and the tagging process which can be complex, so the only cost effective and secure way for implementation is to use an Accounts Production software product (a product that processes statutory as well as management accounts) and that most importantly incorporates automatic tagging. There is no necessity to understand all the intricacies of tagging, no necessity to spend a large amount of additional time manually tagging and no necessity to lose control of information and costs with Relate Accounts Production’s 1 Click iXBRL
HOW TO GENERATE AN iXBRL FILE
Just one click and let RAP do the rest. No lengthy coding process,
No manual tagging, No assisted tagging.
