iXBRL – A Guide For Accountants and Free Training Webinars

By Robert McNamara, Manager Accountants Division at Sage

iXBRL - A Guide To Online FilingThe filing of financial statements in iXBRL has been launched on an optional basis from 23rd November 2012 for Corporation Tax and Income Tax Payers but this will become mandatory over time.

On 1 October 2013, online filing in iXBRL format will become compulsory for Corporation Tax Payers of the Large Cases Division.

The timing for mandatory iXBRL filing for all other Corporation Tax payers will be determined during 2013.

  • November 23rd 2012 Voluntary for all Corporation Tax payers
  • January 1st 2013 Voluntary for all Income Tax payers
  • Oct 1st 2013 Mandatory for all Corporation Tax Payers who are customers of Revenue’s Large Cases Division

Put simply, XBRL is akin to bar coding for financial statements, enabling every piece of data to be coded (tagged) with an identity.

Computers can then read an XBRL report and select specific data, collate it, analyse it and exchange it with other computers. It is a universal language that can be adapted to any nation’s accounting standards.

iXBRL is the inclusion of all untagged items, plus all the formatting instructions, together with tagged items. This is provided in a human readable manner, laid out in the style of a printed document.

We are pleased to announce the latest version of Sage Accounts Production (v9), containing the new Sage Assisted Tagging solution is now available for download.

Recognised by HMRC, Sage Accounts Production (v9) delivers iXBRL compliance for Limited Companies through an assisted tagging solution which has been incorporated into the software.

The Sage Assisted Tagging solution produces iXBRL accounts simply and easily by guiding the user though the process using a high level of automation and step-by-step assistance where necessary. You can download the latest version of Sage Accounts Production (v9) by logging into MySage.

To help you get up to speed and discover how easy it is to produce full iXBRL compliant accounts using the latest version of Sage Accounts Production, including Sage Assisted Tagging solution, we are providing free training webinars. Book your free training webinar here.

We have also produced a PDF guide on iXBRL which is available for download here.

We’re exhibiting at the XBRL Conference from 16-18 April so if you have any questions drop over to our stand.

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