CoreFiling's Magnify® iXBRL document review increases confidence level of UK Corporation Tax filers
Accounts documents can be checked for compliance using the same software being implemented by HMRC
Oxford, 1st June, 2011: CoreFiling has announced Magnify®, a document review tool for reviewing the quality of iXBRL (Inline eXtensible Business Reporting Language) financial documents that must now accompany online Company Tax returns.
Since 1st April 2011, for accounting periods after 31st March 2010, HM Revenue and Customs (HMRC) has required Company Tax returns to be filed online, mandating that companie' accounts and tax computations must be submitted in iXBRL format. CoreFiling's Magnify highlights potential filing problems by providing a comprehensive review of the iXBRL accounts document. Magnify is a PC-based tool aimed at accountants, not at XBRL experts.
Magnify guides the user through a checklist review process, performing a series of automated tests, verifying calculations and highlighting any discrepancies. It allows comparisons to be drawn between draft versions of the document, helping to identify improvements.
CoreFiling's Chairman, Philip Allen, said: "We believe that both accountancy firms and corporates will want to ensure that they are submitting fully valid CT returns to avoid costly reworking if their documents are rejected by HMRC. Magnify will give them confidence that they are submitting quality documents."
HMRC expects companies to make a reasonable attempt to file their Company Tax returns online and to include the relevant iXBRL tags. They have put in place transitional arrangements and published guidance describing what companies need to do to avoid their returns being rejected. Magnify incorporates these rules and will be updated to reflect any future changes, and it ensures that accounts fully conform to the XBRL and iXBRL specifications.
Whether companies create their iXBRL financials with an accounts conversion tool, use an iXBRL-enabled accounts preparation package or outsource the tagging process to a third party, Magnify can be used to check the output before submission.
About CoreFiling and Magnify
CoreFiling has for several years worked with HMRC as an Aspire Ecosystem partner providing reporting infrastructure tools, and its True North validation and processing engine is used to manage XBRL content. Magnify is to be used by the tax inspection service in support of the new iXBRL mandate.
CoreFiling is an active member of the XBRL consortium which oversees the development of the XBRL specifications.