HMRC Corporation Tax filing in iXBRL
CoreFiling provide a complete range of validation, review and tagging applications to speed up the completion of Inline XBRL (iXBRL) filings and to provide assurance audit trail. Tools such as Seahorse® that simplify the tagging of accounts documents are becoming essential now that HMRC’s minimum tagging arrangements are being abolished with the introduction of the new FRS 101 and 102 taxonomies. Learn more about the new taxonomies by downloading our Introduction to FRS 101 and 102 whitepaper.
Revenue filing in iXBRL
Revenue is now in Phase 2 of its iXBRL Corporation Tax filing programme, under which companies in the Large Case Division and, since October 2014, those in the Non Large Case Division must submit their financial statements in iXBRL format via the Revenue Online Service. Currently, the reports are prepared in conformance with the Irish GAAP taxonomy, but new taxonomies based on IFRS will shortly be introduced. Our Seahorse® iXBRL creation software will be updated to include the Irish extensions to the FRS taxonomies as soon as they are made available.
Relevant products for HMRC and Revenue filing
- Seahorse® is a browser-based tagging tool which automatically converts individual Word or Excel files into ready-to-file Inline XBRL (iXBRL) documents. Seahorse runs as a full-availability online service.
- Magnify® is an XBRL/iXBRL desktop review tool, which combines automated validation with manual checklists, for use by either the accounting team or the outsourced tagging service.
- True North® has long been recognised as the fastest and most complete XBRL validator. True North® provides enterprise-quality enforcement of specification and taxonomy constraints on XBRL documents, as part of an integrated reports production system.SEC EDGAR filing in XBRL
The SEC EDGAR filing program has been in operation for several years, but until recently there has been little to compel filers to care very much about the quality of the XBRL documents being submitted. However, with the sending out of the so-called ‘CFO Letters’ in July 2014, the SEC showed that its attitude towards delinquent filers is hardening. The emphasis on the assurance of filings is growing and report preparers need credible validation and review systems.
Products relevant to SEC EDGAR filing
- True North® Long recognised as the fastest and most complete XBRL validator, True North® provides enterprise-quality enforcement of specification and taxonomy constraints on XBRL documents, as part of an integrated reports production system.
- Magnify® is an XBRL desktop review tool, which combines automated validation with manual checklists, for use by either the CFO’s department or the assigned filing outsourcer.
- COREP and FINREP filing in XBRL under CRD IV
With the introduction of XBRL reporting under the CRD IV mandate, financial institutions now face a new set of challenges. Creating the XBRL reports for Own Funds and Leverage, Large Exposures, Net Stable Funding Ratio, Liquidity Coverage Ratio and Asset Encumbrance is no easy task.
Automate XBRL review
Additionally, we offer a simple way to review XBRL data in order to achieve consistent filings.