iXBRL Compliance

Sage has been working with Revenue, FRC and HMRC to support accountancy and tax professionals in the implementation of the new iXBRL requirements.

We understand that you may have some questions about how iXBRL will affect your practice, and so we have compiled the below information to ease any concerns you may have.

What is iXBRL?

Put simply, XBRL is akin to bar coding for financial statements, enabling every piece of data to be coded (tagged) with an identity. See our Learning Centre below for some helpful videos on how tagging works.

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. Sage Accounts Production software will streamline this process for you in a scalable and fully compliant way.

Who is required to submit financial statements in iXBRL format and when?

Phase 1 (effective 01 October 2013), rolled out by Revenue for the biggest organisations - known as Large Cases Division (LCD) - but has been optional for all companies that are Corporation Tax payers since the end of 2012.

Phase 2 (effective 1 October 2014), mandatory iXBRL filing for all Corporation Tax payers except those meeting all three exclusion criteria*. This applies to Corporation Tax returns submitted after 01 October 2014 in respect of accounting periods ending on or after 31 December 2013.

Phase 3 (effective date to be confirmed by Revenue), mandatory iXBRL filing for all Corporation Tax payers. Although Revenue initially stated this would be 2015, they have now said this will be a later date. Sage expects this to be some time in 2016.

Tip: Companies not yet subject to mandatory iXBRL filing may do so on an optional basis.This is encouraged to ensure companies and their accountants are prepared for the mandatory filing dates.

To find out more download our Free guide today or fill out the contact form below and a member of our team will be in touch with you.

Enter your email to receive your Free copy

Sage Guide to iXBRL for Accountants

Sage has been working closely with Revenue to support accountancy and tax professionals in the implementation of the new iXBRL requirements.

Download now

Learning Centre

To provide assistance with our new Sage Assisted Tagging solution, as part of our Accounts Production software package, we have developed some insightful videos to cover the basics of creating a compliant set of iXBRL accounts.

These have been organised into the main steps in the solution, so that you can easily select the appropriate video to watch.

Find out more

Fill in your contact details below and one of our team will be in touch shortly to discuss how Sage can help support you and your clients with iXBRL compliance.


Error