iXBRL compliance is something that accountants need to tackle head on and soon if they are to be fully prepared for full tagging. By ensuring that they have access to the right software, information and expertise in order to comply with iXBRL, acountancy practices can make the transistion to the new format as smooth and pain-free as possible for both themsleve and their customers.

What is iXBRL?
iXBRL is a technology developed for HMRC that retains the structure of the documents being submitted; the result of this is machine readable iXBRL data that retains the original human-readable formatting. To achieve this, certain elements of the tax computation and the accounts ‘documents’ will need to be tagged. HMRC identified close to 1,300 individual elements that required analysis and tagging from the April 2011 introduction. This figure will rise over the next couple of years and by April 2013 over 5,000 elements will need analysis and tagging. In many ways the April 2011 date should be viewed as the starting line for iXBRL tagging with the requirements increasing year on year.

We’re ready. Are you?
PTP takes legislative compliance very seriously. Our Tax and Accounts Production products have been iXBRL compliant since April 2010. HMRCs iXBRL mandation is the biggest single change in compliance since the introduction of online filing in 1997 and PTP has made a strategic commitment to provide a family of iXBRL solutions to meet the needs of all accountancy firms whether they are an existing PTP customer or not.

Our iXBRL readiness checklist allows you to identify your position of readiness through the iXBRL transition. Download the checklist now by clicking on the link below.