Gain knowledge about iXBRL and XBRL tagging and make life easy for yourself

Gain knowledge about iXBRL and XBRL tagging and make life easy for yourself

As per the new rules in corporation tax payment, iXBRL has to be the new standard format for preparing the financial accounts of the company before the returns are filed. Although there are some companies that have not taken kindly to this new change, there are other companies that have already planned for this change. iXBRL, or inline Extensible Business Reporting Language is a platform and technology independent accounting standard that is bound to make life easy for any company and is now mandatory in the UK. For an extensive knowledge on XBRL tagging you can always call on the help of experts and get it done in a completely hassle free manner.

Some people are of the opinion that XBRL tagging is only applicable for large corporations. But research has proved that medium sized businesses can benefit from it too. There are essentially six steps that need to be followed for this type of tagging.

1. The first step is to download the relevant taxonomies.

2. Step two involves opening the iXBRL tagging software and selecting the file that needs to be tagged.

3. The third step involves setting up the entity profile.

4. The relevant data needs to be marked up next.

5. Step five involves validating the data that has been marked up.

6. The last step is to export the data into iXBRL.

This is all you need to do to prepare your financial report for the year before you file your returns. iXBRL is a further enhancement of XBRL through which you can incorporate machine readable tags alongside all the legible captions.

When it comes to iXBRL and XBRL tagging there is plenty of help available online. There are some professional companies that can help you with this. These companies can help you an iXBRL adapter for MS-Office with which you can select and tag MS-Word and MS-Excel data using the iXBRL interface that can be plugged into the MS-Office toolbar. Some of these companies can also help you by outsourcing the work to a professional firm so that you don't need to do anything but look at the report and validate. There are also the blended solutions available where you get part of the job done in-house and outsource part of it. With so many solutions available in XBRL tagging there is no need for you to look somewhere else.

Since it is imperative that you adopt iXBRL and XBRL tagging it is better you get to know about the options as soon as you can. When you search Google you will find that there are some iXBRL solution providers that hold their seminars from time to time. You can attend one of these seminars and get all the information that you need.

iXBRL and XBRL tagging are not rocket science. These are recent changes and since we all try to avoid change, many companies have not been favourable to these new changes. But once you get used to them you will find that life is much easier.

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