Surf Accounts Production has been programmed with a one click iXBRL solution. This process has proven very efficient for practices producing iXBRL accounts. The one click solution provides a cost and time effective way to produce a set of iXBRL accounts.
iXBRL - Inline Extensible Reporting Business Language, is the format that must be used for online filing of accounts. It provides a human-readable version of the report based on XHTML (the web language) together with iXBRL tags hidden from view in the underlying file. Taxonomies are the dictionaries of the iXBRL language, containing the computer-readable tags used to identify specific financial and business data items. They define the individual tags which identify specific items of business data such as Turnover Classes, Motor Vehicle Additions, Directors’ Responsibilities, Accounting Policies, Audit Qualifications, Related Party Transactions and just about everything that goes into the Annual Report and Financial Statements. There are several taxonomies. We use the IE-FRS-102 + DPL taxonomy which represents typical reporting by companies under UK CORE, including FRS102 regulations. Relate has taken on the full tagging requirements in so far as they are applicable to the RAP company format. There are several thousand such tags.
Certain fields in the Compliance Database are user-definable in specifically-defined areas. The user is presented with a short list of tags that are appropriate to those areas and may select the appropriate one.
Using RAP, by clicking on the iXBRL Generation button tags are automatically generated in an iXBRL instance file, which may then be optionally viewed in a standard iXBRL viewer and then copies may be filed in clients’ folders.
Producing iXBRL Accounts
To produce an iXBRL set of accounts you must first ensure the following:
- Signing dates must be entered into the Compliance Database. These dates must be entered, as they go through a validation process; if they are not entered the file will not be produced.
- Ensure that where default text contains 999 codes in the Compliance Database, that those codes are not deleted should you edit the text. 999 codes are system variables which pull information to the accounts, such as the company name or ultimate parent name. If these entries are required to show in the accounts the system will check the information in the 999 code and tag accordingly. If the 999 code is deleted the information cannot be tagged. They will be displayed as «999.COMPANYNAME» for example.
- The accounts should be set to a status of Ready for Signing, Accounts filed or Closedown, any other status will result in a validation report message and the file will not be produced. When the above has been verified you simply highlight the set of accounts in the produce accounts screen and select the iXBRL menu.
The system will then commence the process.
If filing to Revenue you will receive a notification advising you that the supplementary pages which will be produced in the iXBRL file are different to the printed financial statements. The page which will show in the iXBRL file is a Revenue mandated version which required specific amounts to be displayed, even when the value is zero, such as Government Grants. All postings to the P&L will be accumulated and displayed alongside the tag that was selected for that nominal code in the nominal ledger.
As this is not a statutory page it does not impact compliance to have it displayed differently, if you would like to use this page within the printed accounts you can do so by selecting the option in the Compliance Database. Select OK on this message to commence validations.
Your dataset will be checked for any validation errors. Two validation routines will run which are in line with Revenue and HMRC checks. The first validation routine checks that all requirements in the Compliance Database have been met and that all mandatory sections have been populated, such as dates. It verifies that no tags have been duplicated in cases where user definable tags are required and that all such areas have had a tag applied.
If there are any such issues, you will be presented with a validation report, similar to the below.
Above are some examples of the types of validation messages you could receive.
You can run the iXBRL routine after resolving the validation messsages.