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IXBRL is a way of describing financial transactions and statements in a way that makes them easier to compare. Elements of transactions and statements are tagged and computers can then recognise these tags, collate the data, analyse it and exchange it with other computers.

Why do I need to generate iXBRL files?

It’s a mandatory requirement from both HMRC in the UK and Revenue in ROI to present your sets of accounts in iXBRL format alongside your client’s corporation tax return. 

Do I need to manually tag my company accounts?

No. All the information in your sets of accounts is accurately tagged to ensure that you remain iXBRL compliant. At the point of generating an iXBRL file, if there is any missing information from the Data page, you’ll be notified.