How to prepare iXBRL accounts?
Options for converting financial statements to iXBRL format
What documents are required for submitting Corporation Tax Return to Revenue?
The online CT submission pack filed through the Government Gateway will need to consist of the following attachments:
- Corporate Tax Return forms (Form CT1) in XML;
- Statutory financial statements of the legal entity in iXBRL (using right taxonomy);
- Other supporting schedules in pdf.
What are the resources required for submitting Company Tax Return to Revenue?
Filers have to deal with:
- Creating, converting and tagging entity accounts in iXBRL
- Converting other supporting schedules in pdf;
- Producing CT1 return forms in XML
- Accessing the RoS gateway to file online (e-filing);
What are the options available preparing iXBRL and XML documents?.
Companies have multiple options to consider when it comes to preparing their iXBRL reports. The best option will depend on the resources available in house.
- If you are already using a third party software then consider the possibility that the software vendor may have already have incorporated the feature that allows you to export data into inline XBRL. These software may include accounting software, enterprise resource planning software, or disclosure management software.
- If you prefer to fully integrate XBRL reporting into your existing systems and processes then you may want to consider the expertise of software service providers.
- If you have in-house expertise then you can install a customized software package which incorporates the appropriate taxonomy and allows tagging of data elements against the taxonomy.
- If you prefer an expert’s help then you could consider outsourcing XBRL production altogether to iXBRL expert like FinTags. We receive your existing financial statements in non-XBRL format accounts (e.g. Word or PDF format) and send you back experts tagged iXBRL files after quality check and successful test filing with Revenue.
FinTags - a compelling choice for iXBRL Services
Our competitive differentiators designed to benefit our customers
FinTags is a compelling choice for companies seeking to outsource their iXBRL reporting process. FinTags team have the experience of being involved in preparing XBRL reports right from the time iXBRL filing was mandated in UK by HMRC in 2011. The team is also experienced in preparing XBRL reports for subsequent mandates in Ireland, India, Singapore, South Africa and Malaysia.
To benefit our clients, we offer meaningful differentiating features from our competitors such as
- Simple and sensible pricing: Our XBRL tagging services fees is based on actual number of pages tagged and not based on page bands. We accepts financial statements in Excel / Word or pdf formats and our iXBRL tagging services fees remains the same. Also irrespective of the applicable accounting standard, our XBRL tagging services fees is the same.
- No-questions-asked-refund policy: Our competitors assure quality, assured filing with the regulator and on time delivery. We go one step ahead - all our customer facing employees are authorized to refund money without any questions if you are not satisfied with any aspect of our service.