What is iXBRL and accounts tagging?
iXBRL is inline eXtensible Business Reporting Language
iXBRL, or Inline eXtensible Business Reporting Language, is an open standard that enables a single document to provide both human-readable and structured, machine-readable data. It was developed to communicate information between businesses and other users of financial information, such as regulators, investors, analysts etc.
iXBRL can be viewed on standard internet browsers and embeds “tags” that give meaning to the figures and statements in a format that can be understood by a computer. It does not change what is being reported, simply how it is reported.
Irish Revenue and UK HMRC compliance
iXBRL is well proven, with many financial and regulatory reporting regimes mandating the use of the format globally.
In Ireland and the UK, iXBRL filing is mandatory. Irish Revenue and UK HMRC requires businesses to submit their financial statements in iXBRL format as part of their Corporation Tax return.
How KPMG can help
Our team of experts have developed a suite of iXBRL solutions to help businesses meet their compliance requirements in an easy and cost-effective manner.
KPMG’s iXBRL centre of excellence, with a local unit based in Belfast, converts thousands of financial statements annually using our XBRL Mapping Engine (XME) for submission to Irish Revenue & UK HMRC.
iXBRL offerings at a glance
- iXBRL Conversion Service
- KPMG can tag and convert financial statements from MS Word or Excel into an iXBRL instance document
- Includes a full review of tagging
- Protects your financial statement preparers from disruption
- Gives the option to bring the process in-house at any time by licensing KPMG's iXBRL Conversion Technology
- Cost-effective and reduces pressure on in-house compliance teams
- iXBRL Conversion Technology
- Takes control of the conversion process by licensing KPMG's XME application
- Saves time by tagging a small number of proformas, which can be used for multiple entities' templates and for future years
- Roll-forward of financial statements to subsequent reporting periods whilst maintaining tags, ready for editing
- Easy to use, quick to integrate and cost-effective in-house option
With KPMG, you can have confidence that you’re partnering with the best iXBRL team in the market, with unrivalled experience, insight and commitment.
To find out more about the work we do and how we can help you – get in touch today. We look forward to hearing from you.
