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.
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.
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.
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.