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DataTracks UK (www.datatracks.co.uk), a leading provider of iXBRL managed tagging services in the United Kingdom, has recently published a whitepaper on the practical aspects of iXBRL filing in UK. Key extracts from this whitepaper were featured in AccountingWeb with the title: ‘Practical Do’s and Don’ts of iXBRL’. AccountingWeb is a very large online community for accountants in the United Kingdom. The article in AccountingWeb captured many observations from practicing accounting professionals based on their experience in iXBRL filing in the first year.

DataTracks UK offers “managed tagging services” that helps companies (and chartered accountants) convert financial statements and tax computations into iXBRL format for filing with HMRC as part of the Corporation Tax returns.

As part of a “knowledge sharing” initiative, in house iXBRl experts in DataTracks UK prepared a white paper setting out the various Dos and Don’ts relating to preparation of financial statements in iXBRL format. The whitepaper outlines the common guidelines to be followed, and the pitfalls to be avoided in order to ensure smooth iXBRL filings with HMRC. The whitepaper covered thirteen dos and don’ts pertaining to numbering conventions, contents of uploaded files, and guidelines for segregating Account Statements & Tax Computations. AccountingWeb’s article featured the top 5 do’s and don’ts captured in DataTracks’ whitepaper.

The AccountingWeb article is available in this link. The complete whitepaper is downloadable as a free guide through the same article upon registration by users.

“DataTracks UK believes in disseminating useful knowledge about iXBRL filings to our customers. With the publication of key extracts from our iXBRL whitepaper in an AccountingWeb, we believe the benefit of such shared knowledge will reach a wider base in the accounting community,” said Sneha Rajagopal, Vice President, XBRL Operations, DataTracks UK.

DataTracks UK is a leading provider of managed tagging services recognized by HMRC for converting financial statements and tax computations into iXBRL format. DataTracks has been providing these services for over a year now; and has prepared several thousand statements in iXBRL format in 2011. DataTracks offers its services through its web portal www.datatracks.co.uk, where users can set up accounts, pay online, upload inputs (for conversion into iXBRL format by DataTracks UK), and download output instance documents. Several companies and accounting firms have chosen DataTracks for its simple, effective and easy-to-use online services.

DataTracks currently offers XBRL solutions for US, UK and India markets and plans to extend its services to other countries in the near future.