Exploring Available Options for iXBRL Tagging Solutions: Choosing the Best Fit

iXBRL, short for Inline Extensible Business Reporting Language, combines human-readable financial statements with machine-readable tags, as per global standards. Its usage is increasing among regulatory agencies worldwide, benefitting financial institutions, publicly traded companies, and specific non-listed entities. They adopt iXBRL to enhance information sharing and comply with regulatory standards effectively.

Every tag is associated with a particular financial term or idea, such as “cash flow from operations” or “net income.” This opens up a world of possibilities by making it simple for software applications to extract and process the data. Let’s explore available options for iXBRL tagging solutions for CT600.

A Checklist to Help You Choose the Right iXBRL Partner for Your Company:

It’s possible that you don’t have the time or resources to comprehend and file the Annual Financial Statements (AFSs). An iXBRL partner can help you in this situation. They are qualified to perform iXBRL conversions on your behalf and are aware of the subtleties of the mandate. To assist you in selecting the ideal iXBRL partner, we have curated some guidelines below.

  1. Conduct Extensive Business Research: Many partners will assert that they understand iXBRL conversion. It will be wise to do extensive study about them before choosing one. 
  1. Request References and Testimonials: References from current and former clients will help you better understand what to expect from your experience. Inquire about the reference customer’s experience, particularly the time it took to convert the annual report to iXBRL, the quality of the tagging, and the ease with which the support teams helped you solve any questions or issues that arose.
  1. Template-based or AFS Document Tagging: You might reconsider your choice if the partner you have narrowed down uses template-based tagging. iXBRL is an HTML-formatted output. Numerous market participants provide prompt resolutions. Therefore, the best question to ask while evaluating is, “How do you do the tagging?” Is it based on templates or documents? It’s dangerous to tag using templates. 
  1. Ask the Partner If They Provide Training: The XBRL tags must be approved by authorised firm people, per the regulation. Therefore, the organisation’s employees must comprehend XBRL, its operation, and how to examine and approve XBRL tagging. Select a partner who will provide you and your staff with comprehensive training on the mandate. Should you ever decide to handle the filing internally, ask your partner whether they would be willing to teach your staff.

Why Select Us for Tagging and Conversion of iXBRL?

With over 348,000 completed compliance reports and a global presence, DataTracks has established itself as the industry standard for compliance reporting. We ensure filing with HM Revenue & Customs, the UK government’s tax authority. 

Additionally, We have prepared more than 348,000 iXBRL files worldwide and provide pre-validation for submission through the HMRC gateway. We offer several corrections at no extra expense till the HMRC filing is successful.

Call us at +44 (20) 3608 8035 or email us at enquiry@datatracks.co.uk for any business enquiries.

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