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Checking iXBRL reports

Companies are responsible for ensuring that their reports are correctly tagged as well as correct from an accounting perspective. By ‘correctly tagged’ HMRC means:

  • that all items in the accounts, computation or detailed profit and loss account, which have a corresponding tag in the taxonomy are tagged
  • that the appropriate tag has been used for each item with the correct facts, contexts and units

Conversion software should provide convenient means for tags to be checked. The precise mechanism will depend on the application concerned.

Companies should also talk to their auditors about the degree of checking and assurance which auditors are able to give on data tagging.