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iXBRL reporting - how it impacts your business
Companies creating accounts or computations through manual processes - Large companies, among others, may create their accounts and other reports using Excel, Word or similar text-based software. These companies may elect to integrate final accounts preparation software into their systems and processes. Alternatively they have two options for converting their data into iXBRL format:
- use conversion software to turn data from Excel or similar programs into iXBRL. This will involve some manual effort in identifying and applying the correct tags. The degree of effort and nature of the task will vary depending on the software chosen. A number of conversion products are available. Some conversion software is listed as ‘recognised’ on the HMRC website and company accountants or others may be able to offer advice on the merits of suitable software. Software may allow templates to be created which will enable tagging to be reused for subsequent reports, so that conversion, once done for an initial report, becomes straightforward in the future. In some cases, it may be possible to use the same template across a range of subsidiaries within a group. The basic issues involved in tagging financial reports and producing iXBRL are described in the next chapter
- outsource the conversion of reports into iXBRL to an external organisation. These take accounts prepared in a traditional manner, covert them to iXBRL and add the tags