How to prepare iXBRL accounts
What documents should be included while preparing iXBRL accounts
Statutory accounts must include:
Taxonomies and accounting regulations in the UK
As a concession to ease the introduction of XBRL, HMRC initially set a ‘reduced tagging requirement’. This allowed companies to use a reduced set of tags from the UK taxonomies at that time, rather than the full set of tags. However, HMRC encouraged full tagging and a number of companies and accounting firms followed full rather than reduced tagging. Under the latest taxonomies, all companies are required to provide fully tagged data.
Mandatory filing of accounts in the UK began in 2011 with two main taxonomies, a UK GAAP taxonomy and a UK IFRS taxonomy. The vast majority of companies filed under UK GAAP, while publicly quoted organisations used IFRS. The UK GAAP and UK IFRS taxonomies were similar in design and size, but with different tags to reflect the differing requirements under the two sets of standards.
The taxonomies were developed by XBRL UK, the UK arm of XBRL International, with support from HMRC and Companies House. Ownership of these taxonomies was transferred in 2013 to the Financial Reporting Council (FRC), the regulatory body which sets accounting standards in the UK and Republic of Ireland.In 2014, the FRC published three new taxonomies to handle new accounting standards taking force in the UK and Ireland.
The taxonomies (or dictionaries) currently used for filing to HMRC and Companies House are:
What data to be tagged
Accounts often include more than just financial data, for example charts and diagrams showing trends over a number of years, comparison with sector indices and general descriptive information on the scope of business and operations etc. Not all of this needs to be tagged. The following describes how preparers should identify which data within a set of accounts needs to be tagged:
Preparers must tag items in financial reports for which a tag exists in the appropriate taxonomy. If no tag is available, the data concerned should simply be left as plain text.