On 1 September 2009, HMRC and Companies House issued a statement announcing a common approach to the online filing of company accounts that would enable both organisations to receive accounts in iXBRL format. HMRC and Companies House introduced a joint filing service for company accounts in October 2010.
Report Authority was one of the first software products available on the market to produce iXBRL instance documents and has been officially recognised by HMRC since the start of the HMRC iXBRL Reporting Programme. It still remains the only iXBRL solution with native Oracle EPM connectivity.
If your accounts are required to be prepared under any of the following legislation, they are required to be prepared in IXBRL format:
- Individual accounts required to be prepared under Chapter 4 of Part 15 of the Companies Act 2006.
- Building Societies Act 1986.
- Friendly and Industrial and Provident Societies Act 1968.
- Friendly Societies Act 1992.
- Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008.
Overseas companies resident in the UK must also deliver a return in iXBRL. Also a company not resident in the UK, but carrying on a trade in the UK through a permanent establishment, branch or agency in the UK must deliver any trading and profit and loss account and any balance sheet of the UK establishment, branch or agency required as part of its return in iXBRL format.
UK XBRL Taxonomies.
Report Authority’s XBRL Taxonomy Library contains the full set of UK and FRC Taxonomies required for the HMRC iXBRL Reporting Programme, including:
- Full EU Adopted IFRS
- FRS 101 (Reduced Disclosure Framework)
- FRS102 (The Financial Reporting Standard applicable in the UK and Republic of Ireland)
- UK GAAP Taxonomy
- UK IFRS TAxonomy
- UK Charities Taxonomy
SIMPLIFY XBRL REPORTING.
Report Authority has been designed by accountants, for accountants and minimises any complexity that XBRL reporting has been known to introduce.
With a focus first and foremost on being a tool that can assist an accountant prepare and automate sets of financial statements, Report Authority can successful integrate XBRL into the accounts production process with minimal fuss.
CONVERT OR CREATE.
If your accounts have already been produced but you require iXBRL versions of them, you can import entire Microsoft Word documents or content from Microsoft Excel workbooks to be XBRL tagged and converted to iXBRL format. This is useful if;
- you need the previous period’s accounts in iXBRL format prior to the implementation of Report Authority; or
- you do not have control of the creation of the AFSs.
Alternatively, you can utilise the full set of functionality to create, automate, validate and replicate your accounts from within Report Authority itself.
EFFICIENT AND CONSISTENT REPORTING.
Companies may have to produce many iXBRL submissions for HMRC – one for each entity in the group. This can be a significant burden on finance teams because;
- manually XBRL tagging each entity is time-consuming, and;
- it is difficult to achieve consistency in content and XBRL tagging across all entities in the group.
Report Authority’s templating functionality alleviates this burden because the content, XBRL tags and data mappings of a segment can be determined by the template – any changes of which will be cascaded automatically and consistently to all entities in the group.
LINKS TO ORACLE EPM AND MORE.
Automate your Annual Financial Statements (AFSs) by linking facts in the report to external data sources such as Oracle HFM, Planning & Essbase, and Microsoft Excel.
Easily calculate facts based on values of others, cross-reference facts and mix presentation scale – without introducing rounding differences.