iXBRL statutory accounts software solution

 

Tax Computer Systems is happy to announce the development of an iXBRL convertor for statutory accounts prepared by companies into the iXBRL prescribed format. The submission of iXBRL statutory accounts to HMRC will be mandatory from 1 April 2011. We have consulted with many of our customers, and they have informed us that in the main they wish to continue using their existing desktop publishing tools for creating the statutory accounts.

TCSL’s application converts documents created with these DTP tools to iXBRL. The system tags the statutory accounts prepared to either the UK GAAP or the UK IFRS accounting standards using the appropriate XBRL taxonomies. The user may also add additional XBRL tag names, or amend assigned tags. The software learns from previous choices and applies this knowledge when tagging other companies in the group and later periods. The automation in the conversion will offer significant gains to users compared with manual only mark-up software applications.

The application is due for completion in early 2010, with a comprehensive dictionary for the intelligent automation of the iXBRL tagging a few months later.

For more details on iXBRL and Alphatax, go to our iXBRL Development Update page.