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iXBRL for SunSystems

Is your organisation iXBRL compliant?


Touchstone's iXBRL Solution (powered by UBmatrix) is a comprehensive, cost-effective application specifically designed to ensure your organisation meets HM Revenue and Customs' iXBRL compliance requirements.  Below is an overview of iXBRL, detailing what it is, the impact it has on organisations and the options available.

Click below to view the relevant area:

  1. What is iXBRL?
  2. Does it affect my organisation?
  3. What are the options?
  4. Touchstone's iXBRL Solution

What is iXBRL?

  • XBRL (eXtensible Business Reporting Language) is a globally accepted language for describing financial statements and transactions - it does not change the way you prepare your accounts but the way in which you transmit information. 
  • It has been used for over 10 years, and has been adopted in over 500 organisations throughout 27 countries worldwide - so is a tried and tested technology.
  • iXBRL or inlineXBRL is a further development of XBRL, combining XBRL tags in a HTML document making it possible to view an accurate reflection of the accounts in a web browser, eradicating the need for multiple data formats.

Does it affect my organisation?

  • From 1st April 2011, all companies and organisations have to file their Company Tax Return online for any accounting period ending after 31st March 2010. 
  • Additionally, if you have to prepare accounts under the Companies Act 2006, you must file your accounts and computations in iXBRL.
  • If you run an unincorporated organisation such as a charity, club or society, or a charity which is incorporated under the Charities Act, you must submit your computations in iXBRL format.  You can choose to submit your accounts in either iXBRL format or as a PDF.
  • If your company or organisation has to prepare accounts under the legislation governing certain financial institutions - such as building societies, friendly societies and industrial and provident societies - you must also submit accounts and computations in iXBRL format.

Note: Until HMRC provides free software that is suitable for smaller charities, HMRC will continue to accept accounts from smaller charities in PDF format. However, computations must be filed in iXBRL format and the demands for accounts to be submitted in iXBRL will follow in the future as the adopted 'soft landing' approach comes to an end.

What are the options?

  • In-House: implement an iXBRL solution to integrate with existing technology and produce iXBRL compliant documents.
  • Outsource to a 3rd party who will tag your accounts to ensure iXBRL compliance and then return them to you for issuing to HMRC.

Touchstone's iXBRL Solution (powered by UBmatrix)

Touchstone have partnered with UBmatrix, one of the world's leading developers of the XBRL standard, to provide you with a solution to meet all your iXBRL requirements.  With our combined experience of SunSystems and iXBRL, we will ensure that you meet the HMRC's compliance requirements.

Benefits

  • Guarantees HMRC iXBRL compliance now and in the future. 
  • Allows you to keep control of your accounts and maximise security of your financial data.
  • Enables you to continue to work in the way you are used to - the complexities of iXBRL are hidden from view.
  • Works in conjunction with existing SunSystems reporting technology – Vision QA10; as well as Microsoft Office applications (Excel and Word).
  • Reduces manual processes - automates iXBRL reporting and account validation.

Additional Benefits

  • Improves the way you currently prepare, analyse and communicate business information.
  • Automates data collection, reducing human error and the time spent preparing financial information.
  • Increases the usability of financial data - pulls information from multiple companies, divisions and different accounting systems, quickly and efficiently.
  • Strengthens your relationship with other users of XBRL including Regulators, Lenders and Consumers. 

To find out more about iXBRL and Touchstone's iXBRL Solution (powered by UBmatrix) please complete the form below, contact Matthew Pugh on 0800 0345 424 or email: matthew.pugh@touchstone.co.uk

For further information on Touchstone's iXBRL Solution please complete the form below:
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