FAQs about iXBRL services
19 April 2016
The most asked questions about Inline eXtensible Business Reporting Language ( iXBRL ) format.
1 Is the iXBRL conversion part of an existing audit or tax engagement we have with BDO?
No, this is a distinct additional compliance burden introduced by Government and is not in scope of any existing engagement – unless specifically agreed otherwise. The scope of conversion will be determined by how your financial statements are produced and any planned changes to their production. Your BDO team will produce a separate Letter of Engagement for clarity.
2 What will you need from us prior to you commencing iXBRL conversion work?
The simplicity of our solution means that all we need from you are the signed financial statements. If they have not been prepared in accounts production software, ideally they would be in a tabular Word format but our Fully Managed service is of course able to tag other formats.
3 Our prior year of tagging was completed in-house or by another provider. What will you need from us to complete the second year conversion?
We will just need the final accounts for the second year and the iXBRL (.html) files from the first year's tagging.
4 What time commitment from our accounts preparers will be required?
Our Fully Managed service will require minimal time commitments from your staff. BDO will prepare iXBRL formatted financial statements from the original source document.
5 How much input will be required from us and what contact will we have with you?
Our solution will not require input from you during the initial tagging process. However your BDO team may need to consult you before we produce the completed document to discuss potential complex tagging options where key judgements are required to tag an element of the financial statements. Before commencing the project we will discuss with and agree the timetable and key milestones.
6 We do not currently use accounts production software, will it be possible for us to undertake automated iXBRL production from our trial balance?
Yes, we can help you choose and implement iXBRL compliant accounts production software that will produce financial statements directly from your accounting system.
7 What is the turnaround time to tag our financial statements?
This will generally be a maximum of 30 days. There is scope to expedite time-pressed requests however, this will incur an additional charge.
8 Who can I contact to find out more?
Your current BDO team will be able to advise you on the most appropriate iXBRL solution for your business. If you are new to BDO, or have an issue or question you would like to raise with our iXBRL specialists then please contact Ashley Carter.