Since 1 April 2015, the iXBRL tagging regime has demanded full tagging of all numbers and disclosures in your accounts under taxonomies that are far more detailed to cater for accounts prepared under FRS 101, FRS 102 or full EU IFRS. HMRC has also made it clear it will target companies for investigation based on incorrect or incomplete tagging - so senior accounting officers should regard iXBRL tagging as high risk if their tagging arrangements are not regularly tested.
2016 will be a technically challenging year with conversion of your accounts to your chosen FRS/IFRS and restatement of the prior year numbers. For the majority of entities this will lead to additional disclosures and a steep learning curve for in-house teams grappling with iXBRL tagging. Is your current iXBRL provider up to the challenge?
BDO has submitted more than 25,000 sets of iXBRL tagged accounts without error, including hundreds under the new FRS/IFRS tagging regime. We can convert your accounts to the new standards and test early sets of accounts through iXBRL tagging to help identify many common and complex accounting errors before the accounts are signed off. Alternatively, we can help improve the skills of your in-house team the skills to with the new tagging regime.
BDO use CoreFiling’s Seahorse tagging software as it continues to be one of the strong foundations underpinning our services. As this software is also HMRC’s iXBRL system provider, we are confident that it continues to be the best-in-class and fully compliant with the new FRS and IFRS tagging regimes
Fully Managed iXBRL Service
BDO’s Fully Managed Service is designed to provide you with the confidence that your tagged accounts will fully comply with the very latest HMRC requirements. Our specialist iXBRL team will support your BDO engagement team with the expertise to help you make the more complex tagging selections and undertake best practice and quality reviews.
• Our specialist team will take your accounts in whatever format you provide and then tag and rigorously quality check them ready for HMRC submission
• Our service will include a test against the HMRC gateway criteria to give the highest possible confidence that your accounts will pass the validation process first time
• The only expectation on your staff will be to discuss/approve potentially contentious tagging decisions and give final sign off.
iXBRL Quality Review Services
If BDO does not tag your accounts this quality review service offers a chance for your accounts to be reviewed by BDO’s expert iXBRL team. Providing you with the confidence that your accounts meet HMRC’s requirements and reducing your risk.
Self-Tagging iXBRL Software Service
BDO's Direct Access Service is our ‘Do It Yourself’ service, which enables you to upload Microsoft Word or Excel based financial statements directly to a secure portal to complete the iXBRL tagging yourself. We will provide you with an upfront training session to familiarise you with Seahorse, the iXBRL taxonomies and common pitfalls when tagging. This assistance will be particularly valuable in the first year of tagging under the new FRS/IFRS regime.
Whatever level of iXBRL help you need, our experts can guarantee your accounts are tagged correctly first time and every time.