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iXBRL: Tagging financial documents for Irish Revenue & HMRC compliance 

What is iXBRL and accounts tagging?

iXBRL is inline eXtensible Business Reporting Language.

 

This is a language that allows the presentation of financial information in a computer-readable format.  This is achieved by tagging each piece of financial information with a label that identifies it in terms of standard accounting or tax concepts.

How KPMG can help

KPMG offers its iXBRL conversion services to Republic of Ireland and United Kingdom companies.  Our team of experts have developed a suite of iXBRL solutions and services to help businesses to adapt to the changes in an easy and cost-effective manner.

 

Our iXBRL accounts team, with a local unit based in Belfast, has already tagged thousands of UK company accounts using its XME software which is recognised by HM Revenue and Customs (HMRC) in the UK for accounts conversion to iXBRL.  Since Irish Revenue’s requirement to submit iXBRL financial statements in 2013 we have also tagged and converted thousands of financial statements for Large Cases Division (“LCD”) and non LCD companies.

 

iXBRL at a glance

iXBRL Conversion Service

iXBRL Conversion Technology

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KPMG can tag and convert statutory accounts from MS Word or Excel into an iXBRL instance document

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Takes control of the conversion process by licensing KPMG's XME application

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Includes a full review of tagging

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Saves time by tagging a small number of proformas, which can be used for multiple entities' templates and for future years

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Protects your accounts preparers from disruption

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Roll-forward of accounts to subsequent reporting periods whilst maintaining tags, ready for editing

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Gives the option to bring the work in-house at any time by licensing KPMG's iXBRL Conversion Technology

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Easy to use, quick to integrate and cost effective in-house option

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Cost-effective and reduces pressure on in-house compliance teams

   

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We can assist with the issues your business is facing and provide the services you require.

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