novam9864
22 posts
Dec 15, 2022
12:32 AM
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IXPRL is a digital format used to describe financial transactions. Over two million companies file accounts in IXPRL every year. This is required by HMRC. However, not all companies will need to file accounts in IXPRL.
Most larger organizations produce their tax computations using spreadsheet programs or word processors. They may also use conversion software to transform their accounting data. In addition, some companies will have to convert company tax returns manually.
When converting a company tax return, you need to ensure that the data is formatted in an IXPRL file that meets HMRC's online filing requirements. You can do this by using a software package that includes an iXBRL tagging service. A list of approved products can be found on the HMRC website. You can also consult your accountant or auditor.
Once the data has been transformed, you can compare facts more easily. You can also import the tagged data into a computer, which can then analyze the data. You can then use the tagged data to create diagrams or graphs. Alternatively, you can use the information to query a database. iXBRL is also compatible with EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system that is used by most US and UK companies.
Using a tagging service provider is a good way of ensuring that the files you send to HMRC are iXBRL formatted. The 123 XBRL service has been recognized by HMRC as an IXPRL-managed tagging service provider.
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