iXBRL (in-line Extensible Business Reporting Mark-Up Language) is the template for accounts and tax tagging systems (taxonomies) that utilises thousands of tags to identify specific information in a set of filed accounts and tax computations, so that tax authorities, investors and others can process and compare that information. The in-line aspect adopted in Ireland and the UK allows the tagged financial statements to be viewed in HTML format (i.e. on a web browser). Phase 1 and 2 came into effect in Ireland in October 2014, which resulted in mandatory iXBRL filing for medium sized companies and companies dealt with by the Large Case Division of Revenue. iXBRL will soon become compulsory for all Irish and UK companies.
There are several thousand tags and the tagging process which can be complex, so the only cost effective and secure way for implementation is to use an Accounts Production software product (a product that processes statutory as well as management accounts) and that most importantly incorporates automatic tagging. There is no necessity to understand all the intricacies of tagging, no necessity to spend a large amount of additional time manually tagging and no necessity to lose control of information and costs with Surf Accounts Production’s 1 Click iXBRL
Just one click and let Surf Accounts Production do the rest. No lengthy coding process, No manual tagging, No assisted tagging.