First time iXBRL tagging? Converting Financial Statements

Choose an ixbrl conversion service to meet your needs by answering the questions below, or by using our simple iXBRL solution flow chart

My tax returns and computations are prepared by BDO

Our tax reporting software (Alphatax), is already compliant with the new requirements so no additional conversion work will be required. We have already successfully filed tax returns and supporting documentation as iXBRL packages with the HMRC test gateway.

BDO do not prepare my tax returns and computations

If you or your tax adviser currently use tax software to prepare returns and computations, it’s likely that the software will be able to tag necessary items. If you currently use Word, Excel or another generic format and need help with tax return software selection we can help you to select the most appropriate package.

My financial statements are prepared using BDO’s accounts production software

If we prepare your financial statements using our accounts preparation system, CaseWare, we can tag your accounts as part of the preparation process. It will take a little extra time and expertise so there will be a charge but we will provide you with tagged financial statements compliant with HMRC’s iXBRL gateway. Your BDO team will be contacting you in the new year to discuss timescales and fees.

I prepare my financial statements using accounts production software or I am thinking of buying it

Most accounts production suppliers are releasing an iXBRL tagging module, however very few of them have been formally launched.

We’re flexible so even if your module is late in being released, you can use our iXBRL tagging service as an interim solution – see the next section for more information. Many companies are also using iXBRL as the trigger for replacing their accounts production software, or purchasing one for the first time. Our technology team would be delighted to help you to select the most appropriate package for your needs.

My financial statements are prepared in Microsoft Word or Excel

If your financial statements are prepared in Microsoft Word or Excel, they can be tagged using either our Direct Access iXBRL service or our Fully Managed iXBRL service as described in the next section.

My financial statements are prepared in Adobe or some other format

There aren’t any systems on the market yet to tag in any input format other than Word or Excel so our Direct Access service is not an option. Instead, our Fully Managed iXBRL service would be the perfect partner. 

For more information on our cost-effective iXBRL services, click here to request a free meeting. Alternatively please contact Tony Spillett, Head of Client iXBRL Services, or your usual BDO adviser.