The Financial Reporting Council takes us through how to ensure your company only files high-quality iXBRL tagging.
Companies are now starting to file accounts that use new UK GAAP (FRS 101, FRS 102 or FRS 105), for accounting periods beginning on or after 1 January 2016. It has been a requirement that company tax returns filed online are “tagged” using inline eXtensible Business Reporting Language (iXBRL) since 2011. Accounts filed electronically at Companies House can also use iXBRL.
HMRC can take advantage of iXBRL with more effective analysis software, cutting out unnecessary queries and helping to deliver better risk assessment. Companies House also achieves improvements in speed and efficiency.