The Deloitte iXBRL conversion service
In the short term we would recommend many companies use an external service provider for the conversion of their accounts. There are a number of potential benefits to this.
Deloitte can convert statutory accounts into the required iXBRL format for inclusion in electronic filing submissions to HMRC. This allows clients a cost effective way of achieving compliance with minimal resource required on the client side.
Accounts are tagged to meet HMRC’s requirements and undergo an in-depth review of the conversion. This vital process includes a technical review of the iXBRL, tagging decisions and consistency checks. Once this is complete the document is provided ready to submit to HMRC.
What if using an external service provider is not for me?
Deloitte believes that there are a number of reasons that using an external service provider will be the right decision for many companies, however we also offer a range of services to support companies wishing to carry out in-house tagging.
- Review of client-generated iXBRL documents
Deloitte can review the iXBRL within the document prior to submission through the HMRC gateway.
- Assessment of technology choices
If clients choose to manage the conversion process themselves Deloitte can advise on the range of technology options available. We can assist in evaluating and implementing a solution.
- ONESOURCE readiness review
We have developed an iXBRL diagnostic tool for analysing ONESOURCE tax computations. The tool highlights areas in computations which may require manual attention to comply with the new requirements.
In the medium term
Using an external service provider will be a short term solution for many companies. In parallel with this, companies should be planning a more strategic solution.
- Transformation of accounts production
Deloitte can work with clients to transform their accounts production process to reduce costs, increase efficiency and embed production of accounts in the required iXBRL format within it.
- Transformation of the tax return process
Deloitte can advise on using the electronic data from clients’ statutory accounts process and increasing the level of automation in their computation preparation process.