How to generate iXBRL report for Group/Consolidated Accounts

Introduction

This topic explains how to generate an iXBRL report for Group/Consolidated Accounts in Accounts Production.

• Customer Support can only give guidance on the process to tag your iXBRL accounts. It is the user’s responsibility to select the appropriate tags from the taxonomy.

Preparing Group Accounts in iXBRL format is a similar procedure to Limited Companies.

Where a Parent Company is required to prepare both, individual and Group Accounts (Companies Act 2006, Section 399), it is required to file both of these as part of its online Company Tax Return. However, it is only required to file the Parent Accounts as an iXBRL document, with the relevant tags embedded.

Where the Group Accounts are a separate document these must be attached as a PDF file.

In Accounts Production, the Group Accounts and individual accounts will be part of a single consolidated report. There is currently no requirement by HMRC to tag Group/Consolidated Accounts therefore only information relating to Parent Company Accounts is tagged when producing the iXBRL report.

In this Topic ShowHide

Step 1 – Identifying Accounts/Groups descriptions that have been amended from the IRIS default

Select the Parent Company from the Client Browser screen.

1. From the Accounts Production menu, select Reports | Account/Group Descriptions
   
   The following screen displays.

2. Select the relevant options for each section and click OK.

• This report enables users to see which account and group descriptions have been amended in order to change/apply the relevant tag. For example, if a posting has been made to the fixed asset motor vehicles account code but the description has been amended to read ‘Boats’, the tag from motor vehicles may need to be amended to a more suitable tag when sending the accounts to HMRC.

3. Close the report once the items have been reviewed.
   
   
   

Back to top

Step 2 – Tagging text within the data screens

Select the Parent Company from the Client Browser screen.

1. From the Accounts Production menu, select Edit | Data Screens

2. Select the relevant section of the report to tag from the Data Screen branches. For example, select Notes to Financial Statements | Other Disclosures | Ultimate Controlling Party

3. Highlight the text to be tagged.
   
   

4. Click the iXBRL Tagging icon at the top of the menu bar or right-click on the mouse and select iXBRL tagging.
   
   If no text has been highlighted, selecting the iXBRL Tagging option, the following warning displays:

The following screen displays.

5. Click the magnifying glass next to Concept Label to display the Taxonomy.

6. The following screen displays.

7. Browse the Taxonomy to find the appropriate Concept Label by clicking on the arrow next to the relevant headings to list available concept labels for selection. Alternatively, manually enter text in the search field, for example, controlling party, and press Enter.

8. Select the relevant Context Reference and click Save.
   
   

6. If the selected Concept Label requires a Tuple Group, the following screen displays.

9. Click OK.

• If the selected Concept Label does not require a Tuple Group, go to step 12.

The following screen displays:

10. Double–click on the hash icon next to the O under Group Member mappings to confirm the mapping.

• A new Tuple Group will be created and displayed within the Tuple Group field as shown below.

11. Click on the red cross to exit the iXBRL Tagging screen.

The following screen shows the text which has been tagged within the data screen, highlighted in a purple text box.

12. Click Save to save changes to the data screens.

13. Click Exit Screens.

Back to top

Step 3 – Generating the iXBRL Accounts for submission to HMRC

Select the Group Company from the Client Browser screen.

1. From the Accounts Production toolbar, select Reports | iXBRL
   
   The following screen displays.

2. Enter the 3 character mnemonic in the Report/Document field, for example, LTD. (To display a list of available, click in the magnifying glass next to the Report/Document field.)

3. Confirm the correct posting entries have been selected by default or make your selection in the Current and Last field.

4. Click OK to generate the accounts to the Tag Editor.
   
   
   

• If exceptions exist within the report for specific details, the following dialog displays.

5. Click OK to continue.

• If warnings exist within the report for specific details, the following dialog displays:

The following screen displays.

• The Report – LTD tab displays the report that has been generated with tags applied and/or available to be tagged.

• The Exception Report tab displays any mandatory information or discrepancies within the report that must be rectified before the iXBRL report can be finalised.

• The exceptions relate to both parent and consolidated accounts. Where reference is made to data screens in the Tag Editor, this only applies to the Parent Company.

The Warning Report tab gives details of report items which have not been pre-tagged and may require manual tagging if there is an appropriate concept in the minimum tagging list. See example below:

• Where replacement notes have been entered within the data screens, any automatic tagging which is applied to those automatically generated notes will be ignored. It may therefore be necessary to manually tag information entered within the appropriate data screen relating to the PARENT company only.

The iXBRL Warning Report generated within the Tag Editor relates to the Parent Company only. If freeform notes have been entered within the data screens, user must manually tag items if an appropriate concept labels exist within the Minimum Tagging list.

The iXBRL Preview tab displays the full report in a readable format that will be sent to HMRC – See example below:

Back to top

Step 4 – Tagging report items within the Tag Editor

Things to consider when tagging your iXBRL accounts:

• Concept labels for the totals cannot be amended (for example, operating profit and profit after tax).
  
  Pencil icon next to the Notes (on left), indicates that the concept label of the notes can be amended.
  
  If required, reports can be printed from the iXBRL preview tab, not from the Reports tab.

1. Within the Tag Editor screen, click the Report – LTD tab.

2. From the toolbar, click on the Show Taggable items icon.

3. Click on the arrow to scroll to the next page to review tagging.

4. Click Show Taggable Item will show item are pre – tagged by IRIS in BLUE, or hide them if there are no longer required.
   
   
   

5. Select the item to be tagged; the box will then be highlighted with a green outlined.
   
   

6. On the right within the Mapping Control section, click the magnifying glass next to Concept Label field.

The following screen displays.

• The taxonomy is displayed in a presentation view, the tree structure relates to the report structure.

The Mapping Control toolbar also consists of the following icons:

Apply default - this option reverts the tagged item back to the IRIS default; this option only applies to pre-tagged items of the report that have been amended.

Clear mapping – this option clears mapped tags that have been applied.

Show/Hide notes  – this option shows or hides notes.

Next/Back - This option allows users to select the next or previous item to be tagged.

• Items within the taxonomy are displayed in BOLD if they are part of the HMRC minimum tagging list; users are required to consider them when tagging the report.

7. Double–click on the relevant Concept Label.
   
   
   
8. When selecting a concept label within the Taxonomy,  be aware that if the tag icon (on the left-hand side of the chosen concept label) is shaded in grey, then it is available to be selected. However if the icon is shaded in yellow, the concept label is already used in the report; therefore an alternative concept label must be selected.

Available

Not available

8. If required select the relevant option from the Concept Reference drop-down list.

9. Click Save.

10. Click Save.

The following dialog displays.

• The Concept label selected may link fields in the Tag Editor; that is, Current year figure to Last year. Therefore if Yes is selected, last year figure will be automatically tagged with concept label selected for current year. If No is selected, users are advised to manually tag the last year figure.

Back to top

Step 5 – Reviewing the tagged iXBRL Report

• When iXBRL accounts are first generated a number of report items will be tagged automatically by default. The remaining report items should be reviewed and tagged accordingly.
  
  The report will display the tagged items in GREEN. If any of the report items which have default tags require amendments, the items can be selected by left-mouse clicking on the highlighted box or by double-clicking into the box.
  
  When items are selected, if links exist to other report items, the report item will be highlighted in a different colour, for example, BROWN indicating the items are auto linked. The link is normally between the current and last year figures.

The following items are NOT automatically tagged as HMRC does not require group accounts to be tagged:

1. • Consolidated Profit and Loss Account

   • Consolidates Statement of Recognised Gains and Losses

   • Consolidated Balance Sheet

   • Consolidated Cashflow Statement

   • Notes to the Cashflow Statement

   • Notes to the Financial Statement

   • Information relating to Consolidated Accounts only

Below is an example of a Consolidated Profit and Loss:

• The Company Statutory Profit and Loss Account is not included within the Group Accounts by default, due to Companies Act exemption from its disclosure. If there is no profit or loss reported in Group Accounts, the Parent Trading Profit and Loss Account is required to be tagged for HMRC purposes. The option to produce Parent Non-Statutory Profit and Loss is available under the Data screens (Edit | Data screens | UK | Non- Statutory Profit and Loss Account | General Options).
  
  If Group Accounts are reported with a profit or loss, users must also attach the Group’s Accounts in PDF format as well as producing the Consolidated Accounts in iXBRL.

Back to top

Step 6 – Finalising the iXBRL Report

1. Follow step 3 to generate the Tag Editor screen.

2. Click the Validate icon from the toolbar.
   

3. Selecting Validate will perform validation on the tags applied to the report and a report will be generated which shows the Tag Errors that need to be reviewed prior to finalising the iXBRL report.
   
   The Tag Errors tab contains a grid view of all the report items where problems have been found. Each record provides details on the Concept, Value and Attributes selected against the report item when mapped within the Mapping Control.
   
   Selecting an item in the grid displays more detail in the bottom half of the window which gives an indication as to the action required to clear the error. Once selected, the Mapping Control also displays the details for that report item. The mapping can be updated /cleared here if required. Double-clicking or selecting View Report Item will jump to the report item within the Report tab, where the details can also be corrected as applicable.

Upon successful validation, the following message display.

3. Click OK.

The Validate icon displays:

4. Click iXBRL Finalise.

The following screen displays.

5. Click Yes.

Back to top

Step 7 – Creating a submission for HMRC

1. Click Create HMRC Copy.
   
   
   
   Save file in IRIS – This allows the iXBRL account file to be automatically attached when generating the Electronic CT600 in IRIS Business Tax.
   Save externally – This allows the iXBRL accounts file to be saved in a specific folder.
   

2. Click OK.

Glossary

Click here for a glossary of terms relevant to iXBRL.

Back to top