How to generate an iXBRL report using International Accounting Standards for HMRC

Introduction

This topic explains how to prepare an iXBRL report for Limited Companies under International Financial Reporting Standards (IFRS) for submission to HMRC from the Accounts Production module.

• 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.
  
  Only Super and Master users have the ability to tag the report by default, however, there is a separate permission within system maintenance that can be activated for other staff members.
  

Step 1 – Identifying Account/Group descriptions that have been amended from the IRIS default

Step 2 – Tagging text within the data screens

Step 3 – Generating the iXBRL Accounts for submission to HMRC

Step 4 – Tagging report items within the Tag Editor

Step 5 – Reviewing the tagged report

Step 6 – Finalising the iXBRL Report

Step 7 – Creating a submission for HMRC

Step 1 – Identifying Account/Group descriptions that have been amended from the IRIS default

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

2. Select the relevant options for each section.

3. Click OK.
   
   
   

4. 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.

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

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Step 2 – Tagging text within the data screens

1. Select Edit | Data Screens

2. Select the relevant section of the reports 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 and select iXBRL tagging.

• If no text has been highlighted, selecting the iXBRL Tagging option, displays the iXBRL Tagging warning displays:

The following screen displays.

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

The following screen displays.

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

7. Select the relevant Context Reference and click Save.

8. If no Tuple Group field exists for the selected concept label, 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.

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

9. Click Exit Screens.

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Step 3 – Generating the iXBRL Accounts for submission to HMRC

1. From the Accounts Production toolbar, select Reports | iXBRL and CH E – File
   
   The following screen displays.
   
2. Enter the 3 character mnemonic in the Report/Document field, such as, LTD.
   
   To display a list of reports available, click on 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:

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

5. Click OK to continue.

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 exceptions within the report that need to be modified before the iXBRL report can be finalised.

• 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.

• The iXBRL Preview tab displays the full report in a readable format that will be sent to HMRC.

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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 before Income 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 Report – LTD 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.

• Selecting Show Taggable Item will show items not pre-tagged by in BLUE or hide them if they are no longer required.

4. Select the item to be tagged, the box will then be highlighted with a green outlined.
   
   
   

5. On the right within the Mapping Control section, select 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 PTP 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 selects 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 and users are required to consider them when tagging the report.

6. Double-click on the relevant Concept Label.

• 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

7. If required, select the relevant option from the Context Reference drop-down list.

8. Click Save.
   
   

The following dialog displays:

• The Concept label selected may link fields in the Tag Editor, for example, 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.

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Step 5 – Reviewing the tagged 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, those report item will be highlighted in a different colour, indicating the items are auto linked. The link is normally between the current and last year figures.

Below is an example of the items that are automatically tagged, for example, Revenue:

Items that are not pre-tagged by IRIS but are included within the Minimum tagging list are as follows:

Users are required to manually tag the following items with an appropriate concept label(s) if present within the iXBRL report. These items will be highlighted within the Warning Report if present in accounts.

• Not ALL items in BLUE require manual tagging, as not all items are included within the Minimum Tagging List. An example of this is Trade Debtors within one year. This can be tagged but is not included within the Minimum Tagging list.

1. From the toolbar, click the Show Tag Report icon.

2. Selecting Show Tag Report will show the Tag Report as a new tab (window) within the main screen.

The Tag Report displays an overview of iXBRL tags and associated attributes that will be contained within the iXBRL report created for HMRC.

The report generated provides detailed information regarding all of the tags that have been applied for the client within the Tag Editor screen. This report is useful for audit purposes and can be exported as a CSV by clicking on the Export Tag Report icon.

• If freeform text exists within the report, these must be reviewed and manually tagged with an appropriate concept label(s). The Warning Report will highlight these items if they are present within the report.

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Step 6 – Finalising the iXBRL Report

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

2. Click the Validate icon.
   

• Selecting Validate will perform validation on the tags applied to the report and a report will be generated which shows the Tag Errors that needs 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 will also display 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 displays.

3. Click OK.

The Validate icon displays:

4. Select iXBRL Finalise.

The Accounts Finalised screen displays.

5. Click Yes.

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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.

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