How to automatically tag the Related Party Disclosure Note within the Data Screens

Introduction

This topic explains how to generate the ‘Related Party Disclosures’ note so it is automatically tagged within the iXBRL accounts, using the standardised format data screens.

• If the standardised format is not appropriate to the clients requirements, a freeform note can be entered within the data screen - Notes to Financial Statements | Other Disclosures | Related Party Disclosures | Freeform Note etc., where it can be manually tagged.

Completing the Related Party Disclosure screen(s)

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

• If applicable, please complete steps 2-3 below.

2. Select Notes to Financial Statements | Other Disclosures | Related Party Disclosures | Related Party Exemption

3. Select the option if exemption from related party disclosure is being claimed in reference to FRS 8.  Select Show the policy to display the standard wording and select a choice of A or B for where the wording is to appear.

• The standard wording will be automatically tagged with the appropriate concept within the iXBRL accounts. The standard wording can also be amended within the Text box if required.

4. Select Notes to Financial Statements | Other Disclosures | Related Party Disclosures | Freeform Note etc

5. Enter the aggregate amount of dividends to directors within the field provided, a standard sentence will be generated which will be automatically tagged with the appropriate concept within the iXBRL accounts.

6. Additional of freeform text - If the individual related party screens, as per steps 4-10 below, are NOT to be completed, enter any information relating to Related Party transaction within the field provided.

• In this situation NO automatic tagging will be applied and manual tagging will be required.
  
  If the individual Related Party data screens are to be completed, enter any opening text within this screen.
  
  It is not expected that this will need to be manually tagged, although tagging can be applied IF required.

7. Select Notes to Financial Statements | Other Disclosures | Related Party Disclosures | Related Parties | 1 | Related Party 1

8. Complete the following fields, each field provided within this data screen will be automatically tagged with the appropriate concept within the iXBRL accounts.

• If users are required to disclose transactions for more than 1 Related Party, a maximum of 10 screens are provided. Select - Edit | Data Screens | Notes to Financial Statements | Other Disclosures | Related Party Disclosures | Related Parties | Related Party 2-10.

9. Name of related party – Select the magnifying glass and choose the identifier of the Director or enter the name as freeform information in the Other field.

• Only one field should be completed, either choose the Director or manually enter the name as freeform.
  
  If both fields are completed a warning displays:

10. Description of relationship - enter the description of the relationship between the related party and the company, for example ‘A company in which Mr Smith is a shareholder’.

11. Description of transactions and general amounts involved – a freeform text box is provided which allows general functionality e.g. creating tables, inserting expressions etc. Enter the description and amounts involved, for example ‘Loans to the value of £10,000 were received during the year’.

• If applicable, please complete steps 8-10 with balances for the Current Year.

12. Enter the Amount due from/ (to) related party at balance sheet date in the required field.

13. Enter the Provisions for doubtful debt at balance sheet date in the required field.

14. Enter the Amounts written off during year in the required field.

• Each field provided within this section will be automatically tagged with the appropriate concept within the iXBRL accounts.
  
  Balances relating to previous year should be entered within Last Year data screen.
  
  If applicable, please complete step 11 with additional information.

15. Additional/Replacement Note - If other elements of the transaction(s), are to be disclosed select Edit | Data Screens | Notes to Financial Statements | Other Disclosures | Related Party Disclosures | Related Parties | 1 - 10 | Additional/Replacement Note 1 – 10 (numbering will depend on selected data screen):

• If the replace box is deselected, text entered will be added to the standard Related Party Disclosures note. If the replace box is selected, text entered will replace the standard note within the relevant sections.
  
  Where the standard note is replaced NO automatic tagging will be applied.

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Step 2 – Generating the iXBRL Report

1. From the PTP Accounts Production toolbar menu, select Reports | iXBRL and CH E-file

The following screen displays.

2. Enter LTD in the Report/Document field and click OK.

Review the Related Party Disclosures note, this will be automatically tagged as per the example below:

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