ixbrl in letter of engagement

ixbrl in letter of engagement

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Following the introduction of ixbrl, I'm sure that I should be stating that we now submit the accounts electronically to HMRC and that we are responsible for the tagging of the accounts etc, etc.

Can anyone provide a template insertion for the correct wording for the letter of engagement?

Thanks in advance.

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Teignmouth
By Paul Scholes
20th May 2011 15:26

Here's what we say

Hi - there was a discussion thread on this some time back when iXBRL first hit but I can't find it.  Anyway, you are right, even though we remind them that they are ultimately responsible for the return and all submissions we put the following under our responsibilities bit:

Formatting not 100% because of naff copy & paste in Acc Web

As part of this process we will generate an electronic version of your accounts and computations, in a format known as iXBRL, which incorporate electronic markers (tags) against key financial and business data enabling HMRC’s computers to read and interpret the documents, without human intervention. The data that has to be tagged in this way is determined by lists (taxonomies) published from time to time by HMRC.

Most tagging will be accomplished automatically by the software that we use to prepare your accounts with the remainder requiring manual tagging by us. We will send you the tax return and supporting schedules for you to approve and sign. We will then submit it, with the accounts and computations, to the HMRC electronically.

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By paul-121
23rd May 2011 08:23

Thanks Paul!

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