iXBRL & detailed Profit & loss account

iXBRL & detailed Profit & loss account

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 Looking through IRIS 10.4 it would appear that the detailed Profit & Loss account does not need to be tagged. Is this correct?

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By pcpool
03rd Dec 2010 14:47

HMRC view?

Extract from http://www.hmrc.gov.uk/ct/ct-online/file-return/online-xbrltag.pdf.

The statutory accounts a company is required to produce for its members do not include what is often referred to as a ‘detailed profit and loss account’. However, some companies choose to produce a detailed profit and loss account as part of the process by which they prepare final accounts and include this as part of the accounts with their Company Tax Return. Others choose to include a detailed profit and loss account/analysis of the statutory profit and loss account as part of their computations. If included as part of the accounts, the data should be XBRL-tagged using the taxonomy appropriate to the accounts. If the data is included as part of the computations then it should be XBRL-tagged using the Corporation Tax computations taxonomy.

In other words does this mean don't produce detailed P&L so you don't have to tag it.

 

 

 

 

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Teignmouth
By Paul Scholes
03rd Dec 2010 15:07

right & wrong

Hi - yes if the detailed P&L is included then it should be tagged but only for the tags on the minimum list which include some headings from the stat P&L (eg turnover & Administrative expenses) but no detailed stuff......yet. 

Great relief not having to go through each company on iris identifying where we have modified "no description" headings for expenses....yet.

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By taxhound
03rd Dec 2010 15:44

Can we add extra things as a pdf?

I have discovered that the best way to get HMRC to take note of loss carry backs is to do an extra schedule showing the loss and carrying it back and detailing the refund due, then adding this as a pdf to everything else I send.  For a change, they actually deal with it!  Which they DON'T do if you simply resubmit the previous year's CT600 in my experience.

So will I have to stop doing this? - the schedule is totally separate to anything my software produces.

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By JeremyNewman
05th Dec 2010 21:45

PDF

You can attach additional working papers as PDFs. It's just the accounts and CT600 that have to be in iXBRL format.

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By daveforbes
05th Dec 2010 21:58

pdfs for other info will be ok

Tagging the detailed P&L - for the next couple of years only items that appear on the minimum tagging list need to be tagged. We (and therefore Absolute) and (I believe Digita too) have taken the "tag it all now" approach.  

The accounts and comps have to be in iXBRL but "other information" pdfs can still be attached.

David Forbes www.forbes.co.uk

p.s. @JeremyNewman - the CT600 is actually in "plain" XML it is just the accounts and comps that are in iXBRL

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By daveforbes
05th Dec 2010 22:09

@paul scholes

If your understanding is correct then if the detailed P&L appears and it contains items on the minimum tagging list (e.g. turnover) then they should be tagged. Are they ?

p.s. Your Iris database will have kept track of where you have overridden the standard chart of accounts and so if it does not already, I am sure if you ask nicely they will put in a handy report.

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Teignmouth
By Paul Scholes
06th Dec 2010 10:15

@dave forbes

Hi and thanks for that.  Yes anything on the "minimum" list that appears in the detailed P&L (eg turnover etc) is tagged.  Iris 10.4 provides a report of changes we've made to the standard account settings so that you can manually tag.

All of this is as noted in guides & webinars as, just as I was prepping for the Iris update last week, the server decided it had had enough, fingers crossed for engineer this morning.

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