The iXV project aims to leverage the information contained in iXBRL accounts to make reviewing sets of accounts easier, and to reduce the potential risk of submitting incorrectly tagged accounts to HMRC.
iXV aims to deliver a service that can quickly read and analyse a set of accounts, using the iXBRL information within them. The service will already test your accounts for compliance with the Joint Filing Common Validation Checks required by HMRC and Companies House, which will undoubtedly grow in scope in the coming years. This offers a level of reassurance when filing accounts online.
However, the real power of iXV lies in its ability to perform arithmetic and logical calculations on iXBRL-tagged data - if the data's in there, iXV can tell you what it is, how big or small it is, check that it's within certain limits, make comparisons with other data, check whether it's the right kind of data...
The potential for iXBRL to remove time and effort from the accounts checking process is huge - and the collective insight of the AccountingWEB community can play a central role.
Please use this forum to suggest your own rules that we might be able to build into iXV, and from which all other AccountingWEB members can benefit.