AccountingWEB has entered a partnership with iXBRL experts at CoreFiling to create an automated iXBRL reviewing system that checks electronic accounts for tagging and technical errors that might lead to rejections. But we need your help to make sure the system works the way accountants want.
Developed with the codename “iXV”, the online accounts reviewer is ready for pre-launch testing and we are looking for volunteers to help us iron out any kinks and to refine the criteria against which accounts are checked. Please apply to join our private beta-testers group if you would like to try out the tool at this early stage and become part of the ongoing development process.
The underlying software is the same as that used by HMRC, but apart from basic validation checks in the public domain we do not have access to the tax department’s full basket of error and risk criteria.
The idea behind our partnership with CoreFiling is that the AccountingWEB community can devise its own rules, based on the typical last-minute checks an accountant would perform when reviewing a CT600 pack before submitting it to HMRC. With a set of community-endorsed checks in place, AccountingWEB members will be able to save time and gain extra peace of mind by passing accounts through the automatic reviewer before submitting them to the taxman.
When Companies House makes it mandatory to submit statutory accounts electronically with iXBRL, the system will be able to apply similar checks.
For the past two years, the profession has struggled to get to grips with the transition to iXBRL efiling, but those with experience of the process warn that effort involved in reviewing tags and snags is more onerous than actually preparing the file itself. iXV is designed to reduce this workload, and with your help and feedback, the software will not only boost your productivity, but also reduce the risk of rejections and potential tax investigations for clients whose accounts go through the system.