Thomson Reuters launches iXBRL tagging tool
An iXBRL tagging tool and central taxation “workstation” took centre stage at the London launch of Thomson Reuters’ ONESOURCE software range.
A global force in the tax information and software market, Thomson Reuters stepped up its presence in the UK with acquisition of Digita and Deloitte’s Abacus tax software teams in 2008 and 2008.
The company used its European user conference in London last week as a platform to introduce its new ONESOURCE software brand.
But for UK tax departments, the most pressing need is for software that will let them file iXBRL-format accounts with their Corporation Tax returns from next April. To cater for the imminent deadline, the company introduced its ONESOURCE iXBRL conversion program.
The software will take files set out in Microsoft Word and convert them into the iXBRL format required by HMRC. It supports both UK GAAP and IFRS taxonomies and includes intelligent rules to remember the decisions made by the user on previous files.
But Digita managing director Jerry Rihll pointed out that once customers start looking at the long-term costs and benefits of tagging, most are opting for integrated accounts production/CT applications.
The ONESOURCE product family arrives in the UK with a collection of innovative facilities to back up the core reference and processing tools. At the heart of the suite is the Workstation module, a user portal and performance dashboard into which all the other programs connect.
Also included within the suite are:
- Checkpoint World an information portal with built-in search tools covering Thomson Reuters tax material, financial news services and third party websites, ideal for corporate users who need to call up similar regulations in different jurisdictions, Walsh said.
- Tax Calendar, an online diary that can be prepopulated with due dates, and with tasks from the ONESOURCE workflow system (see below).
- Wworkflow Manager, fed by compliance due dates and internal instructions, the software includes status update markers to help managers ensure assignments meet their deadlines. Checklists can be created or imported to the system and attached to the workflow and calendar.
- FileRoom – and electornic, web-based document store, which already contains more than 11m customer documents.