chewmac
Blogger
Share this content
0
1417

Does o/d DLA note in Micro accounts really NOT need XBRL tagging?

Does o/d DLA note in Micro accounts really NOT...
I've just been told by VT support that where I'm including a note of an overdrawn director's loan account at the foot of Micro Entity accounts then "the authorities" have told VT that there is no requirement to XBRL tag that note for submission to HMRC. 
 
 
Does anyone know if this is really the case, that regardless of software used, there is no need to tag the note of an o/d DLA on ME accounts?
 
This was briefly discussed but without resolution here: https://www.accountingweb.co.uk/anyanswers/question/notes-accounts-vt

Replies

Please login or register to join the discussion.

avatar
15th Mar 2016 20:47

Shouldn't everything be tagged now?
I thought we had a two year soft landing when we could just tag to some sort of minimal tagging list but that now everything has to be tagged?

Thanks (0)
avatar
16th Mar 2016 00:36

this might help

There is a technical note on the ICAEW website, but for some reason my browser would not let me paste the link here. 

However, if you do a Google search for "ixbrl for micro entities" the result for the ICAEW site should be half way down the page.  When you access the page you need to look for "what are the main features of the micro-entities regime" and the third bullet point refers to disclosure of directors loans etc.

Hope you find I useful.

Thanks (0)
By chewmac
21st Mar 2016 11:01

Thanks for replies

Thanks for your replies. I wasn't notified so just saw them by chance now.

I do personally find it hard to believe that a note of an o/d DLA does not need tagging.

The third bullet in the link you mentioned: http://www.icaew.com/en/technical/financial-reporting/other-reporting-issues/companies-act/micro-entity-accounts-exemptions

seems just to state that advances, credits etc with directors need disclosing but I can't see that it specifically gives guidance as to tagging requirements.

Thanks (0)
avatar
23rd Mar 2016 13:34

FRS 105

My understanding, based on a seminar I attended in mid 2014, is that all accounts filed after 1 April 2015 have to use the full iXBRL taxonomy.  Based on that understanding I would say that if the DLA note needs tagging in non micro entity accounts, it will need tagging in micro entity accounts. 

The FRC (Financial Reporting Council) website has a page dedicated to ixbrl (the link is below) and there are various links, including one to a Pdf called Tagging Guide, on the page which might be helpful to you.

https://xbrl.frc.org.uk/

Thanks (0)
Share this content