ICAEW honours creators of HMRC filing standard
Oxford, 19th October, 2011. CoreFiling, the inventor and developer of the Inline XBRL standard mandated for UK company tax filings, was today awarded the ICAEW's 2011 IT Faculty prize for the innovation.
Inline XBRL (iXBRL), a standard for making financial accounts machine-readable, was described by the UK's largest accounting body as "a superbly elegant and efficient solution to the 'XBRL rendering' problem, which has been pioneered by HMRC and also adopted by Companies House in the UK, and which is now beginning to be adopted in other countries as well - an excellent example of a UK invention leading the way in the world."
CoreFiling devised iXBRL to allow tagged financial data to incorporate rendering information, allowing company finance directors and HMRC tax inspectors to view financial statements in the same way.
Using iXBRL, the company's accounts are presented as HTML and viewed in a standard web browser. The machine-readable tags that identify each item are hidden inside the HTML document, invisible to the web browser and the human user. iXBRL is now used by companies to file their annual reports with Companies House, and since April has been required as part of HMRC's annual company tax return.
In 2010 the full Specification for Inline XBRL was accepted by XBRL International Inc., the not-for-profit international consortium which manages XBRL, as a Recommended Standard. Its editors, Philip Allen
(Executive Chairman of CoreFiling) and Ian Stokes-Rees (formerly Head of HMRC Services at CoreFiling) said, "the Recommendation by XII was the culmination of five years of work, ironing out the technical aspects and pushing the specification through the standards process. We are very pleased that the finished result has been extremely well received by regulators in a number of countries." The iXBRL standard has been implemented by over 50 software vendors around the world.
CoreFiling worked closely with HMRC to develop the iXBRL standard, and has for several years worked with HMRC as an Aspire Ecosystem partner.
Its True North® validation and processing engine is used to manage XBRL content at HMRC, and Magnify™, CoreFiling's document review tool, is to be used by the tax inspectors in support of the new iXBRL mandate.
CoreFiling provides Seahorse™, a SaaS-based accounts tagging tool for the conversion of MS-Office accounts to the iXBRL format ready for filing.
Contact: Andrea Whitehouse, [email protected]