iXBRL: ‘an opportunity to adapt’

We’ve opted to embed the change into our existing process through the use of accounts production software using customised pre-tagged proforma financial statements. Our core criteria for an iXBRL solution include: provide a robust and automated approach to completing the iXBRL tagging process; adapt to the expected future increases in the iXBRL taxonomies listing; provide a high-quality audit trail; drive a slicker, more automated statutory accounts process than our current manual process; and allow us to standardise the format of our UK statutory accounts. The solution we’ve opted for saves us precious time and has revolutionised our business processes.