How do you produce iXBRL accounts?
Looking at the figures for the 2010 and 2011 year ends, and so far for 2012, I can see that we filed a total of just over 2,000 sets of iXBRL accounts. About 90% of these were produced using the CCH Accounts Production software and the rest using CCH iXBRL Review & Tag.
That’s because for the majority of our clients we’re providing a full accounts preparation service using the CCH Accounts Production software. Where accounts are supplied in Microsoft Excel format, we usually import the TB into CCH Accounts Production. For accounts supplied in Microsoft
How do the two pieces of software differ?
If you’ve set up a client properly in CCH Accounts Production, using the appropriate formats, producing a set of tagged accounts involves no more than a mouse click and maybe a bit of tidying up. The software already knows how each item in the accounts should be tagged
The CCH iXBRL Review & Tag software works differently. It allows you to add your own tags to accounts that have already been prepared using Microsoft Word or Microsoft Excel.
However, although they work differently, the interface for reviewing, adding and amending tags is the same in both systems – it’s a simple matter of dragging and dropping tags from the appropriate taxonomy onto the face of the accounts.
Why did you choose the Wolters Kluwer iXBRL software?
Because we were already using the CCH Accounts Production software the Wolters Kluwer iXBRL solutions were always the
Happy with that decision?
We wouldn’t look at any other product now for iXBRL tagging – we’re very impressed with what the Wolters Kluwer software can do.
What really stands out is the superior presentation of the tagged accounts. This was something that Wolters Kluwer themselves highlighted early on, but as time has gone on we’ve come to appreciate what they mean. Over the last 12-15
The tagged files produced by the Wolters Kluwer software are so good they look like a print preview of the original accounts.
How has the first year of iXBRL gone?
Inevitably, there’s been a learning curve for everyone. For example, to begin with when we got error messages from the Gateway we had no idea what they meant but we now understand them and can usually avoid them – we get maybe one or two a month now.
A lot of new features have been added to the software since its first release. For example, we can now file a set of accounts directly to the Gateway test server. This means we can now test the accounts thoroughly before we pass them to the tax team, so we can be 100% sure they will file correctly
The latest version of the software allows us to apply tags to one set of accounts based on the tags already applied to another – for example, last year’s tagged accounts, or another company in the same group. This is a great feature and it saves a significant amount of time.
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Saffery Champness is an independent top 20 firm of chartered accountants with nine offices, around 60 partners and 450 staff in the UK. They focus on advising owner-managed businesses in a variety of commercial sectors, wealthy individuals, landed estates, families and trusts, charities and other not-for-profit organisations.
Their IT Manager Paul Edwards talks about how the firm has used Wolters Kluwer software to deal with the mandatory filing of iXBRL accounts.