Thorough validation of iXBRL filings before submission rces rejection risks

OXFORD--(BUSINESS WIRE)--Two months after iXBRL filing became mandatory, it has been reported in the press that many rporation tax filings are still failing to meet HMRC submission requirements. It was announced today that reFiling’s Magnify, the review tool which ensures nsistency with submission requirements, has been adopted by BDO LLP, the leading firm of acuntants.

HMRC have agreed not to penalise mpanies for inrrect tagging during the transitional period, provided they can demonstrate best endeavours in mplying with the iXBRL mandate. Despite this leniency, HMRC guidelines published in March 2011 indicate that filing deficiencies such as inrrect or missing tags may put mpanies at greater risk of follow up by tax inspectors.

reFiling’s Magnify allows filers to identify discrepancies in the tagging of their financial statements before they are filed. BDO adopted Magnify across their iXBRL services from day one to ensure all tagged financial statements are mpliant with HMRC’s electronic Gateway prior to submission. BDO has licensed Magnify to provide in-depth checks of financial statements nverted to iXBRL by reFiling’s Seahorse tagging system.

Tony Spillett, tax partner and head of iXBRL services at BDO, mmented: “Using Seahorse, we have had no failed CT submissions. However, Magnify further supports a checklist-based review of tagged financial statements to guarantee HMRC Gateway mpliance and is intrinsic to our dedicated quality assurance team’s review processes”.