Many companies in the UK and Ireland have told us that they use, or plan to use, their auditors to help them comply with the iXBRL filing mandate. This is already in place in the UK, and becomes mandatory in Ireland in 2013. The main reason for doing this appears to be the perceived complexity of doing the iXBRL tagging in-house regardless of the costs of outsourcing the process. Having successfully helped many clients, from large corporates through to medium sized businesses, our view is that the iXBRL tagging process, with the right solution, does not need to be either complex or costly.
Alui is a key partner of the iXBRL specialists CoreFiling (www.corefiling.com). The CoreFiling solution, Seahorse™, is both cost effective and easy to use. The process is extremely simple: You upload your financial statements in Microsoft Word or Excel to the CoreFiling secure portal, and then complete the tagging either yourselves or with our assistance.
The software’s predictive tagging engine ensures that typically 80-90% of the tagging is automatic, with a minimal level of manual tagging required. Compare this with the time taken in other solutions, where each individual figure needs to be manually tagged.
Alui’s iXBRL specialists will always be on hand to support you through the iXBRL tagging process. We support many companies already in this way, as well as providing mission critical Hyperion financial systems support to FTSE 100/250 companies, so our expertise is second to none.
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