HMRC, UK revises iXBRL Filing Requirements: Moves from UK GAAP to IFRS Taxonomy

Her Majesty’s Revenue and Customs (HMRC), UK has revised the mandatory iXBRL tagging requirement for filing Corporate Tax returns (CT returns) comprising statutory accounts and tax computations, effective January 1, 2015. This is the cascading effect of a change in the underlying reporting standard from UK GAAP to IFRS. The iXBRL tagging for CT returns for 2015 and onwards is to be done using the revised XBRL taxonomy which came into effect from January 1, 2015. Additionally, the scope of tagging has been revised from ‘minimum tagging requirements’ to ‘full tagging’. Several other changes have been introduced in the revised iXBRL taxonomy such as introduction of typed dimensions, besides the change in the underlying reporting standard.

Companies following UK GAAP will see a major impact on their reporting process owing to this change. The change in reporting standard will affect the categorization and presentation of reporting concepts in CT returns. Entities are required to restate figures for previous years’ financials according to the new standard in their 2015 returns.

This whitepaper explains HMRC’s revised iXBRL tagging requirement and how filers can prepare themselves for it.