iXBRL - The Twinfield Solution
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The document discusses Twinfield's digital financial information exchange portal that uses (i)XBRL to standardize the exchange of financial data between parties like tax departments, chambers of commerce, and banks. (i)XBRL allows for the compilation and editing of financial reports online in an efficient manner. Twinfield's online accountant portal features an XBRL viewer/editor, import of taxonomies, linking of financial accounts, and digital archiving of documents. The portal offers advantages for both accountants and businesses through increased efficiency and a reduction in paperwork.
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iXBRL - The Twinfield Solution
- 1. Twinfield accountant's portal Digital financial information exchange via (i)XBRL v1.1
- 9. SCHEMATIC OVERVIEW - Detail of the XBRL viewer/editor
Notes de l'éditeur
- It is useful to take a look at the origins of XBRL. In the Netherlands, in 2005 the government promised a reduction in the administrative burden for trade and industry by amongst other things drastically simplifying financial reporting for accountants and businesses. In the UK, (i)XBRL forms a core part of the government’s online filing strategy which, following the Carter Review in 2006, was given the goal of achieving universal electronic delivery of business tax returns by 2012. Simplification is being achieved on the basis of standardisation. In other words, a standard method for exchanging financial data. This same approach has been mandated in the UK by HMRC and Companies House as a way of standardising the filing of accounts, but there has been little discussion of the benefits to accountants and businesses.
- As a result of the government led initiatives, both the compilation of financial reports and the transmission of them have now been simplified and take less time. The financial reports in question are: VAT returns, abbreviated income statements for corporation tax returns, annual accounts, and (in the Netherlands, at least) credit reports. Because an accountant needs less time for the financial reports in question, this should lead to lower costs for trade and industry.
- Twinfield offers these new features to its existing subscribers at no extra charge. Benefits for the accountant: More efficient compilation and sending of financial reports New capabilities for online working with the client which make the compilation process more efficient An opportunity to provide new types of services: multiple reports instead of a single set of financial accounts once per year, as well as dynamic reports where the financial accounts can be drilled down to book entry level Benefits for the client: Improved service delivery from the accountant > dynamic reports, higher frequency, quicker adjustment when necessary Less paperwork involved in the compilation and sending of financial reports Maximum advantages for the accountant are achieved if the entire compilation process and the reporting takes place in Twinfield from beginning to end. This is also the strength of Twinfield, since financial accounts are often already compiled in Twinfield. XBRL is part of Twinfield’s ‘Forward Thinking’ programme which is aimed at increasing the efficiency of the accounts compilation process and improving the external online service delivery to prospects and clients (new and improved services, more efficient service delivery, quicker acquisition of new clients).
- Via the online accountant's portal, the accountant and the client work together to compile the financial report, using the workflow. The workflow consists of various stages for the accountant and the client, including the importing of the taxonomy within the XBRL viewer/editor, the mapping of the requested information in relation to the financial administration and any other data sources, the uploading and digital archiving of any comments and any supporting documents associated with a financial report, and the approval of the report by the client. The workflow can be linked to existing work programmes used by the accountant. All steps and associated actions are logged and registered in an audit trail. Once the report has been approved, it can be sent via the XBRL mailbox to the relevant body or organisation. Certificate management and port management also take place within the XBRL mailbox. In some cases, (larger) accountancy firms already have their own XBRL mailbox. The Twinfield XBRL mailbox will be fully compatible with this.
- Standardisation creates structure and considerable time savings when properly managed. The fact that XBRL is used as the foundation for this means reports can be exchanged with all types of bodies and organisations. It is not necessary for the financial accounts to be compiled in Twinfield, however it is recommended because then an accountancy firm can gain maximum benefits from, for example, report structures that already exist within Twinfield. This in turn creates opportunities for optimisation of service delivery to clients because dynamic reports can be offered on a more frequent basis. An accountancy firm can even create its own taxonomies for its clients, for example to compare and monitor the performance of different retail outlets within the same parent company.