CCH ixbrl Review & Tag. Version Release Notes

Transcription

1 CCH ixbrl Review & Tag Version Release Notes

2 Legal Notice Disclaimer Wolters Kluwer (UK) Limited has made every effort to ensure the accuracy and completeness of these Release Notes. However, Wolters Kluwer (UK) Limited, its staff and agents will not be liable for any errors or omissions and use of the software is subject to the customer s licence with Wolters Kluwer (UK) Limited. These Release Notes should not be relied upon as a detailed specification of the system or the software. Wolters Kluwer (UK) Limited may make changes to these Release Notes from time to time. Copyright These Release Notes may not be copied, altered, edited, disposed of or distributed without the prior consent of Wolters Kluwer (UK) Limited. The content is confidential. Unless indicated otherwise all elements of this software product are owned by Wolters Kluwer (UK) Ltd Wolters Kluwer (UK) Limited Trademark Rights Microsoft, Windows, Windows NT, Windows for Workgroups, Windows 98, 2000, XP, MS- DOS, Windows Vista, Windows 7, Windows 8, Windows 10, Windows Server, Microsoft SQL Server, and Microsoft Office, are either registered trademarks or trademarks of Microsoft Corporation. Novell and NetWare are trademarks of Novell Inc. Citrix MetaFrame is a registered trademark or trademarks of Citrix Systems, Inc. All rights reserved. All other trademarks are the property of their respective owners. Wolters Kluwer (UK) Limited 145 London Road, Kingston Upon Thames, Surrey KT2 6SR JULY 2016 II

3 Contents Release Highlights 1 Prerequisites 1 For sites with CCH Central 1 For non CCH Central sites 1 1. Compliance Updates FRC Taxonomies update Charities FRS102 taxonomy update Companies House online submissions for FRC Taxonomies and abridged accounts Removal of legacy taxonomies Micro Entities removal of directors report exceptions 7 2. Software Enhancements Document import formatting Option to change colouring of highlights on document Quality Improvements Generic dimension name not being applied to auto tagging of prior year Template tagging from RTF text Extended view report not showing all tag numbers from tagged paragraph FRS102 accounts for Irish Entities produced within CCH Accounts Production Known Issues 10 Appendix 1 15 Changes to Companies House online filing arrangements 15 Appendix 2 18 Companies House FRC taxonomy submission requirements 18 III JULY 2016

4 Release Highlights This release of CCH ixbrl Review & Tag contains a number of enhancements and quality improvements. Here are some of the release highlights: Update to Companies House online submissions for new FRC taxonomies Update to Charities FRS102 taxonomy Full details of these changes are included within this document. Prerequisites For sites with CCH Central Installing CCH ixbrl Review & Tag This release is installed using the Central Suite Installer. This ensures that all prerequisites are in place and that all the products for which you are licenced are installed in the correct sequence. You can find out more about the Central Suite Installer here: If you have installed Review &Tag on workstations, these will be automatically updated the first time that you launch the workstation instance of the software while connected to the network. Please refer to the CSI installation instructions for more information. For non CCH Central sites If you are not a Central user you should use the standalone installer. This will need to be run on each computer on which Review & Tag is installed. Please refer to the separate installation instructions for details JULY 2016

5 1. Compliance Updates 1.1 FRC Taxonomies update The FRC have released an update to the taxonomies to extend the number of subsidiary dimensions from 50 to 200. For ease of use we have grouped the subsidiary dimension list into blocks of 50 as below JULY

6 1.2 Charities FRS102 taxonomy update The ixbrl accounts tagging convention (Charity taxonomy ) has been updated in line with the Charity SORP (FRS 102) and the FRC s financial reporting standard FRS 102. We have included this new taxonomy in Review & Tag and this can be selected from the taxonomy list as follows. 1.3 Companies House online submissions for FRC Taxonomies and abridged accounts. Following recent changes to Companies House online filing arrangements Review & Tag will now enable you to file accounts electronically for the new FRC taxonomies (FULL- IFRS/FRS101/FRS102) along with the abridged accounts and micro entities. For the full details of the updates to the Companies House online filing requirements please refer to Appendix 1 of this document JULY 2016

7 We have made a change to the document information screen to allow you to set the entity type appropriately. The exception report has been updated with the new online filing requirements for electronic accounts submissions to Companies House. These are dependent on the entity type set within the document information screen along with additional tagged items within the accounts. For the full information on tagging and disclosure requirements for online submissions please refer to Appendix 2 of this document. Ensure that the other data item dimensions are correctly selected. i) Accounts type, full or abbreviated JULY

8 ii) Accounts status, audited or unaudited iii) Entity trading status JULY 2016

9 iv) Accounting standards applied JULY

10 1.4 Removal of legacy taxonomies As we switch over to the new reporting standards and associated taxonomies there will be a need to remove the ability to create documents using the old legacy taxonomies. In this release we have removed the following: UK-IFRS UK-BANKING This will ensure that the correct taxonomies are being used for the current filing requirements. If you have older documents prepared using these taxonomies you will still be able to access these. However, when creating a new document these options will no longer be available. 1.5 Micro Entities removal of directors report exceptions For Accounting Periods (APs) starting on or after 1st January 2016 Micro entities will be able to prepare accounts that do not include a director s report. Mandatory item validation is reserved for tags that will be present in every set of company accounts no matter the company s individual circumstances. In light of this HMRC are removing the tags Date of signing Directors Report and Name of Director signing Directors Report from the mandatory item validation related to the FRC taxonomy. The exception report with Review & Tag has been updated to remove these tags when Micro Entity accounts are selected from the Entity tyoe within the Document information screen. The tags will still need to be present when the data is in the accounts under the full tagging arrangements, e.g. when there is a director s report, but will no longer be enforced in front end validation JULY 2016

11 2. Software Enhancements 2.1 Document import formatting Additional work has been done to improve the document import formatting for word and excel files. The areas of improvement are for images, text boxes, frames and underlines from the base document. 2.2 Option to change colouring of highlights on document. Following feedback around the colours used within certain areas of Review & Tag we have included an option for a user defined colour scheme. This is found within the ReviewandTagSettings.exe file. This will allow the change in colour of the highlight of tags for the current and comparative year along with the review flags when performing the Auto allocate or Template document tagging. Unticking the Adjust Highlight Colours check box will revert the system back to the original colour scheme JULY

12 3. Quality Improvements The following quality issues have been resolved in this release 3.1 Generic dimension name not being applied to auto tagging of prior year Where a tag was applied to a current year figure that had a generic dimension with a name associated to it, this dimension data was not being applied to the comparative year on auto tagging. This is now resolved. 3.2 Template tagging from RTF text Where a template document was being used and the text was tagged onto RTF text in the comparison document the system wasn t recognising this as a tagged value. This update fixes the issue and these tagged items can now be used to tag the current year document. 3.3 Extended view report not showing all tag numbers from tagged paragraph Where a paragraph had a large number of tags applied the extended view was not showing all the associated numbering for those tags. We have increased the size of the numbering box to show all required information. 3.4 FRS102 accounts for Irish Entities produced within CCH Accounts Production. Irish entity accounts reporting under FRS102 will be required to submit these electronically to the Revenue Ireland using the IE-IFRS taxonomy. When these accounts are sent to ixbrl Review from CCh Accounts production you will be presented with the document information screen. From here select the IE-IFRS taxonomy and complete the Document information wizard to continue to the tagging process of the accounts JULY 2016

13 4. Known Issues FRS102 produced using CCH Accounts Production A substantial amount of tags are automatically applied when an accounts file is prepared using CCH Accounts Production using the FRS102 Limited Master pack. This means when you send the accounts to CCH ixbrl Review & Tag, you will no longer need to use the auto-tagging feature there. It is likely that in this first release, some manual top up tagging work will still be required, including (but not limited to) the following issues; HMRC errors i) Legal form of entity ii) Accounting standards applied General IXBRL errors i) Accounts status, audited or unaudited has no dimension selected Workaround The Legal form of entity and Accounting standards applied tags can be included and the required dimension set via the Other data screen, Accounts status is already available in the Other data so will only need the required dimension to be set. Step 1 Double click on the error in the exception this will take you to the item in the taxonomy JULY

14 Step 2 Click on the Other Data option in the ribbon Drag the items from the taxonomy on to the open Other Data screen Click on the items in the Other Data screen to set their value Once they are set they will no longer appear in the exception report Missing IXBRL Tags We have endeavoured to fully tag the Profit and Loss account, Balance sheet formats and associated notes, however currently not all items can be tagged. There are several reasons why this occurs 1. The equivalent tag does not yet exist in the FRS 102 taxonomy. The taxonomy is continually being updated and we will apply the updated tags when they become available. 2. The classification of items for financial statements and those in the taxonomy do not agree. Where there is a conflict between the model accounts and the taxonomy we will follow the model accounts. Our goal is to fully tag the financial statements; we will issue updates to apply further tags in future releases JULY 2016

15 Company Secretary/Director issue when the Secretary signs the Director Report and is also the final Director There is an issue if the Company Secretary who signs the Directors Report is also the final director listed on the Company Information Page (as shown) - the error message below will be displayed when the user performs either an HMRC Test Submission or files to the HMRC as follows: To correct this issue please follow the steps below: 1. Within the CCH ixbrl System, scroll down to the Company Information Page. 2. Right click on the Secretary name and select Delete Tag 3. This will delete the tag off both the Director and Secretary Name. Please Note: There is no need to reapply this tag as the Officer name is correctly tagged within the Directors Report JULY

16 Within this release is now the ability to file FRS102 Accounts to Companies House. For audit exempt accounts there are two mandatory tags that need to be applied prior to filing the accounts as follows: Once the file has been loaded, there will be 2 Companies House errors displayed that will require manual tagging on the Balance Sheet page: Please follow the steps to below to apply these tags onto the Balance Sheet: 1. Scroll down to the Balance Sheet Directors Responsibilities 2. Double click on the first error and this will highlight the tag on the right hand side of the Taxonomy List. 3. Using your mouse highlight the first bullet point The members have not require. 4. Drag and drop the tag onto the highlighted area 5. Repeat steps 3 and 4 for the second bullet point The directors acknowledge JULY 2016

17 There will be no errors on the Companies House Errors therefore ready to submit to Companies House JULY

18 Appendix 1 Changes to Companies House online filing arrangements New accounting regulations for companies The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 came into force on 6 April These regulations apply to the changes contained within the EU Accounting Directive to UK companies, which amends the Companies Act 2006 and related secondary legislation. We at Companies House are updating our systems and services to ensure that customers will continue to file accounts with us after the introduction of the following legislative and accounting standards changes: the Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015, which implements the EU Accounting Directive in the UK (applying to account periods beginning on or after 01/01/2016, with early voluntarily adoption for periods beginning on or after 01/01/2015) - new financial reporting standards for smaller enterprises from the Financial Reporting Council (FRC) (FRS 102 & FRS 105) which will replace UK GAAP and FRSSE and will come into effect for accounting periods beginning on or after 1 Jan 2015 Key change The key change in these regulations is the removal of the ability for a small or medium-sized company to file abbreviated accounts with us at Companies House. A company will now be required to file the accounts they prepare for their members at Companies House (although a small company or microentity will usually be able to choose not to file their profit and loss account or director's report). However, this does not mean that all small companies are now required to file full accounts, the very smallest companies may disclose less information by preparing micro-entity accounts. Other small companies may, instead of filing full accounts, choose to prepare a set of abridged accounts for their members and then file these with us. Abridged accounts contain a reduced set of information when compared to full accounts and the filing requirements for small company abridged accounts and the relevant balance sheet formats can be found in the Small Companies and Groups (Accounts and Directors' Report) Regulations 2008 as amended by the Companies, Partnerships and Groups (Accounts and Reports) Regulations JULY 2016

19 2. When are the changes effective? The changes to company law are effective for accounting periods beginning on or after 1 January 2016, with early adoption permitted for financial years beginning on or after 1 January 2015 (however, the increased audit exemption limits cannot be adopted early). The new financial reporting standards come into effect for accounting periods beginning on or after 1 January 2015 (early adoption is permitted). 3. What are the specific changes? the new accounting directive introduces a new category of accounts, called abridged accounts, that may be submitted 'complete' or as a reduced subset, and may be audited or unaudited the option to produce abbreviated accounts is removed the new directive also introduces new small company thresholds to cater for these changes, the Financial Reporting Council (FRC) has modified the UK accounting standards and the current UKGAAP taxonomy has been replaced by new FRS taxonomies, which better reflect these new reporting requirements. More information about this change can be found on the FRC's website. Introduction of new thresholds New small company thresholds have been introduced. Companies qualify if they satisfy two out of the three criteria m turnover, 5.1m balance sheet total, 50 employees (these thresholds are currently 6.5m turnover, 3.26m balance sheet total, 50 employees). For a medium-sized company the turnover limit rises from 25.9m to 36m and the balance sheet total limit rises from 12.9m to 18m. The total number of employees remains at a maximum of 250. Introduction of abridged accounts: A new category of accounts has been introduced - abridged accounts - which can be submitted to both HMRC and Companies House. A new statement will be required to be delivered in a set of small company abridged accounts to indicate that the members have agreed to the abridgement. Removal of abbreviated accounts: The option to file abbreviated accounts with Companies House is removed for periods commencing on or after 1 Jan Option to remove the profit & loss account and/or directors' report: Although the option to file abbreviated accounts is removed, small companies will have the option, regardless of whether the accounts prepared for members are full or abridged, not to file the profit and loss account and/or the directors' report with Companies House JULY

20 Option to not provide a directors' report with micro-entity accounts: Micro-entity accounts are no longer required to contain a directors' report - therefore the director's report will become optional for Companies House. New FRS taxonomies: The UKGAAP taxonomy (the taxonomy in which the current accounts ixbrl is based) will be replaced by the new FRS 102 (small companies) taxonomy. FRS102 contains the FRS105 elements for micro-entity accounts. More information about this change can be found on the FRC's website JULY 2016

21 Appendix 2 Companies House FRC taxonomy submission requirements FRS categories of accounts The following categories of accounts can be tagged to the FRS taxonomies: Audited individual full accounts Audit exempt full (small company format) accounts *Audit exempt small company Abridged accounts *These accounts may only be tagged to FRS - and may be submitted for periods commencing on or after 1 January They cannot be tagged via UK GAAP. Micro-entity accounts Although the standard for micros is defined under FRS 105, these should use the FRS 102 entry point. Dormant accounts #Audit exempt small company Abbreviated accounts #These may be submitted for periods commencing prior to 1/1/2016. FRS - Mandatory elements: To ensure that key information is provided, specific XBRL elements must be provided for the current accounting period. These are detailed below. Some of these elements do not take a value directly, but instead use a dimension to report a value from an enumerated list of options. This is described in more detail in Appendix C of the FRC s Developer Guide. Data Company number Company name Balance sheet date Balance sheet date of approval Balance sheet name of director approving Company-dormant/non-dormant Start of reporting period End of reporting period Company trading Accounts audited/unaudited Accounts full/abbreviated Accounting standards applied XBRL element UKCompaniesHouseRegisteredNumber EntityCurrentLegalOrRegisteredName BalanceSheetDate DateAuthorisationFinancialStatementsForIssue DirectorSigningFinancialStatements EntityDormantTruefalse (boolean) StartDateForPeriodCoveredByReport EndDateForPeriodCoveredByReport EntityTradingStatus Dimension: EntityTradingStatusDimension AccountsStatusAuditedOrUnaudited Dimension: AccountsStatusDimension AccountsTypeFullOrAbbreviated Dimension: AccountsTypeDimension AccountingStandardsApplied Dimension: AccountingStandardsDimension JULY

22 It should be noted that some dimensions have default values. XBRL validation requires that default values must not be reported. In this case, the element should be reported without the corresponding dimension. For example, the EntityTradingStatus dimension has a default of 'Entity is trading', so trading entities should report the EntitytradingStatus element without the EntityTradingStatus dimension. FRS audited accounts If audited Accounts are submitted (the AccountsStatusAuditedOrUnaudited element will indicate whether the accounts are audited or not), the following XBRL elements must be provided: Data XBRL element Statement on information provided by StatementOnQualityCompletenessInformation auditors ProvidedToAuditors Date Auditors report signed DateAuditorsReport Auditors Opinion OpinionAuditorsOnEntity Name of Individual Auditor NameIndividualAuditor OR Name of senior Statutory Auditor NameSeniorStatutoryAuditor Name of firm NameEntityAuditors Additionally, to identify the presence of specific sections of the accounts, the following XBRL elements must be provided if a Profit & Loss account, or Directors Report are present. Accounts Data Profit & Loss Account Directors Report XBRL element ProfitLoss (the EntityTradingStatus will indicate if the company is not trading) DateSigningDirectorsReport, DirectorSigningDirectorsReport Note: Only audited individual full accounts may be submitted electronically these accounts must contain a Directors Report and a Profit and loss account (if trading). FRS unaudited accounts If the AccountsStatusAuditedOrUnaudited element indicates that the accounts are unaudited, then details must be provided as follows: FRS unaudited accounts statements to the Balance sheet: Audit exempt accounts must contain the appropriate statements for the accounts type being presented - these must be provided in the required string elements and contain the appropriate content as defined below. To provide greater flexibility regarding the choice of wording for each statement, the submitted statements do not need to precisely match the sample statements defined below; however they must contain the specified key words/phrases. This method of validation will provide flexibility to customers, while at the same time permitting a degree of validation against the submitted text content: JULY 2016

23 Name Sample Statement content XBRL element Validation: Name Sample Statement content XBRL element Validation: Name Sample Statement content XBRL element Validation: Section 477 statement For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. StatementThatCompanyEntitledToExemptionFromAuditUnderSection477Companies Act2006RelatingToSmallCompanies The statement must contain the following phrases: Phrase 1 Exempt or Exemption AND Phrase 2 section 477 of the Companies Act 2006 Audit not required by members statement The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act StatementThatMembersHaveNotRequiredCompanyToObtainAnAudit The statement must contain the following phrases: Phrase 1 members have not required the company to obtain an audit OR Phrase 2 member has not required the company to obtain an audit Directors responsibility statement The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. StatementThatDirectorsAcknowledgeTheirResponsibilitiesUnderCompaniesAct The statement must contain the following phrases: Phrase 1 Directors acknowledge OR Director acknowledges AND Phrase 2 responsibilities AND Phrase 3 Companies Act 2006 OR the Act JULY

24 Name Sample Statement content XBRL element Small companies regime statement These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. StatementThatAccountsHaveBeenPreparedInAccordanceWithProvisionsSmallCompa niesregime The statement must contain the following phrases: Phrase 1 Prepared in accordance with Validation: AND Phrase 2 special provisions OR the provisions AND Phrase 3 small companies Note: If the accounts do not contain a Profit&Loss account or a Directors Report, the statement should additionally refer to the delivery of the accounts. This should be to the effect: These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. This distinction is not enforced by validation. Name Sample Statement content XBRL element Validation: Section 480 exemption statement For the year ending 31 March 2016 the company was entitled to exemption under section 480 of the Companies Act 2006 relating to dormant companies. StatementThatCompanyEntitledToExemptionFromAuditUnderSection480Companies Act2006RelatingToDormantCompanies The statement must contain the following phrases: Phrase 1 Exempt or Exemption AND Phrase 2 section 480 of the Companies Act JULY 2016

25 Name Sample Statement content XBRL element Validation: Name Sample Statement content XBRL element Abridgement statement The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A). StatementThatMembersHaveAgreedToPreparationAbridgedAccountsUnderSection4 44CompaniesAct2006 The statement must contain the following phrases: Phrase 1 Members OR Member AND Phrase 2 have agreed OR have consented AND Phrase 3 preparation AND Phrase 4 abridged Prepared in accordance with micro-entity provisions statement 'These accounts have been prepared in accordance with the micro-entity provisions. StatementThatAccountsHaveBeenPreparedInAccordanceWithProvisionsSmallCompa niesregime The statement must contain the following phrases: Phrase 1 Prepared Validation: in accordance with AND Phrase 2 special provisions OR provisions AND Phrase 3 micro If the micro-entity accounts do not contain a Profit&Loss account, the statement should additionally refer to the delivery of the accounts as follows: Sample Statement content the small companies regime. XBRL element 'These accounts have been prepared in accordance with the micro-entity provisions and delivered in accordance with the provisions applicable to companies subject to StatementThatAccountsHaveBeenPreparedInAccordanceWithProvisionsSmallCompa niesregime The statement must contain the following phrases: JULY

26 Phrase 1 Prepared Validation: delivered in accordance with AND Phrase 2 special provisions OR provisions AND Phrase 3 small companies AND Phrase 4 micro This distinction is not enforced by validation either version is acceptable for micro-entity accounts. (Validation of the statements will be case-insensitive.) FRS abridged accounts Abridged accounts will be identified by the AccountsTypeFullOrAbbreviated element which must indicate that they are AbridgedAccounts. These may be submitted by companies conforming to the defined thresholds and will be accepted for accounting periods commencing on or after 1 January 2015 (to allow for early adoption). They must contain the necessary Balance Sheet statements i.e. Section 477 statement Audit not required by members statement Directors responsibility statement Small companies regime statement Abridgement statement (this will confirm that the members have agreed that the accounts may be abridged). FRS micro-entity accounts Micro-entity accounts will be identified by the AccountingStandardsApplied element which must indicate that they are Micro-entities. These may be submitted by companies conforming to the defined micro-entity exemption thresholds. They must contain the necessary Balance Sheet statements i.e. Section 477 statement Audit not required by members statement Directors responsibility statement Prepared in accordance with micro-entity provisions statement JULY 2016

27 FRS dormant accounts Dormant accounts (identified by EntityDormantTruefalse) must contain the necessary statements to the Balance sheet: Section 480 exemption statement Audit not required by members statement Directors responsibility statement Small companies regime statement OR Prepared in accordance with micro-entity provisions statement. If the company does not claim exemption under the small companies regime or the micro-entity provisions, the submission will be accepted providing the submitted accounts contain a Directors Report. The validation will check to ensure the presence of either the small companies regime or the microentity provisions statement held in the element StatementThatAccountsHaveBeenPreparedInAccordanceWithProvisionsSmallCompaniesRegime OR the presence of a Directors Report. FRS unaudited full (small company format) accounts Unaudited full (small company format) accounts must contain the necessary Balance Sheet statements i.e. Section 477 statement Audit not required by members statement Directors responsibility statement Small companies regime statement *FRS abbreviated accounts Abbreviated accounts will be identified by the AccountsTypeFullOrAbbreviated element indicating that they are Abbreviated Accounts. They must contain the necessary statements to the Balance sheet: Section 477 statement Audit not required by members statement Directors responsibility statement Small companies regime statement *These accounts will not be accepted for accounting periods commencing after 31 December 2015 (i.e. StartDateForPeriodCoveredByReport must be on or before 31 December 2015) JULY