UNIT4 in the UK has teamed up with Corefiling to provide an on-demand, Software-as-a-Service (SaaS) based iXBRL conversion solution to convert sets of accounts in Microsoft Word into iXBRL format. The new offering, labelled File4, is based on Corefiling’s Seahorse product seen by FSN several months before its official release. Corefiling have been central to the development of iXBRL working closely with HMRC.
UNIT 4 (the owners of Agresso and CODA) says that File4 is a straightforward, competitively priced solution that will allow companies to rapidly comply with HRMC’s format requirements, with no need for additional software to be installed.
Seahorse provides predictive intelligent tagging of UK GAAP or IFRS company accounts in MS Word format, converting them into iXBRL. Conversion to iXBRL is largely automatic, based on heuristics or intelligent guessing of the mapping between chart of account lines recorded in the Word document and HMRC’s minimum tagging list. Depending on complexity, user intervention could be limited to as little as 20 percent of the account lines.
“What could have been a very time consuming, complex and expensive process has now been made very easy by File4” said Anwen Robinson, Managing Director, UNIT4 Business Software Ltd.
