XBRL stands for 'eXtensible Business Reporting Language', which is increasingly becoming the recognised standard format for electronic filing of financial information. Relevant text and numerical data is tagged so that it can be machine read.
CoreFiling invented inline XBRL (iXBRL) for HMRC to enable tax submissions to be processed by both computers and human reviewers using a single format. The same format is now being adopted in Ireland.
iXBRL answers a key challenge facing finance professionals and regulators: how to provide a simple, non-technical format for businesses to file financial information online, so that both parties have easy access to the same underlying information.
Seahorse is CoreFiling's secure on-demand service, which provides intelligent iXBRL tagging of company accounts that have been produced using either MS Word
Provided over the internet as a secure on-demand service, Seahorse is accessed via a standard web browser interface, with no additional software required. Using the site, with its strong encryption, is similar to using online banking.
No. Seahorse's automatic tagging capability and intuitive interface means that accounts can quickly and easily be converted to iXBRL format without the need for any XBRL knowledge on the part of the user.
No. Tight integration with MS Word and MS Excel means that you can continue to produce your company accounts in exactly the same way as before.
Seahorse is for accountancy practices and accountants in business who need to prepare their accounts in iXBRL to accompany the CT600 form and tax computations for filing with HM Revenue & Customs and Republic of Ireland's Revenue in line with the mandate. No iXBRL expertise is required as Seahorse intelligently tags Word and Excel documents and provides an intuitive review process for peace of mind.
Once users are comfortable with Seahorse, producing iXBRL documents is much faster than using other conversion techniques.
As you are in control of the tagging and not relying on an outsourced partner to do it for you, there are no capacity issues and no surcharges during peak times.
Seahorse has been proven to take less than half the time of 'drag and drop' alternatives, because it automatically tags the Word document. The risk of mis-tagging is significantly reduced as the cloud-based learning engine behind Seahorse remembers previous tagging actions in order to make continually smarter tagging decisions. Sophisticated proprietary algorithms make this possible, combined with the collective experience of our users.
There is no software to buy, install and maintain on your local systems and you will always have access to the latest version of the software. There are no capacity issues, as cloud technology will automatically scale to accommodate peaks and troughs in demand for the application. Security is extremely strong - Seahorse has passed the security requirements of a number of the very largest accounting practices in the UK. The security arrangements are similar to those found in on-line banking systems.
CoreFiling is the inventor of the iXBRL standard and developed the Seahorse conversion software. Their focus remains on continually developing and enhancing this software, for example CoreFiling retains responsibility y for incorporating updates to UK GAAP or IFRS and Irish extensions, as well as working with regulatory bodies worldwide to promote iXBRL as a business reporting standard.