iXBRL

Regulators, tax authorities and chambers of commerce increasingly require companies to submit financial reports in iXBRL format.

iXBRL requires tagging financial data according to specific taxonomies. Learning how to correctly map your company’s financial data to the right tags can be complex and requires accounting and technical expertise.

Since iXBRL tags data at a granular level, errors or inconsistencies in the underlying financial data can lead to incorrect tagging. Ensuring data quality and consistency before tagging is crucial to avoid regulatory issues.

Many banks and insurance entities have legacy systems and fragmented reporting processes. Integrating iXBRL tagging into existing financial reporting workflows often requires significant IT and process changes.

Finance teams, accountants, and IT staff need training on iXBRL concepts, taxonomy, and tools. Bridging the gap between accounting knowledge and technical tagging skills can be a challenge.

Choosing and implementing the right iXBRL software or tools is important. Some tools offer automated tagging, but the level of automation and accuracy varies.

Keeping up-to-date with evolving regulations and taxonomy updates is necessary to remain compliant. Different jurisdictions have specific reporting requirements or timelines.

CCH® Tagetik

CCH® Tagetik offers robust, integrated functionality for iXBRL, helping organizations meet regulatory requirements efficiently and with confidence.

How can we help?

We can support you in implementing CCH® Tagetik to ensure full compliance with iXBRL reporting requirements.