Thomson Reuters Intelligent Tagging Tool Answers iXBRL Questions for Accountants and MNCsBy The Tax Accounting Business Of Thomson Reuters, PRNE
Sunday, November 21, 2010
ONESOURCE and Digita iXBRL converter tools go on general release to accounting and corporate markets
LONDON, November 22, 2010 - The Tax & Accounting business of Thomson Reuters today announced that its
ONESOURCE and Digita iXBRL conversion tools are available for general release
on CD. Both tools apply intelligent tagging to existing documents to produce
fully compliant iXBRL submissions ready for HMRC.
The requirements of iXBRL are complex and a fully functional conversion
tool of this type will appeal to two audiences. The ONESOURCE iXBRL
Conversion Tool Version 1.0 is targeted at the corporate market and the
Digita iXBRL Conversion Tool Version 1.0 is designed for accountancy firms.
Both tools will apply conversion routines when final accounts are imported
from an alternative source document, for example, accounts produced in Word
With intuitive user interfaces, the ONESOURCE iXBRL Conversion and Digita
iXBRL Conversion Tools use a clear and simple diagnostic traffic light system
to manage risk associated with the new regime. They display a green light if
the tags are considered ready for submission, amber for those that need
attention and red for those cases where it may not be possible to convert all
elements to iXBRL.
Both ONESOURCE and Digita iXBRL converter tools incorporate many
innovative features including future proof elements which allow the user to
transition to a full accounts production iXBRL solution. Both solutions can
be used as standalone packages for one user or used by an office network. The
Tools are released with both the UK GAAP and IFRS taxonomies with a
commitment to update the software whenever changes are made.
Mike Roberts, head of the Corporate Market, EMEA for the Tax and
Accounting Business of Thomson Reuters said: "It is pivotal for businesses to
ensure they choose an iXBRL solution that they can rely on and will grow with
"We see huge potential for the ONESOURCE Accounts Production suite, of
which the iXBRL Conversion tool forms a part, with a number of FTSE 100
companies, including the Thomson Reuters Corporation, having already
purchased the software."
Jerry Rihll, managing director of Digita and head of the Accounting Firm
Market for the Tax & Accounting business of Thomson Reuters commented: "With
both iXBRL solutions carrying HMRC recognition, MNCs and accounting firms can
feel secure knowing our software is developed by a team that understands HMRC
"It is a hugely exciting time to be working in the world of tax and
accounting. Practitioners can benefit today from technological innovations
that simplify compliance, cut costs and in turn, strengthen foundations for
For more information on ONESOURCE and Digita iXBRL conversion tools,
About Thomson Reuters
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The Tax & Accounting business of Thomson Reuters is the leading provider
of technology and information solutions, as well as integrated tax compliance
software and services to accounting, tax and corporate finance professionals
in accounting firms, corporations, law firms and government. Headquartered in
New York, Tax & Accounting has major operations in Ann Arbor, Dallas,
Hyderabad, London, Sydney, and Toronto. For more information, go to
Tina Allen for The Tax & Accounting business of Thomson Reuters, PR MANAGER EMEA, +44 (0)207 375 6814, Tina.allen at thomsonreuters.com; or Carolyn Gordon-Smith of Cimma, cgs at cimma.co.uk, for The Tax & Accounting business of Thomson Reuters
Tags: London, November 22, The Tax & Accounting Business Of Thomson Reuters, United Kingdom