Twinfield accountant's portal Digital financial information exchange via (i)XBRL v1.1
<ul><li>2005: Dutch government promises a reduction in the administrative burden for trade and industry. </li></ul><ul><li...
<ul><li>(i)XBRL is now used for (the compilation of) financial reports and to complete the editing process of financial ac...
<ul><li>A solution with features that benefit both accountants and businesses. </li></ul><ul><li>A solution that not only ...
<ul><ul><li>Existing financial accounts </li></ul></ul><ul><ul><ul><li>Master data. </li></ul></ul></ul><ul><ul><ul><li>Fi...
SCHEMATIC OVERVIEW
 
 
SCHEMATIC OVERVIEW - Detail of the XBRL viewer/editor
‘ What are the advantages  for the accountant?’ <ul><li>Efficiency improvement through an internationally standardised and...
What are the advantages  for businesses? <ul><li>Less paperwork involved in the compilation of annual accounts. </li></ul>...
‘ Twinfield?’ <ul><li>Founded in 2000 by André Kwakernaat and Maurice Tijhuis. </li></ul><ul><li>European market leader in...
<ul><li>www.twinfield.co.uk </li></ul><ul><li>www.twitter.com/twinfielduk </li></ul><ul><li>blog.twinfield.com </li></ul>
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iXBRL - The Twinfield Solution

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In the UK, iXBRL forms a core part of the government’s online filing strategy which, following the Carter Review in 2006, was given the goal of achieving universal electronic delivery of business tax returns by 2012. iXBRL will become an integrated part of the Twinfield online accounting solution in August 2010. Both accountancy firms and businesses using Twinfield will gain automatic access to the new iXBRL online module before the end of August. Accountants and businesses will then be able to send financial reports directly from the Twinfield Accountant's Portal to HMRC, Companies House and other bodies that support iXBRL in the future. The new iXBRL module will be made available by Twinfield to its users entirely free of charge.

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iXBRL - The Twinfield Solution

  1. 1. Twinfield accountant's portal Digital financial information exchange via (i)XBRL v1.1
  2. 2. <ul><li>2005: Dutch government promises a reduction in the administrative burden for trade and industry. </li></ul><ul><li>2006: The UK Carter Review stated, </li></ul><ul><li>“ Online services have the potential to offer benefits to businesses, taxpayers and the Government” </li></ul><ul><li>Standardisation for the exchange of financial data using XBRL/iXBRL </li></ul><ul><li>Parties involved: among others the Tax Department (HMRC) | Chamber of Commerce (Companies House) | Banks | CBS (ONS) </li></ul>
  3. 3. <ul><li>(i)XBRL is now used for (the compilation of) financial reports and to complete the editing process of financial accounts. </li></ul><ul><li>Maximum efficiency improvements are achieved when the editing process of the entire financial reporting chain can also be conducted efficiently. </li></ul><ul><li>Standardisation creates advantages for both the client and the accountant. </li></ul>‘ Where does (i)XBRL come in?’
  4. 4. <ul><li>A solution with features that benefit both accountants and businesses. </li></ul><ul><li>A solution that not only improves the end product, the financial reports, but also the system used to compile financial accounts. </li></ul><ul><li>Additional features which - at no extra cost - are an integral part of all Twinfield subscription types. </li></ul>‘ What does Twinfield have to offer?’
  5. 5. <ul><ul><li>Existing financial accounts </li></ul></ul><ul><ul><ul><li>Master data. </li></ul></ul></ul><ul><ul><ul><li>Financial data. </li></ul></ul></ul><ul><ul><ul><li>Reporting structure. </li></ul></ul></ul><ul><ul><li>Online accountant's portal </li></ul></ul><ul><ul><ul><li>XBRL viewer/editor </li></ul></ul></ul><ul><ul><ul><ul><li>Import of taxonomies. </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Creating links with financial accounts. </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Enrichment of data (manual, automatic, external sources). </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Digital archiving of supporting documents. </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Workflow, including audit trail and client approval. </li></ul></ul></ul></ul><ul><ul><ul><li>Twinfield workflow </li></ul></ul></ul><ul><ul><ul><ul><li>Can be linked to the work programme of the accountant. </li></ul></ul></ul></ul><ul><ul><ul><li>XBRL port manager </li></ul></ul></ul><ul><ul><ul><ul><li>Management of ports for different organisations. </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Certificate management. </li></ul></ul></ul></ul>What do the new Twinfield features look like?
  6. 6. SCHEMATIC OVERVIEW
  7. 9. SCHEMATIC OVERVIEW - Detail of the XBRL viewer/editor
  8. 10. ‘ What are the advantages for the accountant?’ <ul><li>Efficiency improvement through an internationally standardised and structured method for the compilation of financial reports. </li></ul><ul><li>Maximum efficiency improvements are achieved when the Twinfield accountant's portal is combined with Twinfield online accounting. </li></ul><ul><li>Improved service delivery to clients because financial reports can be produced more frequently with the same amount of effort. </li></ul><ul><li>New services can be created with self-defined taxonomies. </li></ul><ul><li>Modular construction, made by and for accountants. </li></ul>
  9. 11. What are the advantages for businesses? <ul><li>Less paperwork involved in the compilation of annual accounts. </li></ul><ul><li>Less time needed to issue the necessary financial reports to third parties, such as banks. </li></ul><ul><li>Better insight into the current state of affairs, with the possibility of making interim adjustments. </li></ul><ul><li>A better supply of information can have a positive effect when it comes to keeping or obtaining credit facilities. </li></ul><ul><li>The ability to submit abbreviated income statements for corporation tax returns without intervention from the tax department. </li></ul><ul><li>Everything done online. </li></ul>
  10. 12. ‘ Twinfield?’ <ul><li>Founded in 2000 by André Kwakernaat and Maurice Tijhuis. </li></ul><ul><li>European market leader in online accounting. </li></ul><ul><li>More than 80,000 financial accounts in 22 countries with more than 40,000 users. </li></ul><ul><li>Double-digit growth year after year. </li></ul><ul><li>Access to financial accounts at any time, from any place. </li></ul><ul><li>Certified by BDO Audit & Assurance. </li></ul>
  11. 13. <ul><li>www.twinfield.co.uk </li></ul><ul><li>www.twitter.com/twinfielduk </li></ul><ul><li>blog.twinfield.com </li></ul>

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