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What is the process for tagging financial statements?

You will find a brief overview of the tagging process below. Each of these steps is covered in more detail on this support site and in our video training materials.

Contents

Step 1 - Assemble your financial statements

Step 2 - Your statements and CtrlPrint

Step 3 - Tagging your report

Step 4 - Validating your tagging

Step 5 - Creating and Reviewing your report

Step 6 - Submitting your report and hosting on your website

Step 1 - Assemble your financial statements

A complete set of financial statements is made up of six components:

  • Income Statement: Summarises revenue and expense.
  • Statement of Comprehensive Income: Revenue and expense items (including reclassification adjustments) that are not recognised in the income statement.
  • Balance Sheet: Summarises assets, liabilities and equity.
  • Statement of Changes in Equity: information about how profit/loss contributions from, and distributions to, holders of equity claims affects equity.
  • Statement of Cash Flows: Information to assess the ability of the entity to generate cash and cash equivalents, and the needs of the entity to utilise those cash flows.
  • Notes to Financial Statements: Narrative descriptions or disaggregations of items, and information about items that do not qualify for recognition in the financial statements.

It is extremely important that the data in these tables are accurate as software may not be able to compensate for errors in the same way as a human reader could.

Step 2 - Your statements and CtrlPrint

6 statements, 1 chapter

Although XBRL does not require you to change the layout or content of your financial statements, we strongly recommend that they are uploaded to a single chapter in CtrlPrint. This makes it much easier to troubleshoot any duplicate mapping or calculation errors later in the process. Your agency and/or project administrator will be able to do this for you during the setup phase of your project.

Default settings

You will also need to set the default settings for your report. Please be aware that only system administrators can change these settings.

You can watch our video tutorial or click here for more information about what each setting means. We recommend you choose these settings before you start tagging as they will only be applied to any new tags created from this point onwards.

Step 3 - Tagging your report

Tagging your report involves a number of steps. Please click the links below for more information:

Step 4 - Validating your tagging

Validating your document is the process of checking if there are any errors in your tagging. The process involves a number of steps. Please click the links below for more information:

All of this can be done from within the CtrlPrint Tagger. You can also create Excel versions of your error, mapping and calculation reports for easy sharing with auditors and other stakeholders. 

Step 5 - Creating and Reviewing your report

Once your report is tagged and validated, you can prepare a preview version of your iXBRL report (Video tutorial). This will allow you to see how software will read your tagging and allow you and your auditors to check your tagging is accurate.

Step 6 - Submitting your report and hosting on your website

Once your report is ready for submission to your National Competent Authority (NCA) or Officially Appointed Mechanism (OAM), you can create a final ESEF Report on secure.ctrlprint.net. This download will include a zip folder ready to submit and a version of the report that can be hosted on your website.