Microsoft and CoreFiling confirmed that U.K. corporations can now use CoreFiling’s Seahorse service to file their taxes electronically, thanks to a technology licensing agreement the XBRL specialists forged with Microsoft to create Inline XBRL (iXBRL) documents by intelligently tagging Microsoft Word versions of financial statements.
CoreFiling’s Seahorse is tightly integrated with the Microsoft Word document format, used extensively in the preparation of financial reports, so that users can produce compliant iXBRL documents without changing their existing processes. This was made possible through the pioneering work done by Microsoft in the technology that underpins Seahorse.
Seahorse provides customers with an on-demand online service in the cloud. Customers don’t need to purchase additional software, install local systems or maintain local systems, and customers are guaranteed access and capacity as the cloud technology allows scaling to accommodate peaks and troughs throughout the year.
Seahorse dramatically reduces the amount of time taken to tag financial reports by providing the user with automated tagging suggestions based upon its cumulative learning from previous tagging decisions. This’s achieved through CoreFiling’s innovative app of machine learning technology to provide intelligent tagging suggestions, yielding a high level of automation and reducing the amount of manual intervention required.
The iXBRL standard is an evolution of the eXtensible Business Reporting Language (XBRL) that allows seamless integration of XBRL tags into a Web page, providing a single document that can be read by both humans and computers. Seahorse hides the complexity often associated with XBRL, making it easy for business users familiar with accounting concepts and Microsoft Office products to create iXBRL documents.
[Source: Microsoft Press]