1st time lucky

1st time lucky

I ATTENDED THE ICAEW “Implementing XBRL” roadshow today. It was presented by Paul Booth and Richard Anning, both from the IT faculty.

The event showcased HMRC’s, Twinfield’s, and Sage’s, iXBRL products which most accountants will have to come to terms with if they file corporation tax. It was an opportunity for software vendors (and me) to learn, how prepared accountants are for the upcoming switchover on 1 April 2011.

And, for accountants, to find out what software is available.

Twinfield’s founder Andre Kwakernaat raised the obvious and interesting question: Who, of the 80 or so accountants in the room, is planning to conduct a dry run and submit in iXBRL, ahead of the mandatory deadline.

Two people tentatively put their hand up, before thinking better of it.

So we may have a lot of iXBRL virgins next year.

Let’s hope HMRC will stick to their promise of taking a “sympathetic” approach to fines for the first two years of implementation.

 

 

Share

Leave a Reply

Your email address will not be published. Required fields are marked *

Subscribe to get your daily business insights

Resources & Whitepapers

The importance of UX in accounts payable: Often overlooked, always essential
AP

The importance of UX in accounts payable: Often overlooked, always essentia...

10m Kloo

The importance of UX in accounts payable: Often ov...

Embracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...

View article
The power of customisation in accounting systems
Accounting Software

The power of customisation in accounting systems

10m Kloo

The power of customisation in accounting systems

Organisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...

View article
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

4y Accountancy Age

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
8 Key metrics to measure to optimise accounts payable efficiency
AP

8 Key metrics to measure to optimise accounts payable efficiency

10m Kloo

8 Key metrics to measure to optimise accounts paya...

Discover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...

View article