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27 Nov 2009
It's been a busy year for the IT industry, but next year could see the technology sector completely changed.
Cloud computing hit headlines in 2009, but iXBRL will take priority next year.
HMRC announced from 1 April 2011 all tax returns and supporting financial statements must be compiled using iXBRL.
What is XBRL? It's a tagging system which allows investors to compare financial information. Users can "tag" or "barcode" information which can be used for comparisons by investors and analysts.
These tags however, can't be read by most computers. iXBRL can.
Although this sounds like a great idea in theory it can be costly. So far it looks as though software companies are bearing the brunt of this leap forward.
IT companies I have spoken to have pooled their resources into research and development as well as extra support services.
All have denied an increase in support charges in the future, but it will be interesting to see where the money comes from to push this technology forward.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment
Just need to pull you up here Rachel.
XBRL is computer readable tagged data. Computers can read them with the correct software and there are plenty of free XML viewers around.
iXBRL is human readable XHTML with the XBRL tags embedded and hidden.
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