iXBRL likened to Y2K

14 Jan 2010, Rachael Singh, AccountancyAge

http://www.accountancyage.com/aa/news/1786562/ixbrl-likened-y2k

Accountants need to quicken the pace on switching to iXBRL as the pressure mounts to adopt the new technology according to IT provider Iris.

This year is the final fiscal year tax filings can be made to HMRC in other formats as the country moves to iXBRL on 31 March 2011.

Iris, which provides IT for half the accountancy firms in the country, has compared the deadline for practices as a "Y2K" as the switchover date looms.

Phil Robinson, MD of IRIS accountancy practice solutions, said: "To some, iXBRL is the new Millennium Bug, with a looming deadline after which their software may cease to function or be compatible with the newly imposed standards - a disaster waiting to happen."

"If they haven’t done so already, accounting practices should ensure that they work with a software partner with close ties to HMRC that can demonstrate iXBRL-readiness as a top priority," he added.

Y2K comparison

I think that here we have two issues which the software industry has had to deal with in the last decade, that have made it the industry (public)consciousness. Really, that's not a lot, and plenty goes on behind the scenes that never make sit to the surface. Yes they affect everyone but there's ready made solutions already, it's not a "will this work after midnight" scenario. We at Arkk advocate early adoption which many of our clients are doing so then you can put this to bed and forget about it. http://www.arkksolutions.com/ixbrl.htm

Posted by: Richard Metcalfe , 14 Jan 2010 | 00:00

© Incisive Media Investments Limited 2012, Published by Incisive Financial Publishing Limited, Haymarket House, 28-29 Haymarket, London SW1Y 4RX, are companies registered in England and Wales with company registration numbers 04252091 & 04252093